TAX REFORM PANEL ANNOUNCES LOCATION AND WITNESS LIST FOR TWO-DAY PUBLIC MEETING ON MAY 11 TH & 12 TH

~Tax Panel to Consider Specific Options for Tax Reform~

May 5, 2005

Senators Connie Mack and John Breaux, Chairman and Vice-Chairman of the President’s Advisory Panel on Federal Tax Reform today announced the location and witnesses for the Panel’s eighth meeting. The meeting will be held in the National Transportation Safety Board Conference Center Auditorium, 429 L'Enfant Plaza, SW, Washington, DC 20594, on Wednesday, May 11th and Thursday, May 12th at 9:30 a.m.

The May 11th meeting will focus on specific options for tax reform and the May 12th meeting will focus on business tax reform proposals. The witness list and panel topics are listed below.

Wednesday, May 11, 2005 (9:30 a.m. – 5:00 p.m.)

Opening Remarks by Senator Connie Mack, Chairman of the President’s Advisory Panel on Federal Tax Reform

Panel I: Value-Added Tax

Testimony of Charles McLure
Senior Fellow, Hoover Institution, Stanford University

Testimony of Michael Graetz
Professor, Yale Law School

Panel II: Consumed Income Tax

Testimony of Ernest S. Christian
Executive Director, Center for Strategic Tax Reform

Testimony of Barry K. Rogstad
Former President, American Business Conference

Testimony of Edward J. McCaffery
Robert Packard Trustee of Law and Political Science at the University of Southern California, and the Visiting Professor of Law & Economics at California Institute of Technology

Panel III: Retail Sales Tax

Testimony of Thomas A. Wright
Executive Director, Americans for Fair Taxation

Testimony of David R. Burton
Partner, The Argus Group

Panel IV: Reform of Existing Code

Testimony of John Podesta
President & CEO, Center for American Progress

Testimony of Paul Weinstein, Jr.
COO & Senior Fellow, Progressive Policy Institute

Testimony of Chris Edwards
Director of Tax Policy Studies, Cato Institute

Panel V: Alternative Proposals for Reform

Testimony of Jim Baker
Chairman of Baker & Company, LLC

Testimony of Roland Boucher
Chairman, United Californians for Tax Reform

Testimony of David S. Miller
Partner, Cadwalader, Wickersham & Taft LLP

Testimony of David A. Hartman
Chairman, Lone Star Foundation

Testimony of Norman G. Kurland
President, Center for Economic and Social Justice

Panel VI: Flat Tax

Testimony of Robert Hall
Robert and Carole McNeil Senior Fellow, Hoover Institution, Stanford University

Testimony of Stephen Moore
President, Free Enterprise Fund

Testimony of Richard Armey
Co-Chairman, FreedomWorks

Testimony of Steve Forbes
President and CEO of Forbes and Editor-in-Chief of Forbes magazine

Thursday, May 12, 2005 (9:30 a.m. – 12:30p.m.)

Opening Remarks by Senator Connie Mack Chairman of the President’s Advisory Panel on Federal Tax Reform

Perspectives on Business Tax Reform
Remarks by R. Glenn Hubbard
Dean, Columbia Business School and Russell L. Carson Professor of Finance and Economics

Panel I: Integration of Corporate and Individual Tax Systems

Testimony of Alvin Warren
Ropes & Gray Professor of Law and Director of the Fund for Tax and Fiscal Research at Harvard Law School

Testimony of Kenneth W. Gideon
Partner, Skadden, Arps, Slate, Meagher & Flom LLP
Former Assistant Secretary of the Treasury (Tax Policy) and IRS Chief Counsel

Panel II: Business Tax Simplification

Testimony of David J. Shakow
Professor of Law, Emeritus, University of Pennsylvania

Testimony of Edward D. Kleinbard
Partner, Cleary, Gottlieb, Steen & Hamilton

Panel III: International Income Taxation

Testimony of James R. Hines Jr.
Professor of Business Economics and Research Director, Office of Tax Policy Research at the University of Michigan Ross School of Business

Testimony of Stephen E. Shay
Partner, Ropes & Gray

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Biographical Information for Witnesses Scheduled to Participate in the Eighth Meeting of The President’s Advisory Panel on Federal Tax Reform May 11-12, 2005

May 11, 2005

Charles E. McLure, Jr. is a Senior Fellow at the Hoover Institution at Stanford University. Prior to joining the Hoover Institution, he was Vice President of the National Bureau of Economic Research and Cline Professor of Economics at Rice University. He served as the Deputy Assistant Secretary of the Treasury for Tax Analysis. He holds a B.A from the University of Kansas and an M.A. and Ph.D. from Princeton University.

Michael J. Graetz is the Justus S. Hotchkiss Professor of Law at Yale University. His most recent book, Death by a Thousand Cuts: The Fight over Taxing Inherited Wealth, was published in March 2005. He has held several positions at the Treasury Department, including Assistant to the Secretary and Special Counsel and Deputy Assistant Secretary for Tax Policy. Professor Graetz is a graduate of Emory University and the University of Virginia Law School.

Ernest S. Christian is a former Treasury tax official and Washington lawyer who now serves as the Executive Director of the Center For Strategic Tax Reform in Washington, DC. He has written extensively about tax reform in publications as diverse as the National Tax Journal and Investor’s Business Daily which is currently running his series, “Fixing the Tax Code.” He holds a J.D. from the University of Texas School of Law.

Barry K. Rogstad is the former President of the American Business Conference and Chief Economist for Coopers & Lybrand. He has been involved with tax reform issues for the last fifteen years, focusing mainly on the development of the USA Tax framework. He holds an A.B. and an M.A. from Clark University and a Ph.D. from Brown University.

Edward J. McCaffery is the Robert Packard Trustee of Law and Political Science at the University of Southern California, the Visiting Professor of Law & Economics at California Institute of Technology, and founder of the USC-Caltech Center for the Study of Law and Politics. His research focuses on tax and property law. He is the author of several books, including Fair Not Flat: How to Make the Tax System Better and Simpler. He received his J.D. from Yale University.

Thomas A. Wright is the executive director of Americans for Fair Taxation and has extensive experience as a grassroots organizer, coalition builder, citizen lobbyist, and spokesman for several organizations working to replace income and payroll taxes with a national retail sales tax. He is also the director of investor relations and corporate affairs for Emory Partners, L.P., a Clearwater, Florida-based hedge fund. He holds a B.S. from the University of Texas.

David R. Burton is a partner in the Argus Group, a law and government relations firm. He previously was Vice President, Finance and General Counsel of a small multinational manufacturer and Manager, Tax Policy at the U.S. Chamber of Commerce. He writes regularly for public policy research institutions, newspapers and professional publications. He holds a B.A. from the University of Chicago and a J.D. from the University of Maryland.

John Podesta is the president and CEO of the Center for American Progress and visiting professor of law at the Georgetown University Law Center. Prior to his work at the Center, Podesta served as Chief of Staff to President William J. Clinton from October 1998 until January 2001. He is a graduate of Knox College and Georgetown University Law Center.

Paul Weinstein Jr. is chief operating officer and senior fellow at the Progressive Policy Institute, where he writes and speaks on a number of policy areas including pension and tax reform, budget and transportation policy, corporate responsibility, and political reform. He served in the Clinton administration as Special Assistant to the President and Chief of Staff of the Domestic Policy Council. He holds a B.S from Georgetown University and an M.A. from Columbia University.

Chris Edwards is the Director of Tax Policy Studies at the Cato Institute. Before joining Cato, Edwards was a senior economist on the Joint Economic Committee examining taxation, Social Security, and entrepreneurship issues. He has served as a tax consultant and manager with PricewaterhouseCoopers and an economist with the Tax Foundation. Edwards holds a master's degree in economics from George Mason University.

Jim Baker is the Chairman of Baker & Company, LLC, a management consulting firm. He serves in numerous leadership positions in the Philadelphia area, including Chair of the Mayor’s Drug and Alcohol Commission. He holds a B.S. from Drexel University, an M.B.A. from Wharton, and an M.A. from Eastern Seminary.

Roland Boucher is the Chairman of United Californians for Tax Reform. He is a member of the Irvine Chamber of Commerce Governmental Affairs Committee. He is a graduate of Yale University.

David S. Miller is a Partner with Cadwalader, Wickersham & Taft LLP. He is the Secretary of the New York State Bar Association’s Tax Section, and will chair the Tax Section in 2008. He holds a B.A. from the University of Pennsylvania, a J.D. from Columbia University, and an LL.M. in Taxation from New York University School of Law.

David A. Hartman is the chair of the Lone Star Foundation, Inc. He served as editor and a contributing author for the Institute for Policy Innovation’s “Road Map to Tax Reform” project. He received a B.S. from Case Western Reserve University and an M.B.A. from Harvard Business School.

Norman G. Kurland is the President of the Center for Economic and Social Justice (CESJ). He is a lawyer-economist and architect of market-based system models for democratizing access to economic power and capital accumulations. Kurland served as deputy chairman of President Reagan’s Task Force on Project Economic Justice. He holds a J.D. from the University of Chicago.

Robert E. Hall holds a joint position endowed by Robert and Carole McNeil as a senior fellow at the Hoover Institution and a professor in the economics department, Stanford University. He is an applied economist with interests in technology, competition, employment issues, and economic policy. He is the co-author with Alvin Rabushka of The Flat Tax. He holds a B.A. from the University of California at Berkeley and his Ph.D. from the Massachusetts Institute of Technology.

Stephen Moore is president of the Free Enterprise. Moore served as founder and President of the Club for Growth. He served as a Senior Economist at the Joint Economic. He is a graduate of the University of Illinois and holds an M.A. in Economics from George Mason University.

Dick Armey is the co-chairman for FreedomWorks. For 18 years he served in the House of Representatives, and was the House Majority Leader and a Chairman of the Joint Economic Committee. He holds an M.A. from the University of North Dakota and a Ph.D. in economics from the University of Oklahoma.

Steve Forbes is President and Chief Executive Officer of Forbes and Editor-in-Chief of Forbes magazine. Mr. Forbes is the author of A New Birth of Freedom a book of bold ideas for the new millennium. His book on the flat tax will be published in June 2005. He holds a B.A from Princeton University.

May 12, 2003

R. Glenn Hubbard is Dean of Columbia Business School and Russell L. Carson Professor of Finance and Economics. He has served as Chairman of the President's Council of Economic Advisers (CEA) and Deputy Assistant Secretary for Tax Policy at the Treasury Department. He holds a B.A. and B.S. from University of Central Florida, and an A.M. and Ph.D. from Harvard University.

Alvin Warren is Ropes & Gray Professor of Law and Director of the Fund for Tax and Fiscal Research at Harvard Law School. His recent research has focused on the taxation of financial derivatives, integration of corporate and individual income taxes, and the relationship between consumption and income taxation. Professor Warren received a B.A. from Yale University and a J.D. from the University of Chicago Law School.

Kenneth W. Gideon is a Partner at Skadden, Arps, Slate, Meagher & Flom LLP, where he focuses on tax controversy and litigation, and serves as co-leader of the firm’s national tax litigation practice. He has served as the Assistant Secretary for Tax Policy at the Treasury Department and as Chief Counsel of the Internal Revenue Service. He holds a B.A. from Harvard and a J.D. from Yale Law School.

David J. Shakow is the Professor of Law, Emeritus at the University of Pennsylvania. He is currently a Director, KPMG, LLP. He received an LL.M. in taxation from New York University School of Law in 1976 and served in the Office of the Tax Legislative Counsel of the U.S. Department of the Treasury before joining the Penn faculty in 1982.

Edward D. Kleinbard is a partner with Cleary, Gottlieb, Steen & Hamilton, where he focuses on federal income tax matters, including taxation of new financial products, financial institutions and international mergers and acquisitions. He is widely published on tax matters and he regularly lectures at New York University. He received an M.A. degree and an undergraduate degree from Brown University and a J.D. from Yale Law School.

James R. Hines Jr. is a Professor of Business Economics and Research Director, Office of Tax Policy Research at the University of Michigan’s Ross School of Business. He studies international taxation, particularly the taxation of multinational corporations, and the impact of domestic tax incentives on investment in the United States. He holds a B.A. and M.A. from Yale University and a Ph.D. from Harvard.

Stephen E. Shay is a tax partner with Ropes & Gray. He has extensive experience in the international tax area and previously served as the International Tax Counsel for the United States Department of the Treasury. He holds a B.A. from Wesleyan University and a J.D. from Columbia Law School.

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About the Tax Reform Panel:
The President’s Advisory Panel on Federal Tax Reform was established by President Bush on January 7, 2005. President Bush has charged the bipartisan panel with recommending reforms to the tax code that will make the U.S. tax system simpler, fairer and more growth oriented.

Panel Members

Connie Mack III (Chairman), former U.S. Senator. Senator Mack served as Chairman of the Joint Economic Committee and was a member of the Finance and Banking committees. He is a Senior Advisor at King & Spalding LLP.

John Breaux (Vice-Chairman), former U.S. Senator. Senator Breaux served on the Finance Committee and the sub-committee on Taxation and IRS Oversight. He is Senior Counsel at Patton Boggs LLP.

William E. Frenzel, former Member of the U.S. House of Representatives. Mr. Frenzel served on the Budget Committee and the Ways and Means Committee. Mr. Frenzel is a Guest Scholar at the Brookings Institution.

Elizabeth Garrett, Sydney M. Irmas Professor of Public Interest Law, Legal Ethics and Political Science, University of Southern California. Ms. Garrett served as Legislative Director and Tax and Budget Counsel to former U.S. Senator David L. Boren.

Edward P. Lazear, Senior Fellow, Hoover Institution and Professor of Human Resources, Management and Economics, Stanford University's Graduate School of Business. Mr. Lazear is the founding editor of the Journal of Labor Economics.

Timothy J. Muris, Foundation Professor, George Mason School of Law and Of Counsel, O'Melveny & Myers LLP. Mr. Muris served as Chairman of the Federal Trade Commission from 2001 to 2004.

James M. Poterba, Department of Economics, Massachusetts Institute of Technology. Mr. Poterba serves as Associate Department Head. He has taught at MIT since 1982.

Charles O. Rossotti, Senior Advisor, The Carlyle Group. Mr. Rossotti served from 1997 to 2002 as Commissioner of Internal Revenue. He formerly served as the President, Chief Executive Officer and Chairman of the Board of American Management Systems.

Liz Ann Sonders, Chief Investment Strategist, Charles Schwab. Ms. Sonders joined U.S. Trust, a division of Charles Schwab, in 1999 as a Managing Director and member of its Investment Policy Committees.

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