The 12th meeting of the President's Advisory Panel on Federal Tax Reform will be held on Sept. 15 in Washington.
The meeting will be the third without testimony. Panel members are expected to continue discussing issues associated with reform and begin making concrete progress on what its final report to President Bush will include.
In early September, the panel will begin discussing possible deductions, such as breaks for employers on health insurance, state and local taxes, home-mortgage interest, 401(k) contributions, and charitable contributions. The elimination of the alternative minimum tax will inevitably come up, a move that could cost the government as much as $1.2 trillion in revenue over the next 10 years. The bipartisan panel was established by President Bush in January and instructed to recommend reforms to the tax code by Sept. 30 in order to make the country's tax system simpler, fairer and oriented to economic growth. The panel, chaired by former Senator Connie Mack, was also instructed to keep any proposals revenue-neutral.
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