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.

And while the current proposal isn't going to blow away completely, it's far from finished -- even though the panel is supposed to issue a report with final recommendations by Nov. 1. The hodgepodge panel, composed of two ex-senators, a retired congressman, a bunch of professors and the former IRS commissioner, seemed to miss the boat on the original intent of the panel -- simplification of the tax code.

Granted, the tax code equates to roughly 7,500 letter-size pages, so the panel has signed up for quite a task. That's why many would argue that it would just be easier to throw the tax code in the recycle bin and start over.

Instead, the panel came up with two different proposals, neither of which makes life much simpler. The first proposal is supposed to make the income tax less complicated by lowering rates a bit, getting rid of the AMT and scrapping many reductions and credits. The second suggests using a consumption-type levy in place of an income tax.

At this point, most tax pros are focusing on the first plan, because the proposal to eliminate the income tax would require a complete overhaul of the system, and it's hard to believe Congress would ever vote on such a move.