In the current lame duck session of Congress, there is still much work to be done. With just a few weeks to go until the New Year, Congress still has not acted to prevent the largest tax increase in American history.
As Washington dithers, Americans are left to wonder what their tax rates will be in 2011. However, if there is a silver lining in this debate, it's that both sides are now seriously talking about significant changes to the tax code.
The Presidential Commission on Fiscal Responsibility called for simplifying the current tax code and decreasing the rates on taxpayers. Now, the President is hinting that he may push for tax reform in 2011.
What is becoming clear is that almost no one thinks the tax code we have now makes sense. I believe we should get rid of the old one and create a new code that is simple, fair and promotes economic growth. Right now, our tax code does none of those things. We need fewer rules, loopholes and alternative minimums. We also shouldn't have different standards for different groups.
With over 55,000 pages and almost three million words, there is a lot room for confusion. The average small business spends 37 hours doing their taxes. The last time our tax code was updated was 1986.
We should provide small businesses and individuals with certainty when it comes to taxes. Congress should seize this rare bi-partisan opportunity to provide fundamental tax reform that makes sense and gives long-term certainty to small businesses and individuals.