( CNN ) -- On the surface , Montana Senator Max Baucus 's proposal to reform the corporate tax code seems politically insane . The powerful chairman of the Senate Finance Committee has proposed tightening up the tax treatment of corporate profits overseas . The Senator , along with legislators in both parties , wants to use this proposal as the basis for broader loophole-closing reforms that also tackle the individual tax code . Given how difficult it has been to pass any piece of legislation in recent years , it seems impossible that Congress will muster the energy or courage to challenge powerful interest groups that benefit from the status quo and to reform the tax code . While loophole-closing tax reform might be good policy , it is hard to see how it can be good politics . `` This is a big rock to push up the hill , '' warned Oregon Democrat Ron Wyden . But in fact there is reason to believe that tax reform might have a chance to pass . The proposal comes at a good time . Congress is stuck in the mud . As an institution , Congress needs a big victory . Polls show that the approval ratings of Congress have reached all-time lows , now having fallen to an abysmal nine percent . Although members of Congress tend to focus on their own electoral future , the public image of Congress has reached such a low point that the leaders of both parties are seriously concerned . When public disapproval of the institution is so strong , it creates the environment for a possible `` throw the bums '' out atmosphere in which all parties are at risk for an anti-incumbent election . Nothing can boost the image of Congress as an institution like a reform that benefits the public interest over private interests . Although achieving tax reform is extraordinarily difficult , Democrats and Republicans could walk away from a deal looking as if they were finally willing to take on the status quo in Washington and to defy the powerful interest groups who lurk on K Street . This might be enough to bolster public attitudes about the House and Senate going into the next couple of election cycles . If Congress gores enough oxen , with both parties equally implicated in the reform , members could insulate themselves from the falloutâ€ ” preventing one party from using this as an issue against the other -- and strengthen their standing with the electorate as a result . Both parties also stand to benefit from tax reform because it remains one of the best ways to raise revenue without raising taxes . One of the reasons that tax reform has always attracted the interest of fiscal conservatives is that cleaning up the tax code of its loopholes quickly raises more revenue . Most fiscal conservatives understand that serious deficit reduction is only possible through a combination of tax hikes and spending cuts . Although the United States has maintained a progressive tax code since 1913 , few upper income individuals or corporations pay the actual higher rates since loopholes diminish their obligations . Occasionally , such as in 1969 and 1986 , Congress has closed loopholes as a way to raise more money to curb the deficit . Unlike 1986 , this time the legislation would not be revenue neutral . The amount of money raised by closing loopholes would be more than the money saved by taxpayers enjoying lower rates , and that money could be used to help shrink the deficit . That could enable the grand bargain over deficit reduction that Democrats and Republicans have been unsuccessfully pursuing for years . As occurred when Ronald Reagan was president in 1986 , tax reform was an issue that both parties had an incentive to support . For unpopular Republicans , tax reform can offer evidence that the party is committed to fiscal responsibility and demonstrate that they are capable of governance . Passage of the legislation would offer a contrast to the image that the party gained when it used the debt ceiling to try to force President Obama 's hand on spending cuts . For Democrats , tax reform can shift the national agenda away from the problems with the roll out of the Affordable Care Act and toward a legislative accomplishment . Finally , tax reforms can be one of the first tests of the post-filibuster reform Congress . The Senate voted to prevent filibusters on executive and judicial nominations . They did so through a majority vote , establishing for the first time that a majority was sufficient to change the rules . Many experts predict that this precedent might scare senators from using the filibuster as much as in recent years , fearing that the tool might be eliminated altogether . It is thus possible that tax reform would now only require 51 , rather than 60 , votes in the Senate . President Obama could desperately use a victory like tax reform . As the chances for passing immigration reform diminish , and the possibilities of achieving progress on climate change are nil , tax reform might be one of the few areas where progress is possible . Ronald Reagan scored a big victory in 1986 , one that remains a noted part of his record and legacy . Unfortunately , over time new loopholes were created and there is a need for another around of reform . The president should seize the moment , to make sure that his second term is not solely defined by the bitter partisan battles over the budget and health care . The opinions expressed in this commentary are solely those of Julian Zelizer .
Julian Zelizer : Congressman Max Baucus ' proposed to cut taxes is n't as crazy as it sounds . He says Congress has reasons to want to reach agreement on tax reform . Both parties can have some sympathy with public that says Congress ca n't do anything , he says . Obama : A deal on taxes would help cut deficit , close loopholes .