Mr. FLEMING. Mr. Speaker, the American people have just finished the annual aggravation of tax preparation. Every year, individuals and businesses spend more than 6 billion hours and about $168 billion just to meet the filing requirements of the IRS.
Among those hit hardest by our 4-million-word Tax Code are senior citizens. Many live on fixed incomes and have common forms of income, like dividends, Social Security benefits, and IRA distributions; yet they face the high cost of compliance. That's why I introduced the Seniors' Tax Simplification Act. This commonsense bill--and it is bipartisan--would create one simple form, much like the popular 1040EZ form. It would be used for the relatively simple tax filing situations that are common for seniors anyway. Creating a no-nonsense 1040SR form would reduce compliance costs for seniors and lessen the burden of the tax season for them.
The Seniors' Tax Simplification Act is a straightforward, no-cost bill that has bipartisan support and has been endorsed by many senior citizen groups and deserves a vote in this House.