Excerpt from Tax Reform for Fairness, Simplicity, and Economic Growth, Vol. 2: The Treasury Department Report to the President This volume contains general explanations of the Treasury Department proposals for fundamental tax reform. The general explanations are intended to provide additional information concerning the scope and operative effect of the Treasury Department proposals. Much of the information is detailed, but an attempt has been made to avoid overly technical description. Where possible, the general explantions include an analysis of the effects of the proposals on particular taxpayers and industries and on the economy as a whole. The general explanations are not intended to and do not describe the full range of statutory changes that would be necessary to implement the Treasury Department proposals. Due to the breadth of the proposals, conforming changes would be necessary throughout the Internal Revenue Code. No attempt has been made to identify all such changes. In addition, subjecting the proposals to the scrutiny of the legislative process inevitably would unearth unexpected interactions that would, in turn, require modifications in particular proposals. That process is welcomed. The Treasury Department proposals can be implemented only through fair and orderly transition rules. While a general description of the proposed transition provisions is contained in this volume, the general explan ations do not attempt to address all issues that would arise in the transition from current law to the tax system described in the Treasury Department proposals. Specifically, the movement toward a largely inflation-proof tax system would have a significant effect on existing and planned investments; effects that must be dealt with if the move is to be aecom plished. Although the problems of transition are significant, they are technical in nature and capable of solution within the framework of the Treasury Department proposals. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.