The Advisory Panel on Federal Tax Reform appointed by President Bush issued its final report on 1 November 2005. The Advisory Panel was created by an Executive Order dated 7 January 2005 with instructions to prepare a list of revenue-neutral options for reforming the US income tax system. The Advisory Panel recommended two alternative options in its report for reforming the US tax system. These are referred to in the report as the Simplified Income Tax Plan and the Growth and Investment Tax Plan. Both plans include features that are intended to achieve the following objectives: simplify the US tax...