A while back, Dubya appointed a panel to recommend an overhaul of the tax code. They’re due to make their report at , but they’ve just floated a trial-balloon that gives us an idea of what they have in mind.
There’s really not much There there. If you were expecting a big push for a flat tax or a national sales tax or for the abolition of the IRS, you’re going to be very disappointed. If you grit your teeth in frustrated envy over those Lucky Duckies at the bottom of the income scale who get away with not paying any income tax, you’re also out-of-luck.
It looks like the panel is going to recommend scrapping the Alternative Minimum Tax, and they’re going to try to make up for the money the government will miss this way by restricting the home mortgage and employer benefits deductions.
On the one hand — what a letdown! I was expecting something much more flashy. Considering how much energy they put into this I’m surprised they came up with such a bland plan. On the other hand — whew! None of these proposals will change how I stay under the tax line.