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...

Koskinen warns filing season could be most complicated yetImplementation of the Foreign Account Tax Compliance Act and the Affordable Care Act, combined with a tight budget and the possibility of Congress passing a late...
Curious as to what the fastest-growing accounting and finance jobs might be for the next several years? According to the new 2015 Salary Guide from staffing firm Accounting Principles, some of those jobs include bookkeeping...
Read more from Larry Perry here and in the Today's World of Audits archive.The first part discussed the principles of revenue recognition under the FRF for SMEs. This part will focus on auditing issues, including some...

Already a member? log in here.

Upcoming CPE Webinars

Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30Many Excel users have a love-hate relationship with workbook links.
Nov 5Join CPA thought leader and peer reviewer Rob Cameron and learn ways to improve the outcome of your peer reviews while maximizing the value of your engagement workflow.
Nov 12This webcast presents basic principles of revenue recognition, including new ASU 2014-09 for the contract method. Also, CPAs in industries who want a refresher on revenue accounting standards will benefit.