As of 2001, the American tax code contained nearly 1.7 million words which is nearly 380 times the number of words in the U.S. Constitution.  The fact is our current tax system has spiraled out of control. Virginians simply trying to follow the letter of the law when filing their federal tax returns are confronted with a 17,000-page monstrosity known as the Internal Revenue Code.  The current federal tax code is broken beyond repair and it is obvious that tax reform is absolutely necessary. However, efforts to reform the tax code have all stalled.

At a time when Americans devote a total of 7.4 billion hours each year to comply with the tax code, we need tax simplification.  For this reason, I have introduced the Tax Code Termination Act. This bipartisan legislation is quite simple.  It will repeal the entire tax code, except portions that deal with Social Security and Medicare by December 31, 2010, and calls on Congress to approve a new Federal tax system by July of the same year.

With three out of five Americans using a paid tax preparer, everyone can agree that the current tax system is broken, and keeping it is not in America’s best interest.  While many questions remain about the best way to reform our tax system, the Tax Code Termination Act takes the important first step by forcing Congress to address this critical issue.  Americans spend over $200 billion each year just to comply with our complicated tax code.  The only way to solve this problem is to fully confront it and abolish the current tax code.

Whichever tax system is adopted, the key ingredients should be: a low rate for all Americans; tax relief for working people; protection of the rights of taxpayers and reduction in tax collection abuses; promotion of savings and investment; and encouragement of economic growth and job creation. Taxes may be unavoidable but they don't have to be unfair and overcomplicated.

Just like other programs that require reauthorization, the tax code must be reviewed to examine whether it is fulfilling its intended purpose and then Congress must make what changes are necessary.

Today’s tax code is unfair, discourages savings and investment, and is impossibly complex.  We can all agree that the current tax system is broken, and keeping it is not in America’s best interest.  Whatever form the new federal tax system takes, it should be a simpler, fairer, and less burdensome tax code which will ultimately benefit not only the national economy but the citizens who make America the greatest nation on Earth.