Wednesday, April 15, 2015
Graves: Why I am co-sponsoring the Fair Tax Act
This Wednesday is the deadline for federal tax filing. As another April 15 passes with our tax code as confusing as it’s ever been, Washington must use this opportunity to highlight our desperate need for tax simplification.
According to the IRS, Americans spend over $168 billion and 6 billion hours each year complying with the tax code. The real impact of the tax code on Missouri families and small businesses, however, is not specific to any day or season. Small businesses make tax-related decisions throughout the year that impact nearly everything they do, from planning budgets to hiring new employees.
Just this year, the Taxpayer Protection Alliance found that nearly half of all small businesses will spend $5,000 preparing federal taxes, and 27 percent will reportedly spend over $10,000.
But perhaps what’s worst of all, the IRS is now responsible for enforcing Obamacare. The IRS already has too much control over our lives. Given the recent controversy over its targeting of conservative political groups, it has a dangerous lack of oversight as well. It is clear to me that we need tax simplification in this country now more than ever.
That is why I am a co-sponsor and ardent supporter of the Fair Tax Act. This tax simplification proposal would essentially eliminate the IRS and our tax code entirely, replacing it with a pro-growth national consumption tax. The Fair Tax promotes freedom and economic opportunity, ensuring that small business owners can focus on helping our economy grow, not complying with the IRS.
Small businesses and individuals alike are put at a huge disadvantage when asked to comply with a tax code that even accountants now struggle to understand. Please know that as your representative in Congress, I will continue to support the Fair Tax and push for tax simplification as a top national priority.