Supercommittee May Kick Off Tax Overhaul as It Focuses on Debt

The short time frame and political realities facing Congress’s deficit-reduction supercommittee limit its ability to revamp the tax code now, leaving the group looking for an overhaul that could be completed next year.

The 12-member supercommittee holds its first meeting today in an effort to find $1.5 trillion in cuts in areas including defense spending and Medicare. On taxes, the group is likely to consider setting targets for major changes to be considered over the next year, before Bush-era income tax cuts are set to expire at the end of 2012.