Tax code reform next on president's agenda.

• Position: Legislative DEVELOPMENTS

FORMER FEDERAL RESERVE CHAIR LEADS TASK FORCE

President Barack Obama has created a task force to overhaul the nation's tax code led by former Federal Reserve Chair Paul Volcker, chair of the president's Economic Recovery Advisory Board.

By Dec. 4, the task force must provide the president with recommendations on tax simplification, tax evasion, reducing "corporate welfare," streamlining tax credits and decreasing the tax gap.

The task force has two restrictions on its recommendations:

1. No increase in taxes on families earning less than $250,000 per year

2. ...