America's tax code is a burden on our shoulders.
Reasons:
-We have the highest corporate tax rate. Which are most harmful to economic growth according to OCED. A lower and competitive rate will make America more attractive for companies to be headquartered here.
-Our current tax code is a breeding ground for crony capitalism.Creating unfair advantages for big businesses.
-The cost of compliance is too high. An estimated 6 billion hours is spent complying. Equivalent to an annual workforce of 3.4 million. If it was a city it would surpass Chicago as the 3rd largest city.
-Everyday the tax code is getting more and more complex.
We need a new tax code that with a simple structure while still being effective. A flat tax or a value added tax should be replace our current federal tax code.