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| Panel Sees Too Many Tax Breaks at the Federal Level WASHINGTON -- The presidential commission studying the tax laws has reached the conclusion that there are just too many deductions and credits, the Associated Press reported Monday. "We have lost sight of the fact that the fundamental purpose of our tax system is to raise revenues to fund government," according to President Bush's Advisory Panel on Federal Tax Reform. The commission's chairman, former Florida Sen. Connie Mack, said its nine members have been surprised at the number of tax deductions and credits. "It wasn't until we really had the opportunity to listen to so many different people talk about so many different aspects of the code that it really sunk in about how much and how often the code is being used these days to either create incentives or disincentives for either investment or behavior," Mack said in an interview with The Associated Press. The White House budget
office ranks the cost of a deduction for businesses that provide health
insurance to employees as the top tax break, worth $126 billion next year.
Also high on the list are the popular mortgage interest deduction, a capital
gains break for home sales, a deduction for charitable contributions and
the child tax credit. -- NYSSCPA.org News Staff Posted on 4/25/05 |
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