Apparently Obama is considering the idea of pushing for a major overhaul of the tax code that will eliminate loopholes and lower rates. At this early stage there isn't a lot to say about it, other than the obvious fact that this is an essential reform. It's also a very risky move to pursue at this stage in his first term. I'd be surprised if the reform is in finished form before the next election but if it's going to happen at all we'll know enough about it to piss off the special interests. Still, if it's well done and will generate the revenue we need this is something that could energize the base and get the support of moderates. I believe this would be a high-risk, high-reward strategy.
However, the cynic in me thinks that this is all about distracting the base from the recent tax proposal and will simply drop off the agenda rather than show any real accomplishments.