McConnell hopeful on tax reform

In the latest sign of bipartisan support for tax reform, Sen. Mitch McConnell, the minority leader, signaled Thursday that he hoped the tax code could be revamped this year.

The Kentucky Republican called the corporate tax rate outrageous and said that President Obama appeared to be open to making changes to that rate.

“Beyond that, I think we all know the tax code is a disaster, and we — any effort to simplify the tax code, to get the rates down, to make it more fair, I think we'd be open to discussing that,” McConnell told reporters at the Capitol.

McConnell’s comments came shortly after his Democratic counterpart — Sen. Harry Reid, the majority leader — endorsed overhauling the tax code.

As McConnell noted, the president discussed tax reform in his meeting with corporate chief executives last month. Treasury Secretary Timothy Geithner is expected to take up that subject with corporate chief financial officers next week. 

Rep. Eric Cantor (R-Va.), the new House majority leader, has also called tax reform an area where the two parties can work together.