cmotherofpirl Posted March 25, 2009 Share Posted March 25, 2009 March 25 (Bloomberg) -- President Barack Obama plans to name a task force to review and overhaul the U.S. tax code, a spokesman for the Office of Management and Budget said today. Obama will ask the Economic Recovery Advisory Board, led by former Federal Reserve Board Chairman Paul Volcker, for a top- to-bottom review of the 96-year-old law in an effort to “rebalance the federal tax code,” spokesman Tom Gavin said in an interview “The goal is a tax system that works better for the American people,” Gavin said. “The president’s going to ask the board that they find ways to simplify the tax code, protect progressivity in the revenue base, close tax loopholes and find ways to reduce tax evasion and that they reduce corporate welfare.” Austan Goolsbee, the president’s senior economic adviser, will be named staff director of the tax-review panel. Members of the panel will include Harvard’s Martin Feldstein, former chief economic adviser to President Ronald Reagan; Laura D’Andrea Tyson, professor of economics at the University of California at Berkeley and former economic adviser to President Bill Clinton; Roger Ferguson, chief executive of Teachers Insurance and Annuity Association and former vice chairman of the Federal Reserve; William Donaldson, former chairman of the Securities and Exchange Commission. A date for the formation of the task force hasn’t been decided, Gavin said. Restrictions Obama plans to ask Volcker, Goolsbee and the panel for a package of recommendations to be on his desk Dec. 4. That would leave enough time for decisions to be made and included as proposals in the White House budget for fiscal 2011, to be submitted to Congress in February 2010. There will be two restrictions imposed on the tax review task force, Gavin said. There should be no increase in taxes on families earning less than $250,000 per year, and taxes should not be increased in 2009 or 2010, he said. Continuing the tax cut beyond 2010 “remains a major pillar of the president’s budget,” Gavin said. The review panel will be charged with consulting “a pretty wide range of tax-policy experts and other public voices” before recommendations are made to the president, Gavin said. The tax-review plan comes as Obama faces opposition in his own party as he pushes for approval of a $3.6 trillion budget that Republican critics say would pile a mountain of debt on taxpayers for years to come. Capitol Hill The president scheduled a meeting with congressional leaders on Capitol Hill today to persuade them to back his long- range plans for an overhaul of health care, energy programs and education to revive the U.S. economy. House and Senate lawmakers are struggling to work on the 2010 non-binding spending blueprint amid a worsening deficit. Lawmakers are tentatively scaling back on some domestic programs, including curbing greenhouse gas emissions. Senator Kent Conrad, a North Dakota Democrat who heads the Budget Committee, has drafted a spending plan to generate a smaller deficit than Obama’s plan, with next year’s shortfall totaling $1.2 trillion. Obama’s budget would generate a $1.4 trillion deficit next year, according to the nonpartisan Congressional Budget Office. Conrad’s plan deletes an Obama budget proposal that called for $250 billion to aid the banking industry. His plan pledges to reduce the deficit from a forecast $1.7 trillion this year to $508 billion in 2014. Tax credits, under the “Making Work Pay” program, which lead to $400 tax cuts for most workers and $800 to couples, would expire at the end of 2010. .com/apps/news?pid=20601087&sid=a8yCQsJfpb24&refer=home Link to comment Share on other sites More sharing options...
Fidei Defensor Posted March 26, 2009 Share Posted March 26, 2009 Thank God. The tax code is way more complicated and confusing than it needs to be. I'm sure half of the people who don't pay all their taxes every year don't even realize they aren't paying the right amount. Link to comment Share on other sites More sharing options...
ardillacid Posted March 26, 2009 Share Posted March 26, 2009 [quote name='cmotherofpirl' post='1816154' date='Mar 25 2009, 10:35 AM']$3.6 trillion budget totaling $1.2 trillion $1.4 trillion deficit $1.7 trillion this year[/quote] This is so unreal to me. MN is struggling right now to work with a 5 billion dollar deficit while the federal government passes a budget over three and a half trillion without a second thought. Change is very expensive Link to comment Share on other sites More sharing options...
Lounge Daddy Posted March 26, 2009 Share Posted March 26, 2009 The time is going to come when We The People rebalance some things in Versailles DC. * shakes fist in the air * Link to comment Share on other sites More sharing options...
Madame Vengier Posted March 27, 2009 Share Posted March 27, 2009 Everybody should just use Turbo Tax, like I do, and leave the code* alone. *And I think most of us know that "code" is code for one more step towards the full Socialization of America, per Obama's plan. Link to comment Share on other sites More sharing options...
Veridicus Posted March 27, 2009 Share Posted March 27, 2009 (edited) Turbo Tax saved Geithner a bunch of money. I could use some savings myself...then I could order some more SHAM-WOWs or maybe even a Slap-Chop with a free Graty. Edited March 27, 2009 by Veridicus Link to comment Share on other sites More sharing options...
Fidei Defensor Posted March 27, 2009 Share Posted March 27, 2009 [quote name='Madame Vengier' post='1817375' date='Mar 26 2009, 07:29 PM']Everybody should just use Turbo Tax, like I do, and leave the code* alone. *And I think most of us know that "code" is code for one more step towards the full Socialization of America, per Obama's plan.[/quote] A lot of people don't know you can file your federal taxes for free, if you're below a certain income level. Link to comment Share on other sites More sharing options...
Norseman82 Posted March 27, 2009 Share Posted March 27, 2009 [quote name='fidei defensor' post='1817532' date='Mar 26 2009, 11:34 PM']A lot of people don't know you can file your federal taxes for free, if you're below a certain income level.[/quote] TurboTax also has a free edition this year you can obtain at [url="http://turbotax.intuit.com"]http://turbotax.intuit.com[/url], but it is for "simple" returns only. Link to comment Share on other sites More sharing options...
homeschoolmom Posted March 27, 2009 Share Posted March 27, 2009 [quote name='Norseman82' post='1817608' date='Mar 27 2009, 12:45 AM']TurboTax also has a free edition this year you can obtain at [url="http://turbotax.intuit.com"]http://turbotax.intuit.com[/url], but it is for "simple" returns only.[/quote] Yeah... and if you have any deductions, you're taxes are not simple. Link to comment Share on other sites More sharing options...
Madame Vengier Posted March 27, 2009 Share Posted March 27, 2009 [quote name='homeschoolmom' post='1817701' date='Mar 27 2009, 06:40 AM']Yeah... and if you have any deductions, you're taxes are not simple.[/quote] Turbo Tax can take care of all that. It's worth the cost to invest in the software. You get free updates, too, as long as you're connected to the web. Link to comment Share on other sites More sharing options...
Lounge Daddy Posted March 28, 2009 Share Posted March 28, 2009 Or... refusing to fund the Political Class will fix that too. Link to comment Share on other sites More sharing options...
ardillacid Posted March 28, 2009 Share Posted March 28, 2009 yeah just don't drop the soap when you go to jail for the rest of your productive years Link to comment Share on other sites More sharing options...
Nihil Obstat Posted March 28, 2009 Share Posted March 28, 2009 [quote name='notardillacid' post='1818454' date='Mar 27 2009, 11:59 PM']yeah just don't drop the soap when you go to jail for the rest of your productive years[/quote] Wow, graphic. We could always invade, settle, and declare independent the Arctic. Us Canadians will be peeved, but Americans don't seem to like our Arctic stance anyway. Link to comment Share on other sites More sharing options...
Winchester Posted March 28, 2009 Share Posted March 28, 2009 [quote name='Lounge Daddy' post='1817167' date='Mar 26 2009, 04:07 PM']The time is going to come when We The People rebalance some things in Versailles DC. * shakes fist in the air *[/quote] They released murderers and rapists in that stupid "revolution." Hardly a worthy comparison. Link to comment Share on other sites More sharing options...
Madame Vengier Posted March 28, 2009 Share Posted March 28, 2009 (edited) *delete* Edited March 28, 2009 by Madame Vengier Link to comment Share on other sites More sharing options...
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