The first is whether Congress would be willing to rewrite the tax code as part of the budget reconciliation process, which would foreclose a filibuster in the Senate and allow the chamber of pass a tax code rewrite with just 51 votes.

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The new bipartisan deficit committee is set up, in fact, to make it as difficult as possible to fundamentally rewrite the tax code.

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Romney wants to fundamentally rewrite the revenue code.

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But I want every American to know that we will rewrite the tax code so that it puts your interests over any special interests.

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The tax code rewrite was designed to shift exemptions, deductions, investment gains and losses around to allow the tax rate to be reduced at the upper end with each of the rate categories on their own being revenue neutral.

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An important question is whether the two sides can reach an understanding on how to use the revenue that a tax-code rewrite could generate.

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An important question is whether the two sides can reach an understanding on how to use the revenue that a tax-code rewrite would generate.

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The expiry of Mr Bush's tax cuts in 2011 offers the opportunity to rewrite America's labyrinthine tax code in a way that could be both progressive (as Mr Obama wants) and pro-growth (Mr McCain's concern).

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White House officials say Obama is serious about a corporate tax rewrite, but he does not seem prepared to take on the individual revenue code as well.

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Lawmakers of both parties have said the U.S. corporate tax code needs a rewrite and they are aiming to try next year.

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