A bi-partisan committee tasked with simplifying the Federal tax code recently delivered a pair of recommendations to the U.S. Treasury Department, but if the reception they've received from the money management industry serves as any indication, they're bound for a pitched battle on Capitol Hill.

At their roots, the recommendations seek to simplify a tax code that everyone agrees has become downright befuddling to America's 300 million taxpayers. As the President's Advisory Panel on Federal Tax Reform said in remarks that accompanied the recommendations, "Our tax code has been rewritten so often that it should be drafted in pencil." Those revisions have created a myriad of alphanumeric retirement plans, deductions, exemptions and credits that may have been practical for the group they originally sought to benefit, but have ultimately proved to be "a poor way to write a tax code," the panel said.

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