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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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.

WSJ: President Woos GOP to Seek Broad Deal

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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