What's going to be the outcome of the President Advisory Panel on Federal Tax Reform (PAPFTR)? According to our sources at the IRS, Congress will spend several years debating the proposed ideas, individual members of both parties will regularly grandstand for the media and their constituents, opponents will liken the other to Nazi war criminals, the "War on Taxes" will officially commence, PAPFTR will be compared with Osama bin Laden, the tax code will bloat like a beached whale on a hot day, and a few smart folks will turn to "Taxing Details" for the latest tax news, scores, and highlights. Umm…we really don't have sources at the IRS. And we have no idea what's going to happen with PAPFTR (other than the grandstanding part). But if you want our opinion, PAPFTR will probably help to frame some of the coming discussion on reforming the tax code. Any significant changes, however, will probably look much different than any initial proposals and won't become law for a loooooonnng time.
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