A Nebraska Congressman says the looming income tax deadline should be enough to convince Americans it is time to reform the tax system.
Time is running out to get that 2015 income tax return filed. The deadline for federal and state tax returns to be filed is Monday, April 18th this year.
Congressman Adrian Smith says all those fees individuals and businesses pay to accounting firms to file income taxes should indicate something.
“Now, our current tax code is so complicated it makes it easier to cheat and harder and more expensive to comply,” Smith tells Kevin Thomas, host of Drive Time Lincoln on Nebraska Radio Network affiliate KLIN. “You take the cost of compliance, which is separate from the actual tax liability, you take the cost of compliance to our economy, last year it was like $168 billion every year.”
Smith says he’s willing to consider a wide-range of options to reform the federal tax system, including the fair tax, a consumption tax, and a flat income tax. Smith says the federal tax code needs to be flattened.
Smith calls it a big bill which needs to be thoroughly vetted prior to debate in Congress.
Smith, Republican, serves on the House Ways and Means Committee, the tax writing committee in Congress.
Click here to go to the IRS website.
AUDIO: Brent Martin reports [:45]