Cantor: Tax Reform Is On The Table

House Majority Leader Eric Cantor (R-Va.) says Republicans are interested in reforming the nation’s tax code as a means of generating extra revenue to pay down the federal deficit.

During an appearance on CNBC this morning, Cantor hinted that House lawmakers may target corporations that have capitalized for years on an outdated system.

“What we are saying is lower rates, broaden the base, and get rid of the special interest loopholes. Each year what happens, in the crony capitalist spirit, is that industries go to Washington and try to get an advantage in the tax code. We want to stop that.”

Cantor admitted that attempting to collect more from industry leaders would be difficult, but suggested lower tax rates could offset the cost of taking such action.