Key senator wants tax overhaul to boost economy

The Senate's top tax writer says he wants to overhaul the nation's tax code to help make the economy stronger and raise additional revenue to reduce budget deficits.

Senate Finance Committee Chairman Max Baucus said in a speech Monday that a rewritten tax code should also promote more innovation and opportunity.

Many Republicans say a tax overhaul should involve lower rates and fewer tax loopholes but should have no net impact on the deficit.

The Montana democrat provided little detail about how he would change tax laws.

He said a tax overhaul would likely have to wait until after lawmakers deal with a year-end "fiscal cliff," when billions in tax cuts will expire and billions in automatic spending cuts will start taking effect unless Congress acts.