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Tax Reform Panel's Report: "Some Hits, Many Misses"

That's the conclusion of the National Taxpayers Union (NTU), which analyzed the final report of the President's Advisory Panel on Federal Tax Reform. In a November 1, 2005 press release, NTU said the report's "findings may disappoint grassroots activists who have been building momentum for a new and better tax system over the last decade." In their scorecard, NTU said the panel's recommendation to repeal the Alternative Minimum Tax (AMT) was a "hit," but that retaining multiple tax brackets was a "miss." Also, NTU said the panel's call for "ditching the arcane method of taxing worldwide profits of U.S. firms, while reducing corporate tax rates" was a "hit," but restricting certain deductions was a "miss." According to NTU president, John Berthoud, Americans who hoped the report would "light a fire under policymakers may only see a few smoldering embers by the time the Washington establishment gets through with it."