Panel Recommends Major Tax Law Changes

WASHINGTON -- The President's Advisory Panel on Federal Tax Reform on Tuesday recommended two designs that would rewrite virtually every tax law for individuals and businesses, The Associated Press reported.

Click here to see the full proposal.

Under the panel's 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.

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."

-- NYSSCPA.org News Staff

Posted on 11/1/05