President's Advisory Panel on Federal Tax Reform explained

On January 7, 2005, President George W. Bush announced the establishment of the President's Advisory Panel on Federal Tax Reform, a bipartisan panel to advise on options to reform the United States income tax code to make it simpler, fairer, and more pro-growth to benefit all Americans.

Origins

The task force was created by the President's Executive Order 13369, amended by subsequent orders 13379 and 13386.

Report

On November 1, 2005, the Advisory Panel submitted to the Secretary of the Treasury a report containing revenue-neutral policy options for reforming the Federal Internal Revenue Code. The options are meant to:

• 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.^[1]

Members

Panel members included:

• Connie Mack III, Chairman
• John Breaux, Vice-Chairman
  • William E. Frenzel Elizabeth Garrett
  • Edward P. Lazear Timothy J. Muris
  • James M. Poterba Charles O. Rossotti
• Liz Ann Sonders

Notes and References

1. Web site: November 1, 2005 . "Final Report" . taxreformpanel.gov . President's Advisory Panel for Tax Reform . 2010-10-13.