Today President Bush is expected to name former Senators Connie Mack (R-Florida) and John Breaux (D-Louisiana) to his tax overhaul commission. They are both advocates of reducing taxes on savings, something the President supports. They are being named as part of the President's new nine-member President's Panel on Federal Tax Reform.

While the commission is unlikely to opt for a drastic shirt to a national sales tax there may be changes to the tax code such as eliminating taxes on investment income.

It has also been suggested to eliminate corporate tax deduction for interest expenses and employer-provided health care. Eliminating deductions for state and local taxes may also be looked at.