WASHINGTON — President Barack Obama is considering a call 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, advisers said Thursday.
While administration officials caution that no decisions have been made and that any debate in Congress could take years, 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 further along, officials said.
The objective is to rid the code of its complex buildup of deductions, credits and exemptions, thereby broadening the base of taxes collected and allowing for lower rates.
