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Lawmakers agree on importance of tax code rewrite, but action still far off

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Lawmakers and corporate executives denounced the tax code Thursday and outlined plans for a comprehensive tax overhaul they said would boost job growth and global competitiveness. But the House Ways and Means Committee hearing touted as the first step toward action also highlighted myriad differences Congress must overcome before it can pass a bill.

"We operate in a fiercely competitive global economy and we need a fiercely competitive tax system, and we need it now," David Farr, chairman and CEO of St. Louis-based technology company Emerson Electric, told the committee.

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