Skip to comments.Dissolve the President's Tax Reform Panel
Posted on 10/15/2005 12:45:23 AM PDT by beyond the sea
When President Bush formed his Presidents Advisory Panel on Federal Tax Reform he charged that panel with developing a tax reform proposal that would achieve three principal objectives:
1. The proposal should simplify the Federal tax code so as to reduce the costs of tax compliance.
2. The proposal should promote home ownership and charitable giving.
3. The proposal should promote economic growth, job creation and encourage individual saving and investment while strengthening the competitiveness of the US in the global economy.
We now have a clear indication of the proposals that will come from the presidents tax reform panel, and its fair to say that not one of the above objectives will be realized, much less addressed. The tax reform panel, having failed to follow its mandate, should be dissolved immediately and the panel members sent off to create mischief elsewhere.
(Excerpt) Read more at townhall.com ...
The panel seems to be moving opposite the way it should: tax simplification.
Flat or fair tax now!
This panel is an outright abomination.
Who sits on this "panel" in addtion to Breaux and Connie Mack?
Get pols (even ex-pols) involved and the whole thang gets complicated.
Connie Mack III (Chairman) Senior Advisor, King & Spalding LLP, and former U.S. Senator. Senator Mack served as Chairman of the Joint Economic Committee and was a member of the Finance and Banking committees.
John Breaux (Vice-Chairman), former U.S. Senator. Senator Breaux served on the Finance Committee and the sub-committee on Taxation and IRS Oversight.
William Eldridge Frenzel, former Member of the U.S. House of Representatives. Mr. Frenzel served on the Budget Committee and the Ways and Means Committee. Mr. Frenzel is a Guest Scholar at the Brookings Institution.
Elizabeth Garrett, Sydney M. Irmas Professor of Public Interest Law, Legal Ethics and Political Science, University of Southern California. Ms. Garrett served as Legislative Director and Tax and Budget Counsel to former U.S. Senator David L. Boren.
Edward P. Lazear, Senior Fellow, Hoover Institution and Professor of Human Resources, Management and Economics, Stanford University's Graduate School of Business. Mr. Lazear is the founding editor of the Journal of Labor Economics.
Timothy J. Muris, Foundation Professor, George Mason School of Law and Of Counsel, O'Melveny & Myers LLP. Mr. Muris served as Chairman of the Federal Trade Commission from 2001 to 2004.
James Michael Poterba, Department of Economics, Massachusetts Institute of Technology. Mr. Poterba serves as Associate Department Head. He has taught at MIT since 1982.
Charles O. Rossotti, Senior Advisor, The Carlyle Group. Mr. Rossotti served from 1997 to 2002 as Commissioner of Internal Revenue. He formerly served as the President, Chief Executive Officer and Chairman of the Board of American Management Systems.
Liz Ann Sonders, Chief Investment Strategist, Charles Schwab. Ms. Sonders joined U.S. Trust, a division of Charles Schwab, in 1999 as a Managing Director and member of its Investment Policy Committees.
It's not just this panel - it's the whole Big Stupid Government. The damn thing has gone completely off the rails and exists to perpetuate itself and the Republican/'Rat parties.
Just like a cancer.
What is not mentioned in the article is that the deductibility of home mortgage interest is incorporated into the value of the assets. As such, elimination of the deduction will cause the effected segment of the housing market to collapse. This is essentially what happened in the late 1980's.
Panel formed by the President, members nominated by the President, given objectives by the President, yet we're being asked to dismiss the results? Is Boortz just being sexist because Connie Mack co-chairs the panel, or is he a Beltway elitist because of the school John Breaux attended? Isn't the panel made up of "accomplished" people, and aren't we supposed to "trust" them?
My understanding of their recommendation was that the deduction was to be reduced from $1 million to a non-arbitrary number based on the value of properties in each area.
While I have misgivings (serious misgivings about their non-arbitrary number) I don't see any problem with the reduction of the maximum deduction that can be made based on the interest on a mortgage.
This means that aside from people in the top economic stratosphere, this won't affect most Americans. What it will probably do is depress the development and sale of ultra expensive vacation homes and large investments in expensive properties by wealthy people looking for an investment that comes with a tax break.
Everyone else with properties whose interest on their mortgages won't exceed the maximum deductible, which is pretty much everyone but the really wealthy few, won't feel a thing.
Of course - a flat tax system with no deductions would be much, much nicer.
I dislike the "fair tax" system for the same reason that I dislike the idea of a calculation for determining a person's maximum deductible on a mortgage. I don't like the idea of combining government and complexity. It always seems to spawn bureaucrats and eventually the invisible corruption we only find out about after millions or billions have been wasted, stolen, or lost. And this doesn't just happen in government.
Connie Mack is a guy.
Proves the joke that a camel is a horse designed by gubmit committee.
Well, there's yer problem right there - not one person on the committee with street smarts. Is it any wonder they can't figure out what's wrong with taxes?
As Boortz pointed out in his radio commentary, not ONE of the members of this tax reform panel is a businessman. The vast majority are university professors...yes, ivory tower denizens of a cocoon provided by someone else's money. What in the world was the President thinking when this goofy bunch was selected? I truly think he has lost it. Every House and Senate member ought to be buried in negative correspondence when the panel's recommendations to raise taxes appears next week, and their report needs to die a swift and sure death.
Connie Mack is atually Cornelius Alexander McGillicuddy III.
Sometimes I think his detractors are right...... he's a fool.
When the "leak" came out earlier in the week of what the commission was proposing, I was as freaked as anyone.
But the commission has not released anything official yet. They are not even done meeting yet...check the site: http://www.taxreformpanel.gov/
Let's cool it until the report is done. Bortz: go suck an egg until you have something substantive to bitch about.
As it was with the so-called "Luxury Tax" a few years back. This "tax on the rich" nearly collapsed the pleasure boat industry, among others.....
Really? When was the last time you received a paycheck from a poor man?
re: he's a fool.
All of us are, in one way or another. Those who are successful have avoid making important decisions in the areas where they are fools.
For my money his strong points more than make up for his weak points! But this Tax Reform Panel thing is the pits!
I hear you!
ALL DIRECT suckers at the public teat or INDIRECT suckers via the income tax system they seek to preserve. If these clowns wish to "preserve" the income tax, might I suggest it be profused with formaldahyde so future generations can come look at it in some museum as an example of what NEVER TO ALLOW BE BORN AGAIN!
I recently sent these MORONS the following comment at their website (which, due to the influx of insulting and critical messages coming in from us proles out here in fly-over country, will probably be soon shut down):
Togo is clearly one of our better informed citizens...
I believe Mack's father was the renouned baseball player or years past.
Reminds me of an adage MY father frequently offered: All you can expect from trying to play ball with some folks is to wind up with about a quarter inch of bat sticking outta your a**.
My rant follows:
What else would we expect FRom a bunch of ITEB(Inside The Evil Beltway) Poobahs except "same ol' same ol'" status quo?
The American people deserve better, and I guess we'll have to force a solution, much like the Founding Fathers did!
In the meantime, a pox on their houses! Tar and feathers on their bodies! Rain on their parade! Mold on their bread! May the Bluebird of Happiness crap on their birthday cake! A hex on their investments!
Surely every form of personal and professional misery will torment each of them the rest of their lives!
Really? When was the last time you received a paycheck from a poor man?As if everyone who hires someone is rich. Many small business owners earn less than their employee's.
Y'all need to read my rant too!
And Ping anybody else you think would enjoy!
If anyone would like to be added to this ping list let me know.
Don't like the lack of action on the part of this so called tax "reform" panel?
Get on the horn with that Congress Critter and let them know how you stand in no uncertain terms.
Bottomline, change is only going to come about if we fight for it and no other reason.
John Linder in the House(HR25) & Saxby Chambliss Senate(S25) offer a comprehensive bill to kill all income and SS/Medicare payroll taxes outright and replace them with with a national retail sales tax administered by the states.
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States.
Refer for additional information:
No one rants better than you do, my friend! ;-)
No doubt about it.
might have had good intentions like every similar panel tell they get the wake up call from the fed....."all your freedom and prosperity berong to us since 1910 and don't forget it".....click
Thank God a voice of sanity out there... I think the panel has obviously ignored or are incapable of understanding their mission.... which they have failed miserably with their suggestions.
I have supported our President from the beginning, but I'm looking at all the things dems have pushed that he's caved on and then had them come back to bite him in the end.. like homeland security and, I'm afraid, this new added layer over FBI, CIA, NSA, etc... and looking at the cost of the IRS -- enough to rebuild the whole gulf coast... you would think he would know by now that commissions only make matters worse .. BTW. what the "H" is congress doing now days? Seems to me all hearings and decisions are being pushed into special commissions... if that is the route we're taking then what are we paying all these representatives for??????
I'm disgusted with the whole bunch right now.
Didn't the president nominate the members of the 9/11 commission, too???? We all have to start using our brains and not blindly following either party.... of which both appear to be puppets of special interest groups made worse by McCain-Feingold.
I think they really should have put business people instead of professors on this panel... they just do not live in a real world... something we all knew in school, learn theory and then go out and learn reality.
My bad for not knowing who "Connie" Mack is.
I'm sure it was an honest mistake ~LOL~
And I can see why. Hopefully, FR will leave you, too.
"The tax reform panel, having failed to follow its mandate, should be dissolved immediately"
I second the motion.
Not only they failed to follow their mandate, but by proposing a cap on mortgage deduction they are actually working to complicate the tax code, RAISE TAXES, DISCOURAGE home ownership, hurt the economy -- in other words they are doing the opposite of their mandate. They should all be fired immediately.
His grandfather, actually. The first Connie Mack was owner/manager of the Philadelphia Athletics from 1901 to 1950.
By golly, you're right. We need a bipartisan commission to study that and come up with some recommendations. In fact, we probably need a new government agency, the Department of Commissions, to oversee them.
You should re-read the opening sentences on FreeRepublic's homepage once in a while.
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