Smith Applauds Progress on Tax Reform

Congressman Adrian Smith (R-NE) today released the following statement after House Committee on Ways and Means Chairman Dave Camp (R-MI) announced a comprehensive discussion draft of tax reform legislation:

“Everyone agrees our federal tax code is complicated, outdated, uncompetitive, and too often favors the politically well-connected. By simplifying the code we can improve compliance, encourage economic growth, and make our tax structure fairer for all Americans.

“This process is not easy, but it is our job to find solutions because the status quo is unacceptable. The draft introduced by the Chairman today is a significant step and I look forward to the discussion and feedback it will generate.”

Congressman Smith serves on the House Committee on Ways and Means which has jurisdiction for the federal tax code among other issues.

According to the Internal Revenue Service, tax compliance takes more than 6 billion hours and costs the American economy $168 billion annually, in addition to the actual cost of taxes.

The last comprehensive overhaul of the tax code occurred in 1986. In the 28 years since the last tax reform legislation was enacted, the tax code has grown to more than 10,000 pages of ever-changing provisions and loopholes. In the last decade alone, there have been more than 4,000 changes to the tax code.