Sec. 201 Sense of Congress regarding tax reform
Findings— Congress finds the following:
The Federal tax code is long, complex, antiquated, and stifling growth in our economy.
Comprehensive reform of the Federal tax code is needed to get Americans working again and our economy back on track.
Independent economists estimate that, when coupled with reduced Federal spending, comprehensive tax reform could lead to the creation of 1 million jobs in the first year alone.
The Internal Revenue Service reports that the average person spends more than 13 hours to fill out the tax forms.
A USA Today editorial lampooned the complexity by noting that the instruction booklet for Apple’s Ipad is one page, while the instruction booklet for this year’s IRS 1040 long form is 172 pages.
The Federal tax system needs to be reformed in order for the United States to once again be competitive in the international market.
The United States has the highest corporate tax rate in the industrialized world.
In 1960, 17 companies headquartered in the United States comprised 17 of the world’s largest 20 companies—that’s 85 percent. By 2010, just 6 companies headquartered in the United States—or a mere 30 percent—were ranked among the top 20.
Sense of Congress— It is the sense of Congress that reforming the Federal tax code will benefit American taxpayers and our economy.