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Bill To Terminate US Tax Code Gets 100th Cosponsor

by Mike Godfrey, Tax-News.com, Washington

11 February 2016


The US House of Representatives Judiciary Committee Chairman, Bob Goodlatte (R – Virginia), has welcomed the 100th cosponsor to the Tax Code Termination Act, which would repeal the current tax code by December 31, 2019.

It would require a two-thirds majority vote in Congress to change the termination date, and force Congress to approve a new federal tax system by July 4, 2019.

While the bill does not recommend one future tax system over another, it does declare that any new US federal tax system should be "a simple and fair system that applies a low rate to all Americans; provides tax relief for working Americans; protects the rights of taxpayers and reduces tax collection abuses; eliminates the bias against savings and investment; promotes economic growth and job creation; and does not penalize marriage or families."

Goodlatte noted that "the American people have long asked for a simpler, fairer tax code. The time for tax reform is now. The Tax Code Termination Act provides the push needed to move comprehensive tax reform forward. Now, with over 100 bipartisan cosponsors, it's clear that there is mounting support to scrap the tax code and start work on a new tax system."

"It has become all too clear that the current code is broken beyond repair and cannot be fixed – we must start over," he added. "While I have yet to hear an argument for maintaining our current tax code, I hear argument after argument for why we need a new one. Setting a date certain for a new tax system will provide a real timeline for action."

His proposal has been referred to the House Committee on Ways and Means for further consideration.

TAGS: tax | United States | tax reform | Tax

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