Reid: Time 'ripe' for tax reform

Harry Reid, the Senate majority leader, indicated Thursday that he believed Democrats and Republicans could work together on reforming the tax code.

“I do believe that the country is ripe for tax reform,” Reid (D-Nev.) told reporters in the Capitol, adding that “our tax system is broken and needs to be fixed.”

The majority leader also said that tax reform is a top priority of Sen. Max Baucus (D-Mont.), the chairman of the Finance Committee, and that he expected that panel to hold hearings on the issue soon. 

A spokesman for the Finance panel pointed out that the committee held hearings on the issue last year and said more are expected in the weeks and months to come. 

Tax reform is shaping up to possibly be a key area of bipartisan cooperation in the current Congress. 

Rep. Eric Cantor (R-Va.), the House majority leader, reiterated on Thursday that he was looking forward to what President Obama would say about tax reform in the upcoming State of the Union address.

For his part, the president has said this year is the time to have a conversation on revamping the tax code. And Baucus said, at a hearing last year, that tax reform was “about one of the most direct relationships that citizens have with their government.”

“It’s important that we try to make that relationship as fair as possible,” he added.