Tax Reform, DOA!

Well, our friends at the The President's Advisory Panel on Tax Reform have come down from on high after much deliberation has presented us with an innocuous proposal for tax reform that will do very little to change the nature of the tax system and will be DOA on the Hill. This morsel will attract so many of the vultures of special interests[not to mention the howls from E Street that it does not go far enough] that it seems inevitible that it will be devoured as soon as the Battle of Alito has completed.

[Details in less govermental format from CNN]

The change in the mortage deduction will raise the hackles of the developers lobby. Especially since it attacks their bread and butter - the over priced gated community. Try to find a home in one of these that will fall under the proposed regional caps. It won't happen.

The tax preparers will be up in arms because this is a gun at their heads. Make taxes easy? Over their dead dried up ink wells!

I really see no way that this proposal sees the light of day. In the end, the panel chickened out and avoided risking proposing any real reforms. They took the easy road and decided to use the rodakill they found on the side of the road instead of hunting out freshmeat. While it has positive aspects in eliminating many confusing deductions and the alternative minimum tax, I suspect it will be relagated to a roadkill buffet for the political vultures becuase our leaders won't be in the mood to fight for it.