Posted: May 26, 2005 By: BILL LEE


Comment: Reform Existing Code -- Some experts advocated reforming the existing IRC instead of replacing it with a new design. I recommend something as close to a fixed rate of 20% as possible. No deductions except for the handicapped and those who's income is below the poverty level. No graduated increases which discourage saving and investing. The estate tax exemption should be set at $2.5 million, which would eliminate the tax on almost all small businesses, farmers, and ranchers, thus allowing a beneficial enterprise to continue operation by those named in the will. I pay my taxes and despise the system.