[Congressional Record Volume 153, Number 9 (Wednesday, January 17, 2007)]
[Extensions of Remarks]
[Page E130]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              INTRODUCTION OF THE TAX CODE TERMINATION ACT

                                 ______
                                 

                           HON. BOB GOODLATTE

                              of virginia

                    in the house of representatives

                      Wednesday, January 17, 2007

  Mr. GOODLATTE. Madam Speaker, I rise today to re-introduce the ``Tax 
Code Termination Act''.
  This bi-partisan legislation, which I introduced with my colleague 
Collin Peterson of Minnesota, and 65 bi-partisan cosponsors, will 
accomplish two goals. It will abolish the Internal Revenue Code by 
December 31, 2010, 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. At a 
time when Americans devote a total of 7 billion hours each year to 
comply with the tax code, we need tax simplification. Today's tax code 
is unfair, discourages savings and investment, and is impossibly 
complex. The problem is Congress won't act on fundamental tax reform 
unless it is forced to do so. The Tax Code Termination Act will force 
Congress to finally debate and address fundamental tax reform.
  Once the Tax Code Termination Act becomes law, today's oppressive tax 
code would survive for only 4 more years, at which time it would expire 
and be replaced with a new tax code that will be determined by 
Congress, the President, and the American people. The Tax Code 
Termination Act will allow us, as a nation, to collectively decide what 
the new tax system should look like. Having a date-certain to end the 
current tax code will force the issue to the top of the national 
agenda, where it will remain until Congress and the President finish 
writing the new tax law.
  The tax code is hopelessly broken and abolishing it is the necessary 
first step to debating, designing, and adopting a new tax system. 
Although 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.
  Whichever 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.
  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.
  America's future depends on overcoming the handicap of the current 
tax code. 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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