Congressman Aaron Schock (R-IL), a member of the Ways and Means committee, the chief tax writing committee in the House, issued the following statement today on the need for comprehensive tax reform as millions of American's rush to file their federal, state, and local taxes.
"Today is a costly reminder that the U.S. tax code is severely outdated and in serious need of repair. The system is too costly, too complex and too time consuming for individuals and employers.
"According to the National Taxpayers Union, individuals will spend an estimated $228.4 billion in compliance cost for tax software, tax preparers, postage, and other out-of-pocket costs related to filing their federal income tax. This is a costly burden on top of their tax obligation.
"The House Ways and Means committee has already begun laying the ground work for comprehensive tax reform by holding over a dozen hearings since last year. While the House has taken the initiative to reform the tax code, the Senate and Administration have yet to make this issue a priority. Instead they are spending time on the so-called "Buffet Rule,' which would pay for a minuscule 11 hours of the President's proposed budget.
"Reforming the tax code is a commonsense and essential part to growing the economy and providing the environment job creators need to have the confidence and certainty to expand their businesses and hire new employees."
Not So Fun Tax Facts On Tax Day
According to the National Taxpayers Union (NTU), as of 2011, the Tax Code contained 3,939,937 words -- almost seven times the length of Tolstoy's War and Peace.
According to the NTU, the Treasury Department estimates the current paperwork burden generated by the Treasury for individual and business taxpayers now totals 6.38 billion hours -- or 3.19 million employees working 40-hour work weeks year-round with just two weeks off -- about the same number of workers at Wal-Mart, McDonald's, Target, and Kroger combined.
The form 1040 in the year 1935 was accomplished by a two-page instruction booklet. Taxpayers today must wade through over 100 total pages of instructions.
According to the NTU, the IRS accounts for nearly 80 percent of the federal government's entire paperwork load imposed on U.S. citizens.
This year, 100% of the money the average American earns from January 1st to April 17th (107 days) will go to pay federal, state, and local taxes in 2011, according to the Tax Foundation.
On average, more of Americans' income will go toward taxes this year than to food, housing and clothing combined.