The new body will initially conduct two reviews - the first looking at all 400 tax reliefs, allowances and exemptions in the system to see how they can be streamlined, and the second finding ways to simplify the tax system for small businesses, including finding a simpler alternative to the controversial IR35 code.

BBC: Tax system 'to be simplified to encourage investment'

The many adjustments to income permitted by the tax code, plus alternative tax rates on the largest sources of income of the wealthy, explain why the average federal income tax rate on the 400 richest people in America was 18.11 percent in 2008, according to the Internal Revenue Service , down from 26.38 percent when these data were first calculated in 1992.

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In the short term millions of Americans face a federal tax hike, already programmed into the tax code, from the alternative minimum tax.

FORBES: Your Next Tax Hike

Congress couldn't have given more than fleeting thought to time when it added things like education credits and alternative minimum taxes to the tax code.

FORBES: Hurry Up And Wait

She usually focuses on individual provisions of the code, such as the Alternative Minimum Tax, or vexing tax administration problems.

FORBES: IRS Raises Alarm Over Complexity Of The Tax Code

Good Guide , for example, allows smart phones to scan your bar code and immediately rank your product and potentially suggest a more sustainable alternative on the next shelf.

FORBES: The Green Frenzy and Brand Leadership

Yet another benefit of the Flat Tax Act is that it reforms not just the income portion of the code, but also eliminates federal gimmicks that stymie economic growth such as the Alternative Minimum Tax, capital gains taxes, the estate tax and the marriage penalty.

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The alternative minimum tax (AMT) is one of the most-hated features of the tax code.

FORBES: Obama Proposes A Turbo-Charged Alternative Minimum Tax

Governments that view it as an alternative currency and as an official means of payment can discourage people from holding it via the tax code.

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