WASHINGTON (AP) - Chosen to find a simpler way to tax the nation, a presidential panel is set to recommend two designs that would rewrite virtually every tax law for individuals and businesses.

Under the plan, most deductions, credits and other tax breaks would be eliminated along with much of the paperwork and equations that baffle taxpayers under a drastically simplified income tax.

Many wondered whether the key recommendations may be too unpopular to ever be enacted by Congress.

The nine members of the presidential commission present their findings today to Treasury Secretary John Snow, who told the Detroit Economic Club on Monday the nation's taxes need “not only theoretical reform, not only academic reform, but actual practical reform.”

Some recommendations include:

€ three out of four taxpayers would fall into the lowest, 15 percent, tax bracket (both alternatives);

€ individuals would pay no tax on dividends paid by U.S. companies and exclude 75 percent of their capital gains from taxation (one alternative);

€ all investment income would be taxed at 15 percent (one alternative);

€ abolish the alternative minimum tax;

€ eliminate federal deductions and credits for mortgage interest, state and local taxes and education, among others; and

€ replace those withdrawn tax breaks with simpler benefits, including three savings plans that supplant dozens currently available for retirement, medical expenses and education.