In addition to expressing the need to freeze spending, in last night's State of the Union address President Obama also discussed the need to reform and simplify our nation's tax code saying, “The best thing we could do on taxes for all Americans is to simplify the individual tax code."

But is that possible, especially given how long it took Congress to approve extending the Bush-era tax cuts? Rep. Charlie Rangel, former chair of the House Ways and Means Committee, talked to Gretchen:

Check out these highlights of the president’s address: