Obama May Push To Overhaul Income-Tax Code Next Year

02/08/2011 05:12 am ET | Updated May 25, 2011
  • JACKIE CALMES nytimes.com

WASHINGTON -- President Obama is considering whether to push early next year for an overhaul of the income tax code to lower rates and raise revenues in what would be his first major effort to begin addressing the long-term growth of the national debt.

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.

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