TRASHING THE TAX CODE.

Discusses the tax reform options of U.S. President George W. Bush in his second term. View that a national sales tax, supported by some legislators, is not workable; Consideration of a flat tax, which would create a single rate for all income; Description of the consumption tax option, similar to Europe's value-added tax, which would replace income tax; View that such a system may lead to big government; Details of the most likely tax reform scenario in Bush's second term.