The headline reflects a lot of people’s view of the country’s economy. They look around what has been called the biggest miracle in human development short of the Garden of Eden. But our post-World War II “City on a Hill” has been brought to its knees by what many have called the biggest heist by Wall Street since Jesse James was in bank robbery school.
Rep. Kurt Schrader was in Newport the other day talking about reform to the country’s tax code which he claims is so infested with tax breaks and loop holes that our economic recovery remains dead on arrival. He said he and other conservative leaning democrats in the U.S. House are trying to get a tax code reform movement going, but they can’t get it out of the legislative starting gate.
Enter Senator Ron Wyden.
Wyden has similarly teamed up with those with conservative views in the U.S. Senate who emphacize “conserving” the country. Wyden and Republican Sen. Dan Coats of Indiana have offered a tax code renovation package of their own that actually proposes a heavier investment by the country’s wealthy in America’s recovery. The following is a long read, but well worth the effort.
Provided by Sen. Ron Wyden:
Wyden, Coats Team Up to Make the Tax Code Work for Businesses and Families
Comprehensive Tax Reform Will Grow the Economy, Create Jobs and Make It Possible for Most Americans to Do Their Taxes in Under an Hour
Washington, D.C. – While a partisan battle over cuts to government spending threatens to shut down the federal government, a bipartisan pair of senators took a page from President Reagan’s book today and offered legislation that experts say will reduce the federal budget deficit by growing the economy. The “Bipartisan Tax Fairness and Simplification Act of 2011” – being offered by U.S. Senators Ron Wyden (D-Ore.) and Dan Coats (R-Ind.) – would simplify the tax system, hold down rates for individuals and families, provide tax relief to the middle class and create incentives for businesses to grow and invest in the United States. Wyden-Coats updates the tax reform that Reagan signed into law 25 years ago by streamlining the tangled web of nearly 10,000 exemptions, deductions, credits and other preferences currently cluttering the U.S. tax code to create a simpler and fairer system for American workers and businesses.
“Cutting spending isn’t the way out of the budgetary hole. Congress can grow its way out and right now, the federal tax code is doing anything but promoting economic growth,” said Wyden. “Senator Coats and I want a tax code that encourages businesses to devote less time to tax avoidance and more time to growing their companies. That means eliminating incentives for shifting jobs and capital overseas and creating incentives for investing in the United States. It means creating an understandable and predictable tax environment for small businesses and it means eliminating loopholes and special breaks that allow one group to pay less than another. It also means simplifying the individual tax code so that Americans can find better things to do with their time than fill out tax forms. Because unlike health reform, I think you would be hard-pressed to find any American who loves the tax code they have.”