WASHINGTON — After reading a report in the Washington Post of a press conference held by President George W. Bush recently, NAFCU President/CEO Fred Becker decided that writing the Treasury Secretary and the IRS Commissioner was not enough.
According to a transcript, President Bush said during a White House press conference that if the tax code makes American businesses less competitive "we need to address the competitive imbalance in our tax code."
He continued, "I also made it clear that we're at the very early stages of discussion and that in my own judgment, anything that would be submitted to Congress–if submitted at all–would have to be revenue neutral. And therefore, what we'd really be talking about is a simplification of a very complex tax code that might be able to lower rates and at the same time simplify the code, which is like shorthand for certain deductions would be taken away–in other words, certain tax preferences in the code…
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