Few Americans will dispute that an overhaul of our tax code is long overdue. According to the National Taxpayer Advocate at the IRS, Americans collectively spend more than 6 billion hours and approximately $168 billion each year to file their returns. There have been more than 4,400 changes to the tax code in the last 10 years, or more than one per day. This approach to reform is not efficient or effective, we need a comprehensive overhaul.
As a Certified Public Accountant and former business owner for nearly 30 years, I can attest that our tax code is broken. It is too complex, contains too many loopholes, and serves as a barrier to job growth. As a Member of the powerful Ways & Means Committee, I have advocated for a simpler tax code that will encourage our small businesses to hire and expand, while also providing relief to individuals and families who continue to grapple with the complexities of our current system.
At a time when our labor force participation rate is the lowest it has been in decades, we should be doing everything we can to advance solutions that will grow our stagnant economy and allow hardworking Americans to bring home bigger paychecks. We currently have the highest corporate tax rate in the industrialized world, which has led to more jobs overseas and fewer here at home. We need to reduce the corporate tax rate to 25 percent, which will lead to the creation of more jobs and increased global competitiveness. We need to reduce rates and consolidate today’s individual brackets to ensure that taxpayers face maximum rates of 25 percent or lower.
Comprehensive tax reform will lead to the creation of thousands of new jobs and a healthy economy. It’s time for a fairer, flatter tax code that is more transparent and accountable to the taxpayer.