The Hill News

With Tax Day falling on April 18 this year, Americans got a three day extension to file their income taxes. They needed it.

The United States Tax Code has never been more complex and time-consuming. Since the 1986 tax reform law went into effect, the number of tax expenditures â€" the various deductions, credits, exclusions and other special rules in the tax code â€" has risen dramatically. We now give back in tax expenditures almost $1.1 trillion of the $2.3 trillion the federal government raises in revenues each year. The result is larger deficits and rates that are too high.

Instead of promoting economic growth and competitiveness, our current code provides special treatment to special interests and presents individuals and businesses with preferential economic incentives instead of a level playing field. And almost all tax breaks such as deductions and credits create market distortions. In short, the current income tax is fundamentally unfair, ! far too complex, and long overdue for sweeping reform.

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