Tax Code Changes Delayed
President George W. Bush will delay a major push for revamping the tax code because administration officials concluded the changes are too tough to sell to the public and lawmakers, two people familiar with the matter said.
Bush instead will spend next year attempting to lay the political groundwork for fundamental changes in 2007 or 2008, the people said, and leave to Congress the task of tackling incremental tax code simplification in 2006, an election year. Part of the revamp included abandoning the Mortgage Interest Deduction which has been extrememly controversial, and could reduce house values by as much as 15%.
Posted on 8 December 2005
