It's that time of year again. One that is marked by hours of work, piles of forms, confusing instructions, and the prospect of turning your hard-earned money over to the government -- tax season.
All taxpayers are well aware of the frustrations caused by our current tax code. Clocking in at approximately 3.8 million words, the U.S. tax code is extremely complex and difficult to navigate. The King James Bible is only 783,137 words. The governing document of our nation, the U.S. Constitution, is a mere 4,447 words. It is clear that we need a simpler and fairer tax code that will help make America more competitive.
We must force Congress to address tax reform head on. It's time to scrap the code. That's why I have introduced the Tax Code Termination Act. My bill would abolish the Internal Revenue Code by December 31, 2015 and require Congress to approve a new federal tax system by July of the same year.
This legislation would eliminate today's system and allow us, as a nation, to collectively decide what the new tax system should look like. There are many competing alternatives, including the flat tax and the fair tax, but having a set date to end the current tax code will force the issue and the debate to the top of the national agenda.
As many taxpayers were rushing to file their returns last week, the Tax Foundation reported that, on average, Americans will work 107 days this year just to pay their taxes. This "Tax Freedom Day" could come even later in the year if taxes continue to rise.
While Americans were filing their tax returns, Senate Democrats were working to pass a large tax hike on our nation's economic engine, our small businesses. The so-called "Buffett Rule" is simply a political gimmick that increases taxes on small business owners and investments. This kind of tax hike will only serve to punish small businesses and hinder job creation while failing to solve the nation's debt crisis.
The last thing our country needs is crushing tax increases. The U.S. already has the highest corporate tax rate in the developed world. Instead we should be focusing on tax 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. Our nation's job creators need certainty that they can hire new workers with the confidence that a higher tax bill is not on the way.
Tax reform is long overdue. To achieve economic freedom and stability, we need a tax system that will promote economic growth and the financial independence of individuals. 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.