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Federal Tax Reform

On January 7, 2005, President Bush announced the establishment of a bipartisan panel to advise on options to reform the tax code to make it simpler, fairer, and more pro-growth to benefit all Americans.

The Advisory Panel will submit to the Secretary of the Treasury a report containing revenue neutral policy options for reforming the Federal Internal Revenue Code as soon as practicable, but not later than November 1, 2005. These options should:

  • simplify Federal tax laws to reduce the costs and administrative burdens of compliance with such laws;
  • share the burdens and benefits of the Federal tax structure in an appropriately progressive manner while recognizing the importance of homeownership and charity in American society; and
  • promote long-run economic growth and job creation, and better encourage work effort, saving, and investment, so as to strengthen the competitiveness of the United States in the global marketplace.

FirstGov  |  Last Updated: November 1, 2005