For the first time in more than 20 years, sweeping proposals to overhaul the federal income tax laws are pending before Congress. On Oct. 25, 2007, Rep. Charles Rangel (D-NY), Chairman of the House Ways and Means Committee, introduced “The Tax Reduction and Reform Act of 2007” (H.R. 3970). Calling his bill “the mother of all tax reforms,” Chairman Rangel said the legislation was “the most comprehensive overhaul of the U.S. Tax Code since the Tax Reform Act of 1986.”