While Democrats and Republicans slug it out on the campaign trail, there's one issue of deep concern to accountants that all of the 2008 presidential candidates agree on: the need for reform of the federal tax system.That is where the consensus ends, however. None of the contenders agree on what changes are needed in the Tax Code, or even what constitutes reform. Adding to the confusion, at least some of the candidates have tailored their tax reform positions to their audience -- favoring one course of action while on the campaign trail, but voting the opposite way in Congress.
Sen. Hillary Clinton D-N.Y., for one, wants to pull the plug on the Bush tax cuts, reverse plans for a reduction in the top income tax rates, and preserve the federal estate tax by freezing it at the 2009 exemption level of $7 million per couple. New York's junior senator is also in favor of reducing the marriage penalty, increasing tax deductions for college tuition, repealing the scheduled capital gains tax cuts, and making billionaires pay their fair share.
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