Friday, January 7, 2005
Tax Prof Elizabeth Garrett (USC) is one of nine members named by President Bush to the President's Advisory Panel on Tax Reform chaired by John B. Breaux and Connie Mack. The other six committee members are:
- Bill Frenzel (former GOP Representative, Minnesota)
- Edward Lazear (Stanford Business School)
- Timothy Muris (O'Melveny & Myers, Washington D.C. (and former George Mason law prof and law dean)
- James Poterba (MIT)
- Charles O. Rossotti (Former IRS Commissioner)
- Liz Ann Sonders (Chief Investment Strategist, Charles Schwab)
The Executive Order creating the panel outlines its charge:
The purpose of the Advisory Panel shall be to submit to the Secretary of the Treasury in accordance with this order a report with revenue neutral policy options for reforming the Federal Internal Revenue Code. 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.
At least one option submitted by the Advisory Panel should use the Federal income tax as the base for its recommended reforms.
The panel must submit its report to the President by July 30, 2005.