A comprehensive tax overhaul to simplify the rules and close special-interest loopholes is essential for U.S. economy and a mutual goal of both parties, said U.S. congressmen on Monday.

In an op-ed published on the Wall Street Journal, Max Baucus, chairman of the Senate Finance Committee, and Dave Camp, chairman of the House Committee on Ways and Means, said while they are from different political parties, they agree that America's tax code is broken. And that is why they have been working together as the chairmen of Congress's two tax-writing committees to make it fairer for U.S. families and spark a more prosperous economy.

"The last overhaul of the tax code was more than a quarter century ago, and there is a need to get rid of its unnecessary complexity," they said.

They noted that the two committees have agreed on three fundamental principles to ensure that tax reform grows and expands the economy. First, tax reform will close loopholes to help lower rates without burdening the low-income and middle-income families. Second, it will make U.S. companies more competitive in the global economy. Third, it will help small businesses to thrive.

Members of Senate Finance Committee have started their work to lay the groundwork for legislation to overhaul the tax code. Over the next several months, they will convene weekly to review discussion papers and collect feedback from stakeholders. The House Ways and Means Committee is on a parallel track.

The House and Senate lawmakers already approved their own version of the budget last month. While House Republicans and Senate Democrats are at sharp odds over most policies, they agreed that the economy would benefit from simplifying the tax system and wiping out existing tax breaks.

Republicans see the tax breaks as evidence of big government while Democrats say the they are skewed toward the rich and certain industries.

"There are skeptics who question the prospects for bipartisan tax reform. We know we face some fierce headwinds," said Baucus and Camp, a Democrat from Montana and a Republican from Michigan.

"People from across the spectrum are trying to turn tax reform into a political weapon, which could end up killing any chance at success. We can't let that happen." they added. Endi

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