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ICBA Commends Tax Reform Panel For Tackling Difficult Task

Washington, D.C. (October 31, 2005) - The Independent Community Bankers of America (ICBA) commends the President's bipartisan Advisory Panel on Tax Reform for its work in formulating recommendations to reform the U.S. Federal tax code.

"Whether people support or disagree with the Panel's many recommendations, we all recognize that studying and crafting ways to improve our tax system is important." said Camden R. Fine, ICBA president and CEO. "Our nation needs a simpler and fairer tax system that better encourages individual savings and investment. ICBA appreciates the work of the panel's distinguished chairmen, former senators Connie Mack and John Breaux, and thanks them for their leadership in this valuable undertaking."

ICBA supports reforms to create an unbiased tax system that would apply the same tax treatment to similar industries and economic transactions.

Among the specific tax reform proposals ICBA advocates are:

  • Promote greater individual savings by establishing new simplified savings accounts
  • Mitigate punitive double taxation by reducing the tax burden on interest, dividends, capital gains
  • Establish tax parity between community banks and tax-exempt credit unions
  • Permanently eliminate the estate tax
  • Address the punitive alternative minimum tax (AMT)

"ICBA will thoroughly assess the panel's recommendations and looks forward to working with the Treasury Department and Congress to improve the tax treatment for all community banks and their customers," said Fine.

To view ICBA's comments to the tax reform panel and the ICBA Community Bank Tax Options study, go to www.icba.org.