Congress has a once-in-a-generation opportunity to rewrite theU.S. tax code to promote job growth and reduce the federal budgetdeficit, said Senator Max Baucus, chairman of the Senate FinanceCommittee.

Jobs, innovation, competitiveness and opportunity forlower-income Americans to advance should be four principles thatlawmakers focus on as they revise the tax code, he said today in aspeech at the Bipartisan Policy Center in Washington. The MontanaDemocrat provided few details on his ideal tax code, such as a toprate, a revenue level or the fate of tax breaks.

“It's time we had a tax code for the 21st century,” said Baucus,70, who said he was “making progress on a detailed tax reformproposal that will attract bipartisan support.”

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