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Pete’s Perspective: Terminate the Tax Code
Washington,
Feb 23 -
Today I agreed to co-sponsor a bill that would terminate the tax code. If the head writer of the tax code – Rep. Rangel – and its chief enforcer – Secretary Geithner – cannot comply, how does Congress expect the average American to?
The tax code Americans are forced to comply with is unfair, discourages savings and investment and is impossibly complex. The tax code desperately needs more simplification; more fairness and a better approach to promoting economic growth.
It may seem drastic, but Congress will not reach a consensus on such a contentious issue unless forced to do so, and the House of Representatives has passed similar bills in the past, first in 1998 and then in 2000.
The Tax Code Termination Act would eliminate the Internal Revenue Code by December 31, 2012, and call on Congress to approve a new federal tax system by July of the same year.
Many questions remain about how to best reform our tax system, but I am certain that Congress will create a better system if forced to do so today.
Please stay tuned for a new Pete's Perspective every Monday, Wednesday and Friday.
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