Our current Tax Code totals more than 70,000 pages, making tax compliance unnecessarily complex, confusing and costly. During the past 10 years, there have been over 4,400 changes to the Tax Code, including an estimated 579 changes in 2010 alone.
By eliminating the thousands of tax loopholes, deductions, and credits that can often only be utilized with extensive tax planning and expensive advisers, hardworking Americans can rest assured that corporations with billions of dollars in profit and sophisticated taxpayers are not able to unfairly reduce or eliminate their tax liabilities and leave middle-class Americans footing the bill.
Such a bill is S. 820 the Smart, Manageable and Responsible Tax Act, referred to as the SMART Act. The SMART Act also reforms our corporate Tax Code.