Tax proposals would replace deductions with low rates

Source: Houston Chronicle Posted on 11.03.05 by R. Lee Wrights "Declaring the income-tax system 'has become a running joke,' a presidential panel recommended Tuesday rewriting tax laws by eliminating nearly every deduction and credit and replacing them with simpler benefits for more taxpayers. Treasury Secretary John Snow said he would study the report, issued by the President's Advisory Panel on Federal Tax Reform, and hoped to present formal recommendations to President Bush later this year." (11/01/05) Link: http://tinyurl.com/axxu9