On Tax Reforms

By Vijay Kumar

THE President added,

The tax code also places a substantial compliance burden on taxpayers. For instance, taxpayers filing Form 1040 spent an average of 21 hours preparing their returns and most taxpayers - about 60 percent - find themselves paying tax preparers to fill out their returns.

We have not had a comprehensive reform of our tax code in a generation. The last time we had one, the Internet was a small tool used by researchers, the Euro did not exist, and global supply chains and commerce were far less developed.

The time has come for tax reform to modernize our tax code, make it fairer, and to reduce its complexity.

Congress should enact comprehensive tax reform that will make our tax code simpler, fairer, and more efficient.