Trump’s Tax Cut Plan Provides Much Needed Simplification for the American Taxpayer
Congress has an unprecedented opportunity to get something done that benefits everyone. Reforming our broken tax system is a mandate that transcends traditional political alliances. The first step toward true reform is simplification of our overly complex and burdensome tax code.
During my 30-year career in public accounting, my primary responsibility was assisting clients with their income tax filing requirements. The tax code has grown so complex, I found it was not uncommon for individuals to get conflicting advice from different tax professionals.
When the Internal Revenue Code was first created in 1913, the entire text of the Sixteenth Amendment and the Revenue Act totaled a mere 27 pages. Today, taxpayers are challenged by almost 75,000 pages of the Code and related Regulations.
Over the years, the complexity of our tax laws has grown at an exponential pace. Congress has made more than 5,900 changes to the code just since 2001.
The burden on taxpayers is overwhelming.
President Trump pointed out that over 6 billion hours are wasted every year in tax preparation compliance. The IRS instructions estimate the time required for one form alone takes 42 hours of record keeping, 5 hours of learning the law, 7 hours of preparation and 15 minutes to send to the IRS. This may sound outrageous, but in practice it takes even longer than the IRS estimate.
President Trump has clearly shown us how his tax reform framework will achieve long-overdue simplification—and greatly reduce the time, money, and headaches that come with our oppressive tax code. His plan is the right plan for Americans. Now it’s time for the rest of our leaders to step up. Tax simplification should be an immediate common objective of every single member of Congress.
This isn’t about Democrats or Republicans. We have a tax system that is inherently flawed and broken. If we want to renew our prosperity, restore opportunity, and reestablish our economic dominance, we need tax reform that is pro-growth, pro-jobs, pro-worker, pro-family, and pro-American—and it all starts with simplification.