Tuesday, April 19, 2016
part of today's email from dan coats:
The U.S. tax code is a tangled web of exemptions, deductions, credits and other special-interest preferences that costs Hoosier families and businesses valuable time and resources. Rather than benefiting our economy, the current tax system is an anchor dragging down economic growth and stifling job creation.
Case in point: The Internal Revenue Service estimates that Americans across the country spend more than six billion hours each year preparing and filing their taxes. Recent estimates of what it costs taxpayers to comply with our tax system range as high $987 billion annually. Sheer complexity forces 90 percent of taxpayers to either turn to a paid preparer or buy software to figure out their tax burden.
History shows that a simpler, flatter and fairer tax system will help make our country more competitive, create jobs and reduce our national debt. Thirty years ago, President Ronald Reagan teamed up with lawmakers from both parties to pass the Tax Reform Act of 1986....