Joe Pitts: “confusing, cumbersome, complicated, intimidating. These are words that have been used to describe America's tax laws.…”

“confusing, cumbersome, complicated, intimidating. These are words that have been used to describe America's tax laws. Anyone who has prepared his or her own tax returns understands why many Americans are so intimidated by the Tax Code's complexity that they do not even try to prepare their own tax returns. If preparation of personal returns is difficult, preparing business returns is almost impossible unless, of course, we hire an army of highly trained professionals to assist us. Each year in America, taxpayers spend 5 billion man-hours and $225 billion preparing their tax returns. Mr. Speaker, that is why I have joined the gentleman from Oklahoma (Mr. Largent) and the gentleman from New York (Mr. Paxon) in cosponsoring the Tax Code Termination Act. This bill sunsets the Federal Tax Code as of December 31, 2002. Under our proposal, today's complicated Tax Code would expire and be replaced with a new Tax Code. It would ensure that America will have a new tax system for a new millennium. It should be lower, simpler, and flatter, one that the average person can finally understand.”