The Congressional Research Service, which provides nonpartisan public policy research, has released its review of the presidential advisory panel on tax reform's two major proposals.

Generally, the panel's two proposals were to implement a simplified income tax and a direct consumption tax (called the growth and investment tax). Both proposals would eliminate itemized deductions while allowing all taxpayers to take a credit on mortgage interest deductions as well as deductions for charitable contributions and health insurance -- essentially substituting credits for personal exemptions and standard deductions.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access