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FIRST, NAIL DOWN THE OBVIOUS

April 06, 2005

The President's Advisory Panel on Federal Tax Reform has completed its hearings and now is requesting comments on specific changes for the tax system. The panel's executive director, Jerry Kupfer, yesterday told the Tax Executives Institute what witnesses have been telling the panel:

* the corporate income tax distorts many business decisions;

* complexity causes such paralysis for individual taxpayers that it may prevent them from taking advantage of some tax breaks;

* the system for taxing the foreign income of U.S. taxpayers is not effective or administrable; and

* the fundamental purpose of the tax system has gotten lost because the code is asked to do too much by encouraging some activities, discouraging other activities, and generally carrying out social and industrial policy.

The Tax Analysts writeup doesn't mention whether the witnesses addressed the Pope's Catholicism or where bears answer nature's call.

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