Obama Plans Tax-Code Overhaul

President Obama must be feeling brave: He plans to take on the tax code. Bloomberg reports that “President Barack Obama is putting former Federal Reserve Chairman Paul Volcker in charge of a tax-code review aimed at closing loopholes, streamlining the law and generating revenue.” The review will take some time—its deadline is December 4—and is intended to find ways to simplify the code in order to reduce tax evasion and corporate welfare. The tax gap—the difference between the amount owed by taxpayers and the amount collected—is estimated to be $300 billion.