[wolfpat]

Background: The President’s Advisory Panel on Federal Tax Reform (the Tax Panel) released its report on reform of the federal income tax on November 1, 2005. The Tax Panel unanimously recommended two reform options: the Simplified Income Tax (SIT) and the Growth and Investment Tax (GIT). Both reform options are a hybrid of an income and consumption based tax. The Tax Panel also extensively examined a Progressive Consumption Tax (PCT). The Treasury Department’s Office of Tax Analysis (OTA) provided estimates to the Tax Panel on the likely growth effects for each of these plans.

This is just the introduction. It runs 28 pages.

[IncPen]

It runs 28 pages.

If I were president they'd have one page to explain it.

In big letters.

[azcap]

What is a PCT (Progressive Consumption tax)? Is that where I tell the clerk at Walmart that I am a "rich capitalist" and then she charges me a higher sales tax than the welfare queen behind me???