Panel to Recommend Major Tax Law Changes

By MARY DALRYMPLE
The Associated Press
Tuesday, November 1, 2005; 10:59 AM

WASHINGTON -- Chosen to find a simpler way to tax the nation, a presidential panel is set to recommend two designs that would rewrite virtually every tax law for individuals and businesses.

Under the plan, most deductions, credits and other tax breaks would be eliminated along with much of the paperwork and equations that baffle taxpayers under a drastically simplified income tax.