Public Policy
Congress Must Revise and Simplify the Tax Code
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Reasons to Revise and Simply
1. Tax Code Bewilders Even the Best
There are over 73,000 pages in our current tax code. Studies have been done where several accountants have tried to find the tax owed for one business. All the accountants came up with different answers. The tax code is almost impossible for anybody to understand.
2. High Business Taxes Make Us Noncompetitive
We have one of the highest business taxes of any place in the world. This of course makes it hard for us to compete with other nations and drives businesses out of our country. This also contributes to the unemployment in America.
3. Excessive Regulations
American businesses cannot compete with industries in other countries because of excessive regulations.
4. It Takes a Lot of Money to Pay Tax Money
4. It Takes a Lot of Money to Pay Tax Money
It costs a huge amount of money to try and figure out how much taxes you owe. This also puts American businesses and entrepreneurs to a disadvantage.
5. Innovation and Wages Remain Lackluster
Because of the high tax rate businesses cannot pay their workers as much as they deserve or upgrade equipment and computers.
In conclusion, President Trump and Congress should simplify the tax code and lower the tax rates immediately.
Dr. Frank G. Simon, M.D.,
President,
Tea Party of Kentucky
