Magazine article Insight on the News

O'Neill Taking Tough Stand in Criticizing U.S. Tax Code. (News Alert!)

Magazine article Insight on the News

O'Neill Taking Tough Stand in Criticizing U.S. Tax Code. (News Alert!)

Article excerpt

These should be hard times for Washington's tax-simplification crowd. With the war on terrorism draining federal coffers, a nagging recession dragging down the economy and congressional leaders such as Sen. Edward Kennedy (D-Mass.) clamoring to rescind portions of the tax cut that passed last summer, it looks like anyone attempting to make radical changes to the tax code might be walking on thin political ice. But Treasury Secretary Paul O'Neill doesn't seem to mind the danger, if his speech to the U.S. Chamber of Commerce on Feb. 21 is any indication.

In addition to touching on trade-promotion authority and other administration priorities, O'Neill blasted the labyrinthine U.S. tax code, which he called "an abomination" that strangles American prosperity. He said his office plans to prepare a number of reports during the next few weeks detailing how hopelessly complex the code has become and will put down a few recommendations for action that Congress might take this year. A Treasury spokesman said the first report, which will focus on individual taxes, should be ready by April 15. Another report dealing with corporate taxes will be released this summer.

Whether Congress will take any such tax-reform proposals to heart is another matter. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.