Whew! What an insane amount of news this week. Miers resigns, Libby indicted;Rove not indicted, Alitto nominated, bird flu preparations and in the middle of all that, an announcement on tax reform.
Since it sounds unlikely to pass, it may not be worthwhile paying attention to the proposed reforms but for those who are interested, this is a good summary/overview article. I particularly liked the summary table although i question that these proposals are class-neutral. They definitely look like they will lower my deductions and raise my taxes although I am pleased to see the home mortgage deduction curtailed.
Tax-Overhaul Proposal Gets Lukewarm Welcome
November 2, 2005
WASHINGTON -- President Bush's tax-reform panel submitted its report to the Treasury after nine months of work, drawing lukewarm reactions to its suggestions for revamping the country's tax code. The recommendations are likely to shape the tax-overhaul debate in the years ahead, but aren't likely to become law soon.
The panel said both of its alternatives would reduce complexity, improve fairness and promote economic growth. Neither would significantly shift the tax burden among income classes.
