The Challenge of Changing the Tax Code

President Bush promises an overhaul of the tax code in his second term. But he's been quiet about what he has in mind. It could mean a flat income tax. Or a national sales tax to replace the income tax. The challenge of changing the tax code is complicated because Republicans in Congress are divided into three camps. They include the two fairly radical plans and a more conservative one that would eliminate tax preferences and overall tax rates within the current code. (NYT & Chicago Tribune)