The Obama administration will ask the Economic Recovery Advisory Board, led by former Federal Reserve Chairman Paul Volcker, to form a task force to recommend an overhaul of the tax code.

The task force will report back by Dec. 4, 2009, with recommendations on tax simplification, reducing tax evasion, and reducing “corporate welfare.”  It will also look at options for streamlining tax credits and reducing the tax gap.

Members of the panel include Laura D. Tyson, professor of economics at the University of California; Martin Feldstein, former chief economic advisor to President Ronald Reagan; Roger Ferguson, chief executive of Teachers Insurance and Annuity Association; and former SEC Chairman William Donaldson.

 Austan Goolsbee, senior economic advisor to the president, will serve as staff director.

The task force will have two restrictions: There will be no increase in taxes on families earning less than $250,000 per year, and no tax increases in 2009 or 2010.

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