Obama Prepares To Push A Major Tax Overhaul Beginning Next Year

Barack Obama

Photo: MSNBC

Ths debate over the Bush tax cuts is still ongoing, but already The White House is looking forward to making taxes a major part of the agenda next year.The New York Times reports:

While administration officials cautioned on Thursday that no decisions have been made and that any debate in Congress could take years, Mr. Obama has directed his economic team and Treasury Department analysts to review options for closing loopholes and simplifying income taxes for corporations and individuals, though the study of the corporate tax system is farther along, officials said.

The timing of this is almost certainly a deliberate message to Democrat: Let’s get through this, and I’ll fight for major change across the tax code right away.

Note that in Bernanke’s recent 60 Minutes speech the horribly convoluted tax system was a major point of concern for him.

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