U.S. Treasury's Snow-Tax Code Overhaul a Priority

[Khephra]

WASHINGTON (Reuters) - Overhauling an excessively complicated U.S. tax code is a "top priority" of the Bush administration over the next four years, Treasury Secretary John Snow said on Wednesday.

"This administration is committed to that task, and we will get it done," Snow said in prepared remarks at a two-day economic conference sponsored by the White House.

Much of the tax reform effort is expected to be masterminded by the Treasury under Snow's guidance. He gave no inkling into the department's early thinking on the direction of reform, simply saying the tax code was "too complicated, and it needs to be overhauled."

His remarks were delivered at the beginning of a panel session on tax and regulatory issues where Snow said economic prospects were sound. "I'm pleased to report that our nation is on track for sustained economic growth," Snow said.

http://www.reuters.com/newsArticle.jhtml?type=politicsNews&storyID=7103232

[takumi]

1. Time for Implementation of the 'Reverse Robin Hood' Scheme!

[papau]

2. The end of the taxation of 90% of Rich income - namely investment inc

The "simplification" has only one purpose - to move taxes down to the middle-class and away from the rich.

And the method will be totally or nearly totally ending estate taxes and taxes on investment income and corporation (all the rich are incorporated)

[ProfessorGAC]

3. Masterminded by Snow?!?!?!?!?

Based upon what knowledge or expertise was that decision reached? He doesn't know ANYTHING about macroeconomics. He is not an expert in fiscal policy, monetary policy, revenue creation, and he was not a terribly successful CEO. (Compared to the predecessors at those firms.)

So, he is going to overhaul the code using what as the basis for his ideas? Answer: Nothing! It will be done to simplify finding loopholes, shelters and deferments.
The Professor