House Speaker Paul Ryan released the attached video with the following message:
“It has been more than 30 years since we last overhauled our tax code, and in that time, it has swelled to seven tax brackets and more than 70,000 pages. Washington has piled up all these carveouts and loopholes—making things far too complicated and far too expensive for you and your family. This needs to end, and we have a plan to do it.
First, we are going to throw out these loopholes. Then we will use that money to lower taxes. And we will simplify the code altogether. Instead of seven brackets, there will be just four. And we will make things so simple you can file your taxes on a form the size of a postcard.”
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One Response
Throwing out the Tax code, and the regulations issued pursuant to the tax code, and replacing all the judicial and administrative rulings (including letter rulings, court decisions, etc.) would be a major undertaking requiring much time, much advance notice and bipartisan cooperation. Given the current political climate, where Congress can’t enact legislation even when both parties are in agreement, suggests this won’t happen anytime soon .