The Tax Redux
November 1, 2005 3:47 PM Subscribe
The President's Advisory Panel on Tax Reform has issued their final report. They propose two different plans - one plan called the "Simplified Income Tax Plan" and one called the "Growth and Investment Tax Plan." Both plans do such things as eliminate the Alternative Minimum Tax, reduce the tax rate in all the brackets and changes the home mortgage interest from a tax deduction to a tax credit at the lowest bracket tax rate (15%) and limits the mortgage amount to the regional average instead of up to $1.1M. Lots to read, and lots of graphs for those who like pictures instead of words (the report starts with income distribution, tax burden, etc and goes on to different tax strategies).
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