[Congressional Record Volume 152, Number 14 (Wednesday, February 8, 2006)]
[Extensions of Remarks]
[Page E118]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      THE TAX CODE TERMINATION ACT

                                 ______
                                 

                           HON. BOB GOODLATTE

                              of virginia

                    in the house of representatives

                      Wednesday, February 8, 2006

  Mr. GOODLATTE. Mr. Speaker, I rise today to introduce the ``Tax Code 
Termination Act''.
  This bi-partisan legislation, which I introduced with my colleague 
Collin Peterson of Minnesota, will accomplish two goals. It will 
abolish the Internal Revenue Code by December 31, 2009, and call on 
Congress to approve a new Federal tax system by July of the same year.
  The fact is our current tax system has spiraled out of control. 
Today's tax code is unfair, discourages against savings and investment, 
and is impossibly complex.
  A few years ago, Money magazine asked 50 professional tax preparers 
to file a return for a fictional family. No one came up with the same 
tax total, nor did any of the preparers calculate what Money magazine 
thought was the correct Federal income tax. The results varied by 
thousands of dollars. At a time when Americans devote a total of 7 
billion hours each year to comply with the tax code, we need tax 
simplification.
  Whichever simple tax system is adopted, the key ingredients should 
be: a low rate for all Americans; tax relief for working people; 
protection of the rights of taxpayers and reduction in tax collection 
abuses; promotion of savings and investment; and encouragement of 
economic growth and job creation. Taxes may be unavoidable but they 
don't have to be unfair and overcomplicated.
  While many questions remain about the best way to reform our tax 
system, I am certain that if Congress is forced to address the issue we 
can create a tax code that is simpler, fairer, and better for our 
economy than the one we are forced to comply with today. The problem is 
Congress won't act on such a contentious issue unless it is forced to 
do so. The Tax Code Termination Act will force Congress to finally 
debate and address fundamental tax reform.
  Just like other programs that require reauthorization, the tax code 
must be reviewed to examine whether it is fulfilling its intended 
purpose and then Congress must make what changes are necessary.
  There is a widespread consensus that the current system is broken, 
and keeping it is not in America's best interest. I urge each of my 
colleagues to support this important legislation.

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