Secretary Snow and members of the President’s Advisory Panel on Federal Tax Reform spoke to reporters about the panel’s final report. Following Secretary Snow’s question and answer session, former Senator Mack (R-FL) and Vice Chairman Breaux discussed details of their plan. Among the recommendations included in the plan were the elimination of loopholes, elimination of the alternative minimum tax, the creation of a new work credit to simplify the current tax benefits for low income workers, and the lowering of the top marginal income tax rate to stimulate investment. Following their remarks, they responded to questions and comments from the reporters.

Senator Mack presented the report to Secretary Snow.