``Tax Code Termination Act’‘by Representative Bob Goodlatte
Posted on 2015-01-06
in the house of representatives
Tuesday, January 6, 2015
Mr. GOODLATTE. Mr. Speaker, I rise today to re-introduce the ``Tax
Code Termination Act,'' legislation that will abolish the Internal
Revenue Code by December 31, 2019, and call on Congress to approve a
new Federal tax system by July of the same year.
There is no denying that our current tax system has spiraled out of control. Americans devote countless hours each year to comply with the tax code and it is very clear we need tax simplification. Today's tax code is unfair, discourages savings and investment, and is impossibly complex. Businesses and families need relief from uncertainty and the burdensome task of complying with the tax code. However, the problem is Congress won't act [[Page E2]] on fundamental tax reform unless it is compelled to do so. The Tax Code Termination Act will finally force Congress to debate and address fundamental tax reform.
Once the Tax Code Termination Act becomes law, today's oppressive tax code would survive for only four more years, at which time it would expire and be replaced with a new tax code that will be determined by Congress, the President, and the American people. The Tax Code Termination Act will allow us, as a nation, to collectively decide what the new tax system should look like. Having a date-certain to end the current tax code will force the issue to the top of the national agenda, where it will remain until Congress finishes writing the new tax law.
This legislation has gained wide support in past Congresses and had 122 bipartisan cosponsors in the 113th Congress. In fact, similar legislation has already been passed twice by the House of Representatives, first in 1998 and then in 2000.
Although many questions remain about the best way to reform our tax system, if Congress is forced to address the issue we can create a tax code that is simpler, fairer, and better for our economy than the one we are forced to comply with today. Congress won't reach a consensus on such a contentious issue unless it is forced to do so. The Tax Code Termination Act will force Congress to finally debate and address fundamental tax reform.
America's future partially depends on overcoming the impairment that is our current tax code. There is a widespread consensus that the current system is broken, and keeping it is not in America's best interest. I urge my colleagues to support this legislation and end the broken tax system that exists today and provide a tax code that the American people deserve.