Panel urges major simplifications to income tax system

Panel urges major simplifications to income tax system

[JURIST] A tax panel commissioned by President Bush endorsed on Tuesday an income tax system that would drastically simplify the way Americans file their taxes. However, the amount taxpayers pay under the proposed system would not significantly change from the current tax system. Members of the President’s Advisory Panel on Federal Tax Reform [official website] say the plan calls for the elimination of deductions, credits, and other tax breaks in favor of fewer and simpler tax benefits. Panel member and former Internal Revenue Service [official website] Commissioner Charles O. Rossotti called the simplifications, "a huge move" toward simplifying the tax system The panel's announcement comes one day after a spokesman for the Americans for Fair Taxation [advocacy website], a tax reform interest group, said that the panel would probably not recommend any major changes [JURIST report] to the tax code. The advisory group's final report will be released November 1. AP has more.