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COPYRIGHT 2005 Voxant Inc.
Original Source: CNBC/DOW JONES BUSINESS VIDEO ANALYST INTERVIEW
TED DAVID, CNBC ANCHOR: The president`s tax reform panel yesterday submitted a preliminary plan to the president aimed at simplifying filing with four income tax brackets. Is tax reform on the right path, and could the system work? Chris Edwards is director of tax policy studies with the Cato Institute. He gives a thumbs up to the plan. Bob McIntyre is director of Citizens for Tax Justice. He says tax reform is necessary, but this plan is awful.
Gentlemen, nice to have you with us.
BOB MCINTYRE, DIRECTOR, CITIZENS FOR TAX JUSTICE: Thank you.
CHRIS EDWARDS, DIRECTOR OF TAX POLICY, CATO INSTITUTE: Thank you.
DAVID: Bob, what do you think of the tax reform proposals here? As I understand it, you lose the mortgage deduction, the AMT goes away, you go from six to four brackets. What do you think?
MCINTYRE: Well, let`s back up for just one second. You know, you look at what`s wrong with our current tax system and, number one, it doesn`t raise enough money to pay for public services. And number two, it had so many loopholes for corporations and wealthy people that wage earners pay at twice the tax rate of investors. So what does this plan do...
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