A comprehensive overhaul of the tax code could take place in the near future. Recently, Treasury Secretary Timothy Geitner indicated that the tax code was in need of a major overhaul. Congressional Republicans have also supported an overhaul of the tax code which includes many provisions that are going to sunset. The new code is likely to have lower rates and may be more user friendly.
To read a related Wall Street Journal article, please click here:
http://blogs.wsj.com/washwire/2010/11/16/tax-overhaul-gains-steam/
Jim Sutliff