Obama wants tax revamp to raise revenue

WASHINGTON (Reuters) - President Barack Obama on Monday said he would work with Congress to revamp the tax code and lower corporate tax rates, but that any deal must raise revenue to pare the deficit.

"We can lower the corporate rate if we get rid of all these special deals," Obama said as he unveiled a plan to cut the deficit by $3 trillion over a decade.

Obama also said the wealthier should go back to paying rates they paid in the 1990s and that the middle class should not pay higher rates than millionaires.

(Reporting by Caren Bohan, Deborah Charles and Kim Dixon; Editing by Will Dunham)