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.