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Tax Overhaul

By: Associated Press
By: Associated Press

Treasury Secretary John Snow calls a package of proposed tax revisions "bold recommendations."

The changes would rewrite just about every federal income tax law and eliminate or seriously change popular breaks like the home mortgage interest deduction.

Snow says the package is a starting point and he believes "good ideas ultimately prevail."

The recommendations come from a nine-member commission named by President Bush to find a way to simplify the nation's tax code, while not cutting revenue.

The package eliminates most deductions, credits and other tax loopholes. In their place would be credits designed to boost savings. The panel is also calling for a tax form that's half as long and easier to understand than the current 1040.

Commission members also warn the changes will take political courage. In their letter to Snow the panel said there are a number of people and organizations ready "to defeat our efforts."


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