President Postpones Tax Reform Push.

The Presidential Advisory Commitee on Tax Reform's recommendations received a lukewarm reaction in Congress. Now, President Bush has decided to put off his push for tax reform until 2007 or 2008. Given the low approval ratings of the President and Congress at the moment, as well as a long term trend for midterm elections to usually go against the sitting President, the administration's ability to push through major legislation in Congress is likely to be even weaker then, than now. Most likely, the administration hopes that the middle class, having felt the bite of the alternative minimum tax personally by then, will be more enthusiastic about tax reform then than they are now.