The U.S. tax code “is ‘ripe’ for reform and fixing it will be a top priority for Democrats this year, Senate Majority Leader Harry Reid said on Thursday,” Reuters reports.
Both parties agree the voluminous tax code needs a rewrite and the Democratic-led Senate and Republican-led House of Representatives will begin hearings soon on an overhaul.
"I do believe the country is ripe for tax reform," Reid said at a news conference. "Our tax system is broken and needs to be fixed."
Republican Senate leader Mitch McConnell said his party also backed an overhaul, but that President Barack Obama needed to take the lead.
"We all know the tax code is a disaster and any effort to simplify the tax code, to get the rates down, to make it more fair, I think we’d be open to discussing that," McConnell said.