Iowa Republican Senator Chuck Grassley says changes to the complex federal tax code could be coming this year. Grassley is a member and former chair of the Senate finance committee. He's long-advocated for a tax system with fewer rates.
"If we were going to have a simple reform, we would have one tax rate, with an exemption for low and middle income people," he says. One figure for that cut-off, which he says is often used, is $36,000, after which workers would be subject to a flat tax.