Nov. 5 (Bloomberg) — Both parties in Congress agree the tax code is a mess and needs to be revamped. That doesn't mean it will happen.

The Republican takeover of the Senate in yesterday's election alters the political dynamics in tax policy, with Senator Orrin Hatch of Utah poised to become chairman of the Finance Committee starting in January.

What hasn't changed is the disagreement between Democrats and Republicans on fundamental questions such as whether a new tax code should raise more money for the federal government. The parties also must resolve which tax breaks should survive.

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