May 15, 2006
Chicago Tribune -- That taxing rite of spring
President Bush took a stab at fixing this mess. He created an advisory panel on federal tax reform, which last year suggested some bold changes that would lead to a simpler tax code: Abolish the dreaded Alternative Minimum Tax, which threatens to ensnare more unsuspecting taxpayers each year. Shrink the number of tax rates. Cap the deduction for home mortgage interest. Eliminate state and local tax deductions. Replace all those savings, retirement and education tax breaks with simple savings accounts that would grow tax-free. Replace the confusing hodgepodge of personal and family tax breaks with one family tax credit.
