Tax Proposals' Tangled Web

If the president's advisory panel on federal tax reform wanted attention, they would've been better off walking down Pennsylvania Avenue in their underwear.

But they kept their pants on, and instead suggested the removal of our favorite tax deductions and called for the end of the alternative minimum tax system to get themselves in the news.

The panel had its final public meeting Tuesday, and the results are out there to rile the crowd. "They're just trying to see where the wind is going to blow," says David Lifson, CPA, chairman of the New York State Society of CPAs' Committee on Tax Reform. ...