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WASHINGTON, DC -- New tax legislation proposed by Congressman Chaka Fattah (D-PA) received national attention at a White House press briefing on Monday. The measure, introduced by Fattah earlier this month, calls for the Treasury Department to conduct a study on simplifying the nation’s tax code by eliminating all federal taxes on businesses and individuals by implementing a fee on all cash and electronic transactions. Additional revenues generated from the fee would serve to pay off the national debt.
When Press Secretary, Scott McClellan, was asked about the President’s position on the ‘Transform America Transaction Fee Act of 2004,’ he replied, “The President is committed to making the tax code more simple and fair.” Skeptical, reporters pressed McClellan on whether the tax code is simpler today then when the President took office, “Yes, because of the tax relief we passed,” said McClellan.
“It would be impossible for the White House to produce one tax expert who would agree that the current tax code is simpler today than when the President took office,” said Congressman Chaka Fattah, (D-PA). “The President’s tax cuts alone added 441 regulations to the tax code.”
Our current tax code is 17,000 pages long and includes more than 1,100 forms and publications. It’s so confusing; taxpayers are forced to spend 6 billion hours and almost $200 billion each year just to comply with it.
Even the leading House Republican, Dennis Hastert, is critical of the present tax system. In a recent speech, he said, “Our tax system is too complicated; it also hurts our nation's competitiveness. If our companies can't compete, we lose jobs here in America. We must start a discussion of how we create the best tax system possible to meet the needs of the people in the 21st century."
“The potential of unleashing economic opportunity, creating millions of new jobs and eliminating our national debt deserves serious study by this administration,” said Fattah. “That potential exists in H. R. 3759, the ‘Transform America Transaction Fee Act of 2004.’
For more information on the transaction fee, visit the ‘Tax Corner” at www.house.gov/fattah. |
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