Tax Reform

The White House's two-day Conference on the Economy begins tomorrow. High on the agenda is simplifying the overly-complicated U.S. tax code. President Bush has not yet laid out a plan, but he's not known for taking baby steps.

Bush has already implemented big tax cuts, and some of the proposals on the table include sacking the income tax for a broad-based consumption tax or implementing a flat tax. Any change to the tax code would affect who pays the government's bills and who doesn't.

Tune in for a hard look at President Bush's big push for tax reform and what it means for your household.

Guests:

William Gale, deputy director and senior fellow of Economic Studies at the Brookings Institution, co-director of the Urban-Brookings Tax Policy Center;

Michael Graetz, professor of law at Yale University, author of the forthcoming book Death by a Thousand Cuts: The Fight Over Taxing Inherited Wealth, as well as Federal Income Taxation: Principles and Policies and Foundations of International Income Taxation.