Obama has defeated Republican Mitt Romney, earning himself a second term.  His second term will have considerable financial challenges amidst a deficit topping $1 trillion.  Believing that the tax system is overly complex, stifling growth, Obama's second term may be his opportuntity to make a change.  At the same time, Obama has recognized the need for increased revenue.

The tax code has not been significantly cleaned since 1986, spearheaded by Reagan in his second term.  

But will Obama be able to change the code?  Changes to the tax code will be an uphill battle.  Not to mention, the US House is currently controlled by Republicans, many of which dispute any need for new revenue.  Obama will likely face the same issue that followed him for the last two years, Republican control of the house.