Tuesday, October 18, 2005
The President's Advisory Panel on Federal Tax Reform holds its final in-person public meeting today at 9:00 am at the Ronald Reagan Building & International Trade Center Amphitheater, 1300 Pennsylvania Avenue N.W., Washington, D.C. Panel members will discuss issues associated with tax reform (no testimony will be presented). The panel will hold two additional public meetings via teleconference on October 27 and November 1. (For the Federal Register notice of today's meeting, see here and here.)
Update: The Panel has posted the agenda for today's meeting:
- Major Simplification and Reform of the Existing Federal Tax Code
- Fundamental Reform within the Existing Federal Tax Code
- Partial Replacement of the Existing Federal Income Tax Code
Bloomberg reporter Ryan Donmoyer writes this morning that the panel will recommend the adoption of a flat tax:
U.S. President George W. Bush's tax advisory panel may recommend a fundamental overhaul of the current system, replacing it with a variation of the flat tax that would abolish most deductions and end levies on investment income.
The panel plans to present Bush with several options for restructuring the tax code, including the creation of a new system that rewards savings, discourages borrowing, stimulates business investment, and simplifies tax filing for individuals, according to panel members and outside experts on whom they relied. The modified flat-tax proposal will be considered and possibly endorsed during the panel's final meeting today, they said.
"I would bet big money'" that panelists will recommend such a plan, said William Gale, a senior fellow at the Brookings Institution, a research group in Washington, who testified before the panel.