Political Quotes

“I rise to speak today about our Tax Code as well as our economic future. There is a problem with our Tax Code, one that hits home with nearly all Americans; that is, its complexity. In the past few years I have met with hundreds of constituents who are worried about this issue. Individuals, small businesses, farms, and large corporations alike struggle with meeting their obligations to the IRS because of the complexity of our current Tax Code. Earlier this month the IRS Taxpayer Advocate revealed some startling figures in the Agency's annual report to Congress. It estimates that individuals and businesses spend 6.1 billion hours each year complying with the IRS tax filing requirements. The complexity of the Tax Code is so burdensome that 9 out of 10 taxpayers now pay a professional preparer or use often costly commercial software to assist in tax preparation. Then there is the problem with our corporate taxes. The United States has the highest marginal effective tax rate among the largest developed nations in the Organization for Economic Cooperation and Development. According to recent studies by the Cato Institute, that rate for U.S. corporations is almost 36 percent. In fact, only Argentina, Chad, and Uzbekistan have higher tax rates than does the United States. While the U.S. corporate rates have remained high, other countries are lowering their rates.…”