That annual ritual that Americans love to hate, filing taxes every April, is made all the worse because of how consuming it is, both in time, and dollars spent.
Americans annually spend more than six billion hours and over $168 billion trying to comply with our burdensome and complex tax code. These compliance costs greatly discourage economic growth and expansion.
The more resources you as the consumer spend, the less you can save, or spend on your family. This is terrible for the economy and awful for you at home. Businesses too must spend an inordinate amount of their resources complying with complex, burdensome, and outdated federal regulations. What does this mean for you, your friends, and your family?
It likely means that thousands of Americans who may have been hired by that company will now go without work because a business will have to spend their capital on tax attorneys instead of growing their business. More lawyers, fewer employees. Good for some, bad for most.
It is beyond time for an overhaul.
I have consistently fought for a simpler, fairer, and more competitive tax system. To make our code more efficient, we must lower and consolidate tax rates (both corporate and individual) while closing special-interest loopholes. This will broaden the base so we can get our economy moving in the right direction.