Our tax code is broken. It’s a simple fact that nearly everyone agrees on, yet year after year our government leaders fail to address it. Meanwhile, the consequences of the overly complex and poorly designed system are felt by middle-class families and entrepreneurs. They benefit little from the existing array of incentives and loopholes, which are mainly targeted to special interests and the wealthy.
However, the hard work of tax reform is now underway. House Ways & Means Chairman Dave Camp (R-Mich.) and Senate Finance Committee Chairman Max Baucus (D-Mont.) are barnstorming the country to hear directly from Americans – learning first-hand about the inefficiencies of the current system, and how taxpayers will be impacted by an array of proposed reforms.
Ultimately, the most likely feedback they will hear is the need for simplification of a system that has simply grown too complex for most Americans to understand, with damaging consequences to the nation’s economy. The tax code’s byzantine complexity costs business and individuals hundreds of billions in compliance. The IRS’s National Taxpayer Advocate estimated that individual and business taxpayers spend 6.1 billion hours to complete filings. This is money and time wasted.
Continue reading at The Hill’s Congress Blog.