|
Thursday, March 03, 2005
Greenspan Testifies at Tax Panel Hearing
After testifying on the deficit and the economic state of our country yesterday, Alan Greenspan spent this morning as a witness before the President's Advisory Panel on Tax Reform. The panel held their second hearing today, and their third is scheduled to take place in Tampa on tuesday, March 8th. The third hearing will focus how the tax system affects businesses and entrepreneurs; a list of witnesses has not yet been released.
At today's hearing Greenspan spoke in favor of a "mixed" tax system that relied upon both consumption and income taxes to bring in national revenue and keep the economy strong. Accoring to Congressdaily, Greenspan indicated "displeasure at the idea of a moving toward a value-added tax, noting that some believe it is too effective a tool for raising taxes. He also indicated that a value-added tax would be too opaque."
Also appearing before the panel today were former Treasury Secretary James Baker, who indicated a preference for a consumption tax, and IRS Commissioner Mark Everson. These hearings are meant to serve the panel in their task to provide viable suggestions to Secretary Treasury John Snow on how to reform the federal tax code. Their report will be submitted to Snow no later than July 31st of this year.
Posted by Becky Lewis
|