TAX REFORM PANEL ANNOUNCES 12TH MEETING ON SEPTEMBER 15th

~Panel Members will Discuss Issues Associated with Tax Reform~

WASHINGTON, DC - Senators Connie Mack and John Breaux, Chairman and Vice-Chairman of the President's Advisory Panel on Federal Tax Reform, today announced the Panel's twelfth meeting will be held on Thursday, September 15, 2005, at 10:00 am. The meeting will be held at the Reagan Building and International Trade Center, 1300 Pennsylvania Ave., NW, Washington, DC, 20004.

At this meeting, Panel members will continue to discuss issues associated with reform. There will not be any testimony presented.

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 by September 30, 2005, 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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