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Sunday, October 18, 2009

AICPA Revised Tax Reform Report - 10/09

The AICPA Tax Division has updated its 2005 report on tax reform and issued and sent to President Obama's Tax Study Task Force - Tax Reform Alternatives for the 21st Century. Well, what a great title!

This is a very good report that aims to explain the problems with our existing federal tax system, how to analyze proposals, income versus consumption taxes, types of reforms (both income and consumption tax proposals), a checklist for evaluating proposals and a bibliography (which I was pleased to find out also includes my 21st Century Taxation and tax reform webpages).

The report has a lot of content from the 2005 report which makes sense because not much has changed in terms of the reasons for reform and how various types of consumption taxes work. Additional reasons for reform are noted such as the Baby Boom generation and growing federal deficits.

I highly recommend the report for anyone who wants to get a solid foundation for understanding reasons for reform and the variety of proposals that have been floated for the past several decades.

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