Scrap that code!

President Bush’s Advisory Panel on Federal Tax Reform is hearing testimony from economists and tax experts. The president is hoping to live up to his State of the Union promise to overhaul what he called the “archaic, incoherent” federal tax code — while at the same time grappling with a deep budget deficit. This summer, the nine panelists are expected to offer several options, including one that largely keeps the current structure. Economist bloggers Tyler Cowen and Max Sawicky agreed to vent their own frustrations — and make their own arguments for change.

Read the exchange here.