Simplify The Tax Code

This past week was the federal tax filing deadline, also known as "Tax Day." And I don't know about you, but I'm sick and tired of all the hassle.

According to the IRS, the tax code forces Americans to spend over $168 billion and 6 billion hours each year complying with its provisions. But the real impact of taxes on Missouri families and small businesses is not contained to a day or a season. Small businesses make tax-related decisions throughout the year that affect nearly everything they do, from budgets to hiring.

Tax rates are steep, but there's also a major cost in time. Most small businesses spend at least 40 hours around this time of year preparing their taxes, and 40 percent of them spend 80 hours– two full work weeks – on compliance. The large and complicated federal tax code is increasingly difficult for small companies to navigate. For small businesses, a week or two is time they cannot afford to lose. According to recent reports examined by the Small Business Committee, the complexity of the process causes 86 percent of small businesses to pay tax preparers.

To alleviate this burden that affects not only most Americans, but more importantly, Missourians, I support the Fair Tax.

That's why I am a co-sponsor of the Fair Tax Act, which would eliminate our burdensome tax code by repealing the individual income tax, the corporate income tax, capital gains taxes, all payroll taxes, the self-employment tax, and the estate and gift taxes, in lieu of a 23 percent tax on the final sale of all goods and services. By implementing this system, we can promote freedom and economic opportunity, while collecting revenue through simpler, fairer means.

The time to reform our nation's tax code has come. Our current system is fraught with confusion and in need of major changes to promote economic growth. I believe we can do better than simply lower taxes. I know that we can make a bigger impact on our economic future by ridding ourselves of a tax structure that is holding us back.