Two proposals for tax reform took definitive shape at the latest meeting of the President's Advisory Panel on Federal Tax Reform. The panel's final report is due Nov. 1.
The group agreed to recommend two plans, both of which are similar in their treatment of individuals and families, though the elimination of local deductions would affect taxpayers in some parts of the country much more than others. The plans' main differences involve business taxes, though both would lower the maximum corporate tax rate 3 percent, to 32 percent.
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