America needs tax reform. But every attempt to fix it makes it worse. With government in charge of health care, new taxing regulations are being added on a daily basis. Soon the tax code will total 100,000 pages.
The income tax system is more than 90 years old, but we still don’t have a logical definition of “income.” Some interest is taxed, some not. Dividends are double-taxed. Tax credits provide refunds for low-wage earners who don’t pay taxes. More than 500 special interest rules generate massive deductions, exemptions and refunds.
The IRS even regulates savings (401Ks, education IRAs/deductible/non-deductible). Why do we need such complexity when families know that saving for retirement and big-ticket items should be as simple as putting the money in the bank?
American taxpayers say, “Abolish the IRS.” The bureaucracy is too bloated and corrupted. Eliminate the entire code and start from scratch. Create a simple, equitable system to fund the federal government.
Americans realize there is something inherently wrong when the people who have the power to put us in jail for not paying taxes also have the capability to squander our tax dollars on themselves. The federal government was created to work for us, not the other way around.