Baucus announces hearing on tax reform

"I think we might have one in a couple of weeks," he said Tuesday, adding that it would not focus on a particular piece of legislation, but instead would talk about "tax reform generally."

Tax reform hasn't been a front-burner issue since healthcare reform was debated. But lawmakers on both sides of the aisle hope to tackle tax reform next year, before the next election cycle heats up in 2012.

Witnesses at Thursday's hearing include former Reps. Dick Gephardt (D-Mo.) and Bill Archer (R-Texas).

Both lawmakers served on the House Ways and Means Committee during the 1986 tax reform debate, and Archer eventually chaired the committee.

Buck Chapoton, former assistant secretary of the Treasury under President Reagan, will also be a witness at the hearing, as well as Randall Weiss, former economist for the Joint Committee on Taxation between 1977 and 1989.