Buzz Mills
New Member
Panel to Recommend Major Tax Law Changes
WASHINGTON - Chosen to find a simpler way to tax the nation, a presidential panel is set to recommend two designs that would rewrite virtually every tax law for individuals and businesses. Under the plan, most deductions, credits and other tax breaks would be eliminated along with much of the paperwork and equations that baffle taxpayers under a drastically simplified income tax.
But many, including the nine members of the presidential commission, have said key recommendations will be unpopular. "The effort to reform the tax code is noble in its purpose, but it requires political willpower," the group said Tuesday in a letter to Treasury Secretary John Snow. "Many stand waiting to defend their breaks, deductions and loopholes, and to defeat our efforts."
http://tinyurl.com/7zrbz
WASHINGTON - Chosen to find a simpler way to tax the nation, a presidential panel is set to recommend two designs that would rewrite virtually every tax law for individuals and businesses. Under the plan, most deductions, credits and other tax breaks would be eliminated along with much of the paperwork and equations that baffle taxpayers under a drastically simplified income tax.
But many, including the nine members of the presidential commission, have said key recommendations will be unpopular. "The effort to reform the tax code is noble in its purpose, but it requires political willpower," the group said Tuesday in a letter to Treasury Secretary John Snow. "Many stand waiting to defend their breaks, deductions and loopholes, and to defeat our efforts."
http://tinyurl.com/7zrbz