O'Neill: Tax Code is 'Absolute Gibberish' - Overhaul Pending
have a tax system that's held together by
chewing gum and chicken wire."
Mr. O'Neill, long a proponent of tax reform, said , "There's a whole lot of people who don't like this abomination of a tax code, and I'm one of them. It's 9,500 pages of absolute gibberish."
Assistant Treasury Secretary for Tax Policy, Pamela F. Olson agrees. "The way I look at this, we essentially have a tax system that's held together by chewing gum and chicken wire," she said .
The tax reform package will include proposals for immediate changes that can simplify the tax code as well as suggestions for long-term changes. Mr. O'Neill has been gathering support for tax change from audiences around the country. "I'm getting plenty of reinforcement," he said.
The complexion of the House and Senate may change after the upcoming elections, and these new proposals won't be disclosed until next year. It will be up to the new Congress to determine how much tax change will be effected in the foreseeable future.