AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Panel Offers Tax Reform Plans; Long, Contentious Debate Likely; Battle lines are forming on state, local tax and mortgage deductions.(A)
Byline: BRIAN MITCHELL
Tax reform moved a step closer Tuesday when President Bush's bipartisan panel recommended two plans for changing the income tax system -- one for simplicity, the other for economic growth.
Both were designed to be revenue neutral -- neither raising nor lowering the overall tax burden -- but both would inevitably raise or lower taxes on individuals.
"There are difficult trade-offs," the panel reported to Treasury Secretary John Snow. "While we have differed at times and we may not all agree with every word in this report, we all fully endorse it."
Trade-offs included eliminating popular deductions of home mortgage interest (replaced by a tax credit) and ending state and local taxes to pay for repealing the alternative minimum tax, which threatens to hike taxes for tens of millions of taxpayers in coming years.
Sen. Charles Schumer, D-N.Y., railed that eliminating the deduction of state and local taxes "would create a budget crisis for local governments the likes of which we've never seen."
Rep. Charles Rangel, D-N.Y., ranking Democrat on the tax-writing Ways and Means committee, said the panel had "set back rather than advanced" prospects for reform.
- Mortgage interest deduction roadblock to tax reform.(As I See It)
- Magazine article from: Mississippi Business Journal Jones, Joe D. November 7, 2005 700+ words
...the deduction to mortgage interest expense and then...Harrop wrote, "The mortgage-interest deduction is a boulder in the stream of tax reform. A lot of people...you have it. The mortgage interest deduction is an impediment...
- Tax Reform: President's Advisory Panel Likely to Target Mortgage Interest...
- Magazine article from: The Bond Buyer Johnson, Matthew October 26, 2005 700+ words
President Bush's tax reform advisory panel is expected...reduction or elimination of mortgage interest deductions from the tax...in an interview Monday. Mortgage interest deductions allow homeowners...significant portions of their mortgage interest payments against their...
- Tax Reform: President's Advisory Panel Likely to Target Mortgage Interest.
- News wire article from: The America's Intelligence Wire November 26, 2005 700+ words
...Johnson President Bush's tax reform advisory panel is expected...reduction or elimination of mortgage interest deductions from the tax...in an interview Monday. Mortgage interest deductions allow homeowners...significant portions of their mortgage interest payments ...
- Federal plan to convert mortgage-interest deduction stuns housing industry.
- News wire article from: Philadelphia Inquirer (Philadelphia, PA) November 13, 2005 700+ words
...President Bush's tax-reform panel to convert the mortgage-interest deduction to a 15...replacement of the current mortgage-interest deduction by the more...a decade that the mortgage-interest deduction has been...
- Two Popular Deductions Won't Be Axed.(tax reform)(Brief Article)
- Newspaper article from: Kiplinger's Retirement Report July 1, 2005 700+ words
Two popular deductions won't be axed. President Bush has ruled out tampering with charitable and mortgage-interest deductions when lawmakers start tackling tax reform later this year.
- NAR Launches Mortgage Interest Deduction Ad Campaign.
- News wire article from: The America's Intelligence Wire December 5, 2005 700+ words
...of a federal tax reform panel to drastically reduce the mortgage interest deduction were...who claim the mortgage interest deduction have...Panel on Federal Tax Reform recently recommended...convert the mortgage interest deduction to...
- Fears about mortgage interest deduction on federal tax returns flare.
- Newspaper article from: Press-Enterprise (Riverside, CA) November 1, 2005 700+ words
...able to deduct their mortgage interest," said Jim Hamilton...s advisory panel on tax reform wants to replace the home mortgage interest deduction with a 15...oppose reducing the mortgage interest deduction, which he...
- Change to Mortgage Interest Deduction Could Drop Home Prices by 15%, NAR...
- Press release article from: Business Wire October 28, 2005 700+ words
...President Bush's tax reform panel's expected...convert the mortgage interest deduction...Eliminating the mortgage interest deduction would...who claim the mortgage interest deduction have...president's tax reform panel will...
- Change to Mortgage Interest Deduction Could Drop Home Prices By 15 Percent, NAR...
- News wire article from: The America's Intelligence Wire October 28, 2005 700+ words
...President Bush's tax reform panel's expected...convert the mortgage interest deduction...Eliminating the mortgage interest deduction would...who claim the mortgage interest deduction have...president's tax reform panel will...
- A look back: hurricanes, tax reform, Bill O'Reilly--it's been a tough year for...
- Magazine article from: Builder Wilson, Dave January 1, 2006 700+ words
...response to threats to the mortgage interest deduction and other...Advisory Panel on Federal Tax Reform proposed replacing the mortgage interest deduction with a limited...the deduction for mortgage interest on second homes, and...
