Revamp tax code
A panel reporting to the President has vowed to revamp the tax code:
Breaux said the recommended options could include an overhaul similar to the sweeping legislation passed in 1986 or perhaps even a “new tax system,” likely featuring a consumption tax, such as a sales tax, or perhaps a flat tax, where all income is taxed at one rate.
The advisory panel issued a strong statement Wednesday calling the current tax code “unstable and unpredictable” and in a “dismal condition,” harming businesses, individuals and the U.S. economy.
“Our tax laws have been compared to an overbuilt and dilapidated house with conflicting architectural styles and a crumbling foundation, a sick patient who is about to expire, and a factory that has been littered with so much garbage that it can no longer operate productively,” the panel said.
