Sens. Ron Wyden, D-Ore., and Judd Gregg, R-N.H., have worked together for two years to overhaul the tax code. The senators propose reducing the number of lines on the 1040 tax return from 76 to 30, closing loopholes and reducing the corporate tax rate from 35% to 24%. But a shortage of moderates to build a bipartisan coalition and Congress' preoccupation with other issues have stymied their efforts.

Related Summaries