Presidential Advisory Panel To Recommend Major Federal Tax Changes
On January 7, 2005, President Bush announced the establishment of a bipartisan panel to advise on options to reform the federal tax code. This Advisory Panel has been meeting this year and will submit to the Secretary of the Treasury a report by November 1, 2005.
At its meeting on Tuesday, October 18, the Advisory Panel agreed to recommend two distinct tax reform plans. Each of these alternative plans would contain major revisions to the tax code, including ending the alternative minimum tax, eliminating the deduction for state and local taxes, and changing the home mortgage interest deduction.