The issue of Tax Reform affects all of us and dealing with it is an important part of my work in Congress.
The tax code is broken. It is a burden to taxpayers who must comply with over 70,000 pages of provisions and regulations. Each year, families and small businesses find themselves collectively spending more than six billion hours and $160 billion dollars to file their taxes. This is an unnecessary drag on our economy and robs taxpayers of time better spent with their family and growing their business.
There are so many special loopholes and special rules that roughly 90 percent of taxpayers must use either special software or paid professionals to help navigate and prepare their tax return.
Over the last two decades, other countries have aggressively modernized and simplified their own tax systems. Today, the United States has the highest corporate tax rate in the industrialized world, making it harder for U.S. companies to grow and compete in the global economy. Comprehensive tax reform would foster the right climate to invest and create jobs in America instead of shipping those jobs overseas.
On the Ways and Means Committee, we are committed to common sense, comprehensive tax reform through a simpler, fairer, less costly tax code that protects taxpayers - not special interests. Please visit the Ways and Means Committee website to read more about our efforts toward tax reform.