By: Bob Goodlatte
Many Americans continue to struggle with unemployment and an increased cost of living due in large part to our sluggish economy. They are looking to Washington to advance policies that tear down the barriers to job creation and get our nation back on the right track.
An important piece of any plan to address our nation's unemployment crisis would be to enact tax reform. Congress must act to simplify the tax code which will generate economic expansion and create jobs by making America more competitive. The last thing American families and small businesses need right now are new taxes that make it harder to save, invest, and hire.
It is evident that our tax code is no longer working in a fair manner for Americans. Our current tax code is chocked full of exceptions, deductions, and corporate loopholes that have allowed some businesses and wealthy individuals to escape paying their fair share in taxes. Tax reform is needed to ensure a more equitable tax code.
There may be many different approaches to address this situation but one thing is certain, we must force Congress to address tax reform head on. That's why I have introduced the Tax Code Termination Act. It contains only two provisions. The first will abolish the Internal Revenue Code by December 31, 2015, and the second calls on Congress to approve a new Federal tax system by July of the same year. Passage of the Tax Code Termination Act will finally force Congress to fully confront reform of our tax system.
Tax reform is necessary for our country to flourish. To achieve economic freedom and stability, we need a reformed tax system that will promote economic growth, and the financial independence of both individuals and our federal government. We can encourage investment, savings, and general entrepreneurship if we allow for tax reform that reflects the desire of Americans to be in charge of their own hard-earned money.
During the current discussion about our country's fiscal crisis, there have been many ideas proposed that may help pull the United States out of this crisis. Many, including the President, have voiced their support for increasing tax revenue by eliminating loopholes and eliminating some tax deductions. I would support these kinds of tax reforms if they were accompanied by the lowering of tax rates to provide middle class tax relief.
The last thing our economy needs is crushing tax increases. Instead, Congress must focus on policies that allow individuals and businesses to keep more of their hard-earned tax dollars, which would encourage investment and provide financial relief for America's small businesses. Congress must also send a clear message to our nation's job creators that they can hire new workers with the confidence that a higher tax bill is not on the way. Americans deserve tax reform, not a higher tax burden and so I will continue working to advance meaningful tax reform.