Tax Day Minus One - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Tax Day Minus One

Tax plans touted ahead of April 15

On the day before taxes are due, lawmakers are touting various plans to overhaul the tax system. One group of Republicans highlighted what they called their "Fair Tax" proposal. It eliminates the IRS, and abolishes tax returns and the current tax system. It replaces that system with a personal consumption tax, one that is levied on the sales of all goods and services.

Other proposals include a flat tax. In addition, some lawmakers want to let taxpayers divide up their refund amount between different accounts. The idea is increase the historically low savings rate.

The President's Advisory Panel on Federal Tax Reform plans to issue a report this summer with options to make the nation's tax laws fairer and simpler.

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