Tax time is months away, but the president's advisory commission on tax reform has big plans for you. If you've got a bundle of stock to sell or dividends to collect, it's time for cigars and champagne. The commission's proposals, out this week, will save you a bundle on taxes.
If you're selling a business or farm or that Van Gogh in the attic, it's time to weep. Your tax bill would shoot right up and if you're not in the realm of big dividends or fine art, watch your back.
Tax rates would head up for everyone except the top one percent of earners. Plus, the mortgage deduction is in play. America's running in the red and the tax collector may get new marching orders.
Hear about the proposed overhaul of the federal tax code.
David Cay Johnston, Financial reporter for the New York Times & author of "Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich - and Cheat Everybody Else"
Jeffrey Kupfer, Executive Director, President's Advisory Panel on Federal Tax Reform
Bob McIntyre, Citizens for Tax Justice
Stephen Entin, President, Institute for Research on the Economics of Taxation & former Deputy Assistant Secretary for Economic Policy in the Reagan administration.
This program aired on November 2, 2005.