Ex-Fed Chief Volcker to Help Gov’t Collect More Tax, Advise on Tax Code Revision

In the wake of unprecedented emergency federal spending to deal with the nation's dismal economy, the Obama administration is now asking financial experts to help figure out how to increase the nation's tax revenue.

A new advisory panel is being appointed by President Obama to make recommendations on revising the United States tax code. Its mission--which former Federal Reserve Chairman Paul Volcker has already accepted, as chairman of the group of economic experts--is to increase federal tax revenue, according to Bloomberg and the Financial Times.

In addition to streamlining the complex tax code, the group also will focus on eliminating loopholes and, potentially, implementing new taxes, according to Bloomberg. Doing a better job of collecting tax that is owed under current law is also an Obama administration priority, says budget director Peter Orszag.

As the Financial Times puts it, Obama has asked Volcker "to reform the complex U.S. tax system by reducing benefits to companies, tackling tax havens and clawing back unpaid taxes."

A Dec. 4 deadline has been set for receiving the group's recommendations.

Additional coverage:

New York Times: "Transcript: Office of Management and Budget Director Peter Orszag on House and Senate Budget Plans"

Agence France-Presse: "White House team to overhaul fiendish US tax code"