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On January 7, 2005, President Bush announced the establishment of a bipartisan panel to advise on options to reform the tax code to make it simpler, fairer, and more pro-growth to benefit all Americans. The Advisory Panel submitted the final report on November 01, 2005 to the Secretary of the Treasury, John Snow.

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US Treasury Secretary John Snow - Remarks to The National Association of Wholesaler-Distributorsí Executive Summit, Washington, February 02, 2006

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"The President's Tax Reform Panel did excellent work under the leadership of the two co-chairmen, former Senators John Breaux and Connie Mack, and we're reviewing their proposals now. We only get the chance to reform the code every twenty years or so, so we've got to make sure it's done right. We're not going to rush the reform process because America deserves a tax code that meets the President's goals for fairness, simplicity, and economic growth."

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CHANGES CONSIDERED BY PANEL

Alternative Minimum Tax

Income tax vs. ... National Sales Tax or European inspired VAT or flat tax

Tax on earnings vs. tax on spending - Income Tax or National Sales Tax

Limits on personal tax deductions - mortgage interest, property tax, charitable contributions

Limits on business deductions - employer paid health insurance premium