The U.S. tax code is over 4 million words long, riddled with complexities and loopholes that have been added to the code since the last rewrite, which was over 25 years ago. Our burdensome tax code is holding our economy back. The United States has the highest corporate tax rate in the industrialized world, and The World Bank ranks the U.S. 62nd on the ease of paying taxes in its Doing Business study. It is so difficult for individuals to pay their taxes that nearly ninety percent of Americans either purchased a computer program, or hired a tax professional in order to comply with our current code.
Studies have shown that reforming both our corporate and individual tax code has the potential to unleash economic growth and job creation. The Ways and Means Committee is working to make the U.S. the most competitive tax jurisdiction in the world to unleash American innovation. By closing loopholes and lowering rates, we can create a tax policy that is simpler, flatter, and fairer for everyone.
More on Taxes
Wheaton, IL — This week, U.S. Representative Peter J. Roskam embarked on a “tax tour” throughout Chicago’s western and northwestern suburbs.
He was recently named Chairman of the Ways & Means Tax Policy Subcommittee, a key legislative perch from which he is expected to play a leading role in the first major overhaul of the nation’s tax laws in over three decades.
Washington, D.C. — Yesterday, the U.S. House of Representatives overwhelmingly passed the Preventing IRS Abuse and Protecting Free Speech Act. The bill eliminates the requirement for churches, charities and other non-profit groups to disclose confidential donor information to the IRS.
U.S. Representative Peter J. Roskam, the bill’s author, released the following statement:
“Today the House took an important step on our continued march to rein in the IRS and protect taxpayers.