Crapo: Tax Reform Long Overdue
Comments on Presidentâ??s tax reform panel report released today
Washington, DC â??Proposals to reduce the complexity of the U.S. tax code, improve fairness, and promote economic growth through tax policies will be addressed by the Senate, Idaho Senator Mike Crapo, a member of the Senate Finance Committee commented today. In the next year, the Senate Finance Committee will address reforms and the simplification of the nationâ??s current tax code. â??The current tax code is ten times longer than the Bible and creates a system of extreme complexity,â?? Crapo said. â??Next year, the alternative minimum tax (AMT), which was originally designed to require approximately 500 wealthy individuals who legally paid no taxes to pay a minimum tax, will force nearly 20 million middle-income families to calculate their taxes twice and pay whichever rate is higher. Our tax code is in serious need of reform and Iâ??m pleased this bipartisan reform panel has included eliminating the AMT in its recommendations. I look forward to addressing these reform proposals and others when they are brought to the Finance Committee.â??The Presidentâ??s Advisory Panel on Federal Tax Reform, which is chaired and vice-chaired by former Senators Connie Mack and John Breaux, includes a total of 11 members from government, business, and academic sectors. The bipartisan panel, formed in January 2005 on an executive order from the President, was commissioned to assist in reforming the federal Internal Revenue Code and released its recommendations today. The panelâ??s report offered two proposals, one to simplify the current tax code and the other to enact major reform to the overall tax system.FOR INTERESTED MEDIA: A radio actuality is available by calling 1-800-545-1267. Press 327 at any time during or after the greeting and instructions. You can also access the actuality through the Internet at www.senate.gov/src/radio/crapo.