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The Many Faces of Tax Reform |
| Section: CURRENT ISSUES / SPECIAL REPORT--TAXES: HOW MUCH IS ENOUGH? |
| Author: John S. Barry |
| Publication: The world & I online |
| Issue Date: 4/1/2003 |
| Size: 2,349 Words, 14,949 Characters |
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President George W. Bush's announcement on January 7 that he wants to accelerate many of the tax cuts scheduled to come on line slowly over the next seven years and also eliminate the double taxation of corporate earnings caught most lawmakers and commentators off guard.
Those traditionally in favor of significant tax relief and reform were surprised at how sweeping the president's proposal is. David Malpass, chief international economist at Bear Stearns & Co. and a contributing editor to the conservative National Review, was quoted in USAToday as saying, "The package is a great New Year's surprise. We'll be raising our economic and equity outlooks and lowering our unemployment rate expectations." Dan Mitchell, a senior economist at the Heritage Foundation, stated, "I had no idea they w...
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...re of both the Republican and Democratic proposals mean that taxpayers are spending increasing amounts of time--5.8 billion hours in 2002--and money just filling out the necessary paperwork to comply with the increasingly complex code. While continued tax relief seems likely, increased complexity means Americans will continue to look toward April 15 with a sense of dread and a sharp pencil or two.
(806 of 14,949 characters)
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