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4 67th National Conference and Annual Dinner 25 (2004)

handle is hein.taxfoundation/taxfaabb0004 and id is 1 raw text is: DEPARTMENT OF THE TREASURY OFFICE OF PUBLIC AFFAIRS Embargoed Until 12:30 EST Contact: Brookly McLaughlin November 18, 2004 202-622-1996 Samuel W. Bodman, Deputy Secretary of the Treasury Remarks before the Tax Foundation Annual Conference November 18, 2004 Thank you very much, Scott. I'd like to thank you and the Directors of the Tax Foundation for inviting me to be here today. For nearly 70 years, the Tax Foundation has committed itself to independent research on tax policy and has developed a reputation for principled, high quality analysis. You deserve the thanks of every taxpayer, and Secretary Snow and I look forward to your continued good work. As you are no doubt keenly aware, President Bush has made it clear that fundamental tax reform will be a key priority of his second term. During his nomination acceptance speech in New York and on several occasions since, the President has outlined his goals for tax reform, including simplifying the tax code, increasing long-run economic growth and job creation, and ensuring that taxes are applied fairly. He has also indicated that reform should be revenue neutral and, among other things, should recognize the importance of homeownership and charitable giving in our society. The President will soon appoint a bipartisan panel to advise the Secretary of the Treasury on options to fundamentally reform the tax code to achieve these goals. While it is premature to speculate on who may serve on the panel or what their product might be, we at the Department are looking forward to the panel's deliberations and to receiving their guidance. I will discuss the President's rationale for tax reform in more detail, but first let me say that we have a solid foundation on which to build this effort. Since coming into office in 2001, the President has proposed and signed into law a number of tax revisions that strengthened our economy in the short-term and will encourage more robust growth in the future. The tax cut packages in 2001 and 2003 reduced marginal individual income tax rates by between 3 and 5 percentage points. Lower income tax rates advance one of the President's key reform

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