Sales, Business Tax Reform on Meeting Agenda

The next meeting of the President’s Advisory Panel on Federal Tax Reform is scheduled for May 11 and 12, 2005 at the Transportation Safety Board Auditorium in Washington D.C.. On the agenda are specific tax reform options for retail sales tax, value-added tax and flat tax as well as a full day of discussion on business tax reform.

The panel will also hear testimony on the “Transform America Transactions Fee Act of 2005” or H.R. 1601, submitted by Rep. Chaka Fattah (D-PA). The proposal calls for the elimination of all federal taxes on individuals and businesses replacing it with a fee on all transactions.

The Federal Reserve estimates the value of the daily volume of transactions at more than $3 trillion. That’s an estimated annual value of more than $750 trillion. The estimated transaction fee needed to meet the federal governments annual budget of $2.6 trillion would be less than 0.4 percent.

Senator Connie Mack, Chairman of the Advisory Panel will deliver opening remarks each day of the meeting. Other speakers include: Ernest S. Christian, executive director of the Center for Strategic Tax Reform; Thomas A. Wright, executive director of Americans for Taxation; Stephen Forbes, President and CEO of Forbes and even small business owners like Jim Baker, chairman of Baker & Co. LLC.

The general public has been invited to join the discussion as well. Earlier this year Americans were asked to submit comments on what was wrong with the tax code. The public could also submit proposals on fixing the tax code in a period ending May 6, 2005. Americans can also give their opinions on ideas offered to the Panel and read transcripts from the meetings on www.taxreformpanel.gov.

You may like these other stories...

IRS must take oath on Lerner emails: judgeMackenzie Weinger of Politico reported on Thursday that a federal judge ordered the IRS to explain under oath how it lost emails connected to Lois Lerner, the ex-IRS official at the...
Credit Suisse says pension assets at risk unless court delays sentencingJohn Letzing of the Wall Street Journal reported on Wednesday that Credit Suisse Group AG says its management of billions of dollars in assets for...
The prospect of International Financial Reporting Standards (IFRS) being fully adopted in the United States in the near future are growing less likely, as the Financial Accounting Standards Board (FASB) and the International...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.