Wednesday, March 25, 2009
President Barack Obama plans to name a task force to review and make recommendations for overhauling the tax code. The task force will be led by former Federal Reserve Board Chairman Paul Volcker, Chair of the Economic Recovery Advisory Board. The staff director will be Austan Goolsbee. Other members will be Martin Feldstein (Harvard; former chief economic adviser to President Reagan); Laura D’Andrea Tyson (UC-Berkeley; former economic adviser to President Clinton; Roger Ferguson (CEO Teachers Insurance & Annuity Association; former vice chairman of the Federal Reserve); and William Donaldson (Former Chair, SEC). The panel will have only two constraints: (1) no tax increases in 2009 and 2010; and (2) no tax increases thereafter on families making than $250,000.