Reply #61: Bush tax panel to recommend consumption tax [View All]

[UpInArms]

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38643.5161793981-846513267&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

WASHINGTON (MarketWatch) -- President Bush's advisory panel on tax reform will likely include a recommendation for a modified consumption-oriented tax that would exempt most capital income from taxation. The panel, at its final public meeting, also agreed to recommend a proposal designed to significantly simplify the existing tax system. The panel decided against recommending a value-added tax. The committee must submit its recommendations to the Treasury Department by Nov. 1.