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Blogger/Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Thursday, September 14, 2017

Tax Reform ‘Imperative’

Editor: How about the Fairtax?
Taxpayer Advocate: ‘Simplify The Internal Revenue Code Now’

SEN. MITCH McCONNELL (R-KY): “It’s been more than 30 years since we last passed comprehensive tax reform legislation, and since then, the international economy has only grown more competitive. That’s why it’s imperative that we do what we can to modernize our tax structure as we also better-prepare America’s workforce for the many challenges and the global competition that face us in today’s economy.” (Sen. McConnell, Floor Remarks, 6/13/2017)

SEN. HATCH: ‘Our Tax Code Is A Huge Obstacle Standing Between Us And Continued Prosperity’

SEN. ORRIN HATCH (R-UT): “Our tax code is a huge obstacle standing between us and continued prosperity.  The costs of compliance alone are staggering.  And, those costs are nothing compared to the economic distortions created by a tax system that, far too often, picks winners and losers.  I believe this is true of both the individual tax system as well as the business tax system.  That is why I have repeatedly called for a comprehensive approach that fixes the tax code for individuals and families as well as corporations and small businesses.” (“Comprehensive Tax Reform For 2015 And Beyond,” P.iv, 12/2014)
America In 1986 Was Vastly Different Than Today’s America

“The last major tax reform in the United States was the Tax Reform Act of 1986, which was signed into law by President Ronald Reagan on October 22, 1986.” (“Comprehensive Tax Reform For 2015 And Beyond,” P.20, 12/2014)

TAXPAYER ADVOCATE SERVICE: “It has now been more than 30 years since Congress enacted the Tax Reform Act of 1986 to substantially simplify the tax code, and since that time, the code has grown more complex by the year, as evidenced by the fact that Congress has made more than 5,900 changes to the code — an average of more than one a day — just since 2001.” (U.S. Taxpayer Advocate Service, “2016 Annual Report To Congress: TAX REFORM: Simplify the Internal Revenue Code Now,” P.305, 2016)

The Overall Economy Is 50% Larger, With International Business Playing A Much Larger Role

“1986 Gross Domestic Product: 4,590.2 [billion dollars in 1986 dollars],” or $10,240.56 in today’s dollars.

(Bureau of Economic Analysis, U.S. Commerce Department, Table 1.1.5, Accessed 6/2/2017)

Trade as a percentage of U.S. GDP in 1986: 17%

The U.S. Population Is One Third Larger, With 80 Million More Americans

In 1986 the population of the United States was 243,400,000 (U.S. Census Bureau, “Statistical Abstract Of The United States 1988,” P.Xvii, 12/1987)

TAXPAYER ADVOCATE: ‘Simplify The Internal Revenue Code Now’

TAXPAYER ADVOCATE SERVICE: “TAX REFORM: Simplify the Internal Revenue Code Now …viewing the tax code strictly from the perspective of minimizing taxpayer burden, there is no doubt: Simpler is better!” (U.S. Taxpayer Advocate Service, “2016 Annual Report To Congress: TAX REFORM: Simplify The Internal Revenue Code Now,” P.319, 2016)
  • TAS: “A simpler, more transparent tax code will substantially reduce the estimated six billion hours and $195 billion that taxpayers spend on income tax return preparation; reduce the disparity in tax liabilities between sophisticated or well advised taxpayers and other taxpayers; enable taxpayers to understand how their tax liabilities are computed and prepare their own returns; improve taxpayer morale and tax compliance, including the level of connection that taxpayers feel with the government; and enable the IRS to administer the tax system more effectively and better meet taxpayer needs.” (U.S. Taxpayer Advocate Service, “2016 Annual Report To Congress: TAX REFORM: Simplify the Internal Revenue Code Now,” P.324, 2016)
TAS: “If tax compliance were an industry, it would be one of the largest in the United States.  To consume six billion hours, the ‘tax industry’ requires the equivalent of three million full-time workers.” (U.S. Taxpayer Advocate Service, “2016 Annual Report To Congress: TAX REFORM: Simplify the Internal Revenue Code Now,” P.310, 2016)

TAS: The Internal Revenue Code consists of some “four million words.” (U.S. Taxpayer Advocate Service, “2016 Annual Report To Congress: Special Focus: IRS Future State,” P.2, 2016; Counted Through 12/12/2016)

Tags: Tax Reform, tax code, simplify, Internal Revenue Code, editor, FairTaxTo share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service and "Like" Facebook Page - Thanks!
Posted by Bill Smith at 11:00 AM - Post Link

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