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Republicans Take Stab at Killing the Tax Code!

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  • rlbaty50
    See: http://www.forbes.com/sites/anthonynitti/2013/02/27/hourse-republicans-take-first-stab-at-killing-off-the-tax-code/ House Republicans Take First Stab At
    Message 1 of 1 , Feb 27, 2013
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      See:

      http://www.forbes.com/sites/anthonynitti/2013/02/27/hourse-republicans-take-first-stab-at-killing-off-the-tax-code/

      House Republicans Take First Stab At Killing Off The Tax Code

      By Tony Nitti
      February 27, 2013

      (excerpts)

      On January 23, 2013, Republican Representative Bob
      Goodlatte (6th District, Virginia) sponsored the
      ominously-titled "Tax Code Termination Act," which
      aspires to put an end to the current 70,000-page
      iteration of the Code effective December 31, 2017.

      Since its introduction, nearly 70 additional Representatives
      have jumped on board the Termination Act, reflecting the
      growing Congressional discontent with the convoluted and
      confusing morass the tax law has come to be.

      The Act provides that any new Federal tax system should
      be a "simple and fair" system that—

      (1)

      Applies a low rate to all Americans;

      (2)

      Provides tax relief for working Americans;

      (3)

      Protects the rights of taxpayers and reduces
      tax collection abuses;

      (4)

      Eliminates the bias against savings and investment;

      (5)

      Promotes economic growth and job creation;

      (6)

      Provides a fitting ending to the movie Stripes*, and

      (7)

      Does not penalize marriage or families.

      While I'm having a little fun with the proposal, I actually
      love the message it sends.

      At some point, someone in Congress is going to have to get
      serious about tax reform, and kudos to Bob Goodlatte for
      putting his name on a four-piece page of skeletal legislation
      that at least shows he's willing to get the conversation
      started.

      I favor a tax system with lower rates, fewer deductions,
      and one that is, above all, simple to administer.

      Regardless, I wouldn't get overly optimistic about the
      Termination Act getting enacted, however, as the good
      folks over at Govtrack.us give the Termination Act only
      a 1% chance of being enacted.

      *
      may not actually be in the legislation,
      but it would be nice if they could find
      a way to fit it in

      Readers' Comments:

      (1)

      From: Robert Baty
      Date: Wednesday, February 27, 2013
      Time: About 8:30 PM MT

      In order to first demonstrate their good faith
      regarding any such effort, they should have tried
      to get IRC 107 repealed.

      That's the law that allows basketball coaches at
      places like Pepperdine and mega-church & tele-evangelists
      to claim income tax free income income as long as they
      claim they are "ministers" and spend the money on housing:
      $10,000 a year, $100,000.00 a year, $500,000.00 a year.

      We should not have to wait for the pending FFRF lawsuit
      challenging the law to proceed up through the judiciary
      to the U.S. Supreme Court.

      The merits for repealing IRC 107 are no-brainers.

      As long as IRC 107 remains on the books, Congress and
      the President will have trouble convincing me they are
      serious about tax reform.

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