Texas Insider Report: WASHINGTON D.C. At more than 73000 pages its no wonder our countrys tax code spells headache for millions of hardworking Americans across the country. This bloated document riddled with complicated loopholes is anything but navigable for working-class people who cant afford to hire accountants lawyers or tax professionals. Yet like clockwork every spring Americans throw away countless time and treasure in an attempt to properly comply with the process of giving their hard-earned money to the federal government.
The rigors of compliance aside our tax code penalizes economic growth and American competitiveness. By imposing some of the highest corporate tax rates in the industrialized world American business are incentivized to entertain corporate inversions and leave trillions of dollars of cash abroad where it cant be invested in American growth. While the well-to-do and well-connected may be able to navigate this byzantine world taxpayers across the country and throughout the 18 counties in Texas I represent are frustrated and rightfully so. The American people deserve better.
Frustration with the IRS reached new levels in 2013 when revelations surfaced that the agency was targeting conservative groups. When Congress launched investigations IRS Commissioner John Koskinen repeatedly obstructed justice by refusing to testify and failing to produce up to 24000 emails relevant to the investigations. This is simply unacceptable.
To make matters worse the IRS experienced a cyber-attack in 2015 that left more than 700000 taxpayer accounts vulnerable. And according to a GAO report released just last month the IRS has improved only marginally since that time in regard to its data security. Taxpayers should not be subject to the political whims of unelected bureaucrats who refuse to follow the law and falsify facts before Congress all the while placing their personal financial data at risk.
As a staunch fiscal conservative Ive been vocal and outspoken about the need for a fairer flatter tax code one that doesnt stifle growth or punish economic success. After all Ronald Reagan famously said that the role of government should be to foster economic growth not smother it. Thats why Ive joined more than 70 of my colleagues in cosponsoring legislation that would eliminate all individual and corporate income taxes the FairTax Act of 2015 (H.R. 25).
The FairTax Act introduced by Rep. Rob Woodall (GA-7) eliminates all personal corporate gift and estate taxes and replaces them with a simple point-of-sale consumption tax. Beyond this it completely abolishes the IRS and all of the bureaucratic red tape and corporate cronyism that comes with it and remains revenue neutral in the process.
The FairTax Act combats the corruption and inefficiency of the IRS and instead promotes American growth and investment. Im proud to be a cosponsor of this key piece of legislation because it recognizes that more freedom and less government is the formula for economic success.
Its this model thats allowed Texas to lead the nation in job growth since 2008 and its about time for Washington to get an overdue dose of these commonsense Texas economic values. The FairTax Act will do just that and I urge my colleagues to support it.
Texas Insider Report: WASHINGTON D.C. At more than 73000 pages its no wonder our countrys tax code spells headache for millions of hardworking Americans across the country. This bloated document riddled with complicated loopholes is anything but navigable for working-class people who cant afford to hire accountants lawyers or tax professionals. Yet like clockwork every spring Americans throw away countless time and treasure in an attempt to properly comply with the process of giving their hard-earned money to the federal government.
The rigors of compliance aside our tax code penalizes economic growth and American competitiveness. By imposing some of the highest corporate tax rates in the industrialized world American business are incentivized to entertain corporate inversions and leave trillions of dollars of cash abroad where it cant be invested in American growth. While the well-to-do and well-connected may be able to navigate this byzantine world taxpayers across the country and throughout the 18 counties in Texas I represent are frustrated and rightfully so. The American people deserve better.
Frustration with the IRS reached new levels in 2013 when revelations surfaced that the agency was targeting conservative groups. When Congress launched investigations IRS Commissioner John Koskinen repeatedly obstructed justice by refusing to testify and failing to produce up to 24000 emails relevant to the investigations. This is simply unacceptable.
To make matters worse the IRS experienced a cyber-attack in 2015 that left more than 700000 taxpayer accounts vulnerable. And according to a GAO report released just last month the IRS has improved only marginally since that time in regard to its data security. Taxpayers should not be subject to the political whims of unelected bureaucrats who refuse to follow the law and falsify facts before Congress all the while placing their personal financial data at risk.
As a staunch fiscal conservative Ive been vocal and outspoken about the need for a fairer flatter tax code one that doesnt stifle growth or punish economic success. After all Ronald Reagan famously said that the role of government should be to foster economic growth not smother it. Thats why Ive joined more than 70 of my colleagues in cosponsoring legislation that would eliminate all individual and corporate income taxes the FairTax Act of 2015 (H.R. 25).
The FairTax Act introduced by Rep. Rob Woodall (GA-7) eliminates all personal corporate gift and estate taxes and replaces them with a simple point-of-sale consumption tax. Beyond this it completely abolishes the IRS and all of the bureaucratic red tape and corporate cronyism that comes with it and remains revenue neutral in the process.
The FairTax Act combats the corruption and inefficiency of the IRS and instead promotes American growth and investment. Im proud to be a cosponsor of this key piece of legislation because it recognizes that more freedom and less government is the formula for economic success.
Its this model thats allowed Texas to lead the nation in job growth since 2008 and its about time for Washington to get an overdue dose of these commonsense Texas economic values. The FairTax Act will do just that and I urge my colleagues to support it.
