Tax reform is one of the most pressing issues that Congress must confront. Nearly every year, our federal tax code grows larger and more complicated. Just since 2004, there have been over 4,100 changes made to the tax code – an average of more than one a day. Furthermore, at nearly 4 million words, the federal tax code is now more than five times longer than the King James Bible. Clearly, this is a problem that only continues to get worse.
In order to thrive in the global economy of the 21st Century, we must make our tax code simple and competitive. America currently has one of the highest corporate tax rates in the world, creating a massive disincentive for both domestic and foreign companies to invest here in the United States. Across-the-board tax code simplification and rate reductions will bring about certainty and prosperity, giving our economy the boost we so desperately need.
Congressman Hice is a strong supporter of the Fair Tax Act, H.R. 25. As a cosponsor of this important legislation, he fully believes that the Fair Tax will simplify the tax code by eliminating the income tax, employment tax, and estate tax – and the need for the Internal Revenue Service – by creating a simple consumption tax in its place. Until we achieve the implementation of the Fair Tax, Congressman Hice will continue to support efforts in Congress to reform – and shorten – the tax code to lower rates across the board and return more dollars to American taxpayers.