Federal Reserve Chairman Alan Greenspan told the President's Advisory Panel on Federal Tax Reform that a consumption tax, such as a national sales tax or value added tax, would spur economic growth because it would encourage saving and capital formation. However, Greenspan cautioned that moving to a different system than the current one would raise a challenging set of transition issues. Joining Greenspan at the panel's second meeting were former Secretary of State and Secretary of the Treasury James Baker, and Commissioner of Internal Revenue Mark Everson. The panel is charged with examining the existing system and formulating options for reform, which will presented to the Secretary of the Treasury by July 31, 2005. The third meeting will be held March 8 in Tampa, Fla., and will focus on how the tax system affects businesses and entrepreneurs.
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Plus, Earmark launches a web app; and other accounting technology news.
1h ago -
Plus, the Kansas Society of CPAs gives out scholarships; the Accounting MOVE Project announces a mini summit; and more.
2h ago -
Speedy sentencing; WWTF; no longer Confident; and other highlights of recent tax cases.
April 25 -
The Internal Revenue Service and the Treasury Department released final regulations on the transfer of clean energy manufacturing, investment and production tax credits, with specific rules for partnerships and S corporations.
April 25 -
Sens. Cassidy and Warren teamed up to introduce legislation aimed at making math error notices from the IRS easier to understand.
April 25 -
An experiment tested different generative AI models against each other on multiple choice questions from CPA Exam test prep material, and found they have their own strengths and weaknesses.
April 25