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Major overhaul of tax law needed, panel says

[JURIST] The President's Advisory Panel on Federal Tax Reform [official website], created by President Bush to find simpler and more economically productive methods of taxation, has recommended two different tax plans, both of which would change the way all individuals and businesses pay and file their taxes. In its final report [text] released Tuesday, the panel proposed that most deductions, credits and other tax breaks be eliminated and replaced by a simplified tax rate, eliminating much of the paperwork and equations that baffle taxpayers. However, the amount taxpayers pay under either of the proposed systems would not significantly change from the current system. US Department of Treasury [official website] Secretary John Snow [official profile] called the proposals "bold recommendations" but he did not indicate what ideas the administration would embrace. AP has more.

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