Corporate Tax Reform on the Horizon?

A January 6, 2010 Wall Street Journal article - "Momentum Builds for Corporate-Tax Overhaul" by McKinnon and Williamson, states that while there is yet no consensus on how to do it, President Obama and Republicans in Congress are all noting that corporate tax rates need to be lower.

We'll see ... Some obstacles that come to mind for me:

• The recent enactment of the $858 billion 2010 Tax Relief Act - additional tax cuts might have to wait.
• Public perception that often views corporations as not paying their fair share (whatever that means) and not wanting to see the top corporate rate below the top individual rate (which is only temporarily at 35% rather than 39.6%).
• The stated top rate of 35% versus the typically lower effective tax rate many corporations report in their financial statements.
• Agreement on what offsets will accompany a bill to reduce the corporate tax rate.
• Other matters on the congressional agenda.

But, it looks like there will be additional hearings on tax reform. I say additional because there were such hearings in the 111th Congress - they didn't get much attention in the press though. I have a list of such hearings here.

What do you think?