Is Paul Volcker the "Giant Great Hope" that Will Fight for Accommodative Tax Policies During this Psychological Crisis of Confidence Caused By Inept Obama Economic Eggheads?

WASHINGTON (Dow Jones)--An advisory panel led by former Federal Reserve Chairman Paul Volcker on Friday issued a laundry list of ideas to reduce the headaches brought on by tax filing.
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Options included in the report include a pre-filled tax form that the IRS mails out, which would only require a signature for some taxpayers with uncomplicated returns. The report includes a host of proposals to streamline the tax code, like combining the child tax credit and dependent exemptions into a single "family credit."
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The long-awaited report provides "helpful advice" to the Obama administration and Congress, according to its preface, but does not endorse specific proposals. However, the options included in it are likely to inform policy-makers' discussions in the coming years on how to simplify and overhaul the U.S. tax system.
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The members of the panel also put a cut in the corporate tax rate on the table. They detailed several options that could raise revenue to finance such a cut, including limiting businesses' ability to deduct interest expense.
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The members of the Volcker panel are slated to discuss the 126-page report during a public meeting scheduled for 2 p.m. EDT Friday.
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-By Martin Vaughan, Dow Jones Newswires; 202-862-9244; martin.vaughan@dowjones.com
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(END) Dow Jones Newswires
August 27, 2010 12:12 ET (16:12 GMT)
Copyright (c) 2010 Dow Jones & Company, Inc.- - 12 12 PM EDT 08-27-10
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