Reports from inside the White House are that President Bush's administration may wait until 2007 to begin pushing a proposal to overhaul the tax code.

A proposal was originally planned to be a key part of President Bush's second-term agenda, but Republican sources have said that any push would have problems gaining traction in a mid-term election cycle. The Treasury Department is currently reviewing the recommendations issued by the President's Advisory Panel for Tax Reform before submitting a plan the president.

The panel had suggested a number of significant proposals to the tax code, including reducing deductions for home mortgages and scaling back state and local taxes, but reports say that it is unlikely that the president will stump for particular components of an overhaul in his State of the Union address.Also, the position at the Treasury that would normally handle the project, the assistant secretary for tax policy, has been vacant since the summer.

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