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Americans are currently preparing for next month’s income tax filing deadline whether using tax software, filing on paper forms or using a tax preparer. (PHOTO CREDIT: GETTY IMAGES)

FROM CNN's Jack Cafferty:

With this year's tax deadline quickly approaching, President Obama is tackling tax reform. He's creating a task force to propose ways to simplify the tax code, reduce evasion, close loopholes and make changes in corporate tax breaks. But, their main goal is to raise revenue.

The task force, headed by former Federal Reserve Chairman Paul Volcker, has only a couple of constraints: President Obama says they can't propose tax increases for 2009 and 2010; and after 2010, they can't propose tax increases on families making less than $250,000.

It's estimated there's a $300 billion a year tax gap - which is the difference between what taxpayers owe and what they actually pay. The biggest reason for this gap is under reporting of income. This isn't always intentional; sometimes it comes from honest mistakes by filers who are confused by a very complex tax code. The group is also expected to suggest ways to simplify different kinds of tax credits.

The tax task force will present its proposals to the president in early December. Then it will be a question of getting Congress to sign off on any changes.

Here’s my question to you: What changes would you make to the income tax laws?

Interested to know which ones made it on air?

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Click the play button to see what Jack and our viewers had to say.

FROM CNN's Jack Cafferty:

There's a lot of information voters still don't have about Hillary Clinton, including the White House records from when she was first lady along with her tax returns.

When asked at this week's debate about the White House records, Clinton said she would "absolutely" release the documents to show the public what she did and who she met with over the course of those 8 years. She said she's quote "urged the process be as quick as possible."

Well, the Bush administration now says it's actually the Clintons who have been holding up the release of those records. They say former President Bill Clinton's representative hasn't made any move yet to release over 11-thousand pages of records. The Clinton campaign says it may take two more weeks for that representative to decide what to release and then to request the release of the documents from the White House. How convenient – that would be after next Tuesday when Texas and Ohio hold their primaries.

As for the tax returns, Hillary Clinton also said at the debate she would release them once she becomes the nominee "or even earlier."

But her campaign seems to be backing away from that statement now, suggesting Clinton won't release the financial information until tax time in April. When Clinton loaned her own campaign $5 million, Barack Obama suggested she should follow his lead and release her tax returns so the public could see where the money came from.

Here’s my question to you: How important is it for Hillary Clinton to release her tax returns and White House records now?

Interested to know which ones made it on air?

Read the rest of this entry »