“Tax season is my favorite time of the year,” said no one ever.
As a CPA, I have spent way too much time trying to navigate our tax code and waiting on hold for hours with the IRS. I’ve also seen first-hand the loopholes that only benefit the ultra-rich.
Our tax code, including supporting materials, is now over 75,000 pages long.
Today, only a small percentage of Americans are even capable of doing their taxes without professional help. I have serious doubts that our Founding Fathers ever intended a system so convoluted and confusing that it actually penalizes the vast majority of our citizens.
After countless half-hearted attempts by both parties, Congress finally has a president willing to work with us to reform a tax code that has grown far too complicated.
We have the best chance in decades of providing a simple, fair system the American people want and need. With that in mind, House Republicans have introduced the first comprehensive tax reform package since 1986.
The Republican tax reform legislation aims to simplify our tax code by shrinking the amount of tax brackets, limiting loopholes and deductions, doubling the standard deduction and ensuring that the average American can do his or her taxes without hiring a professional or buying expensive software.
For far too long our tax code has also had a cooling effect on our economy. We have had the highest corporate rate in the industrialized world, and our small businesses have been forced to pay crippling rates on their limited profits. The new Republican plan lowers the corporate rate and improves conditions for small businesses. Together these two changes will provide an unprecedented boost to the economy, creating jobs, and increasing American competitiveness abroad. While we have seen a rash of companies moving overseas over the past 10 years, these changes ensure that American businesses stay in America, and small businesses can continue to grow and invest in the job creation that makes small businesses the backbone of our economy.
Since my first day in Congress I have called for a tax code that is flatter and fairer, and benefits both small businesses and the middle class.
We have received input from some of the most talented tax experts in the country and believe this Republican plan meets those goals.
That said, input from my constituents remains the most important aspect of this process to me. I hope that you will take time to look at the Republican tax reform plan and share your thoughts as well.
Hopefully the next time we do our tax return it will be on a piece of paper the size of a postcard.
Rep. Steven Palazzo represents the 4th Congressional District in Mississippi.