WASHINGTON (AP) — President Barack Obama says he will try to undertake an overhaul of the tax system with the new Republican majorities in Congress. He says the "devil is in the details."

He says the tax system needs to be simpler and fairer. He says some corporations engage in tax avoidance while others pay full freight. He also says he would like to combine tax changes with money for capital works projects.

Obama spoke Friday during his year-end news conference, shortly before he was leaving the White House for a Hawaii vacation.

Obama will have a Republican-led Congress for the first time in his presidency when the GOP takes control of the Senate in January. Republican leaders have said that creates opportunities for compromise on issues such as trade or taxes.