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Taxpayers spent more than $6.2 billion merely to fill out 2001 tax forms. Tax compliance costs total $200 billion a year. Federal tax rules fill 50,000 pages, with 7,000 changes since 1986. Deadweight costs from double and triple taxation of savings and investment are hundreds of billions. Onerous U.S. taxes on business destroy U.S. jobs by putting American companies at a severe international disadvantage. Half of Americans have little apparent personal stake in controlling income taxes because they are not directly subject to income taxes—although the indirect effects of high marginal rates inflict disproportional harm on lower-income Americans.
The Tax Reform Subcommittee is working with Members, the committees of jurisdiction, and the executive branch to conduct a comprehensive review of the manner by which taxpayers are asked to finance the operations of the federal government. The subcommittee will identify areas of current law that are overly complex, detrimental to economic growth or impose unacceptable burdens on taxpayers and formulate solutions to these problems. The subcommittee’s long-term goal is to reinvent the means by which the federal government is financed.
For activities of Chairman Hulshof's Policy Subcommittee in the 107th Congress, see the archives.
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| NEWS |
Hulshof Announces Tax Reform Subcommittee Meeting On International Taxation
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Chairman Hulshof, Policy Committee Meet with Treasury Secretary on Tax Relief
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| Policy Committee Meets with Treasury Secretary on Tax Relief More... |
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| Hulshof Supports Package to Create Jobs and Economic Growth More... |
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| ABOUT THE COMMITTEE |
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In the 107th Congress, the Committee was known as the Subcommittee on Retirement Security, Capital Markets, and Tax Policy. It continues to hold the same jurisdiction, but with a focus on tax reform. That jurisdiction includes: tax policy; public debt; capital markets; banks and banking; insurance; securities and commodities exchanges; real estate; Social Security and activities of the Social Security Administration; economic policy; international trade; labor law and policy; activities of the Department of Labor and the National Labor Relations Board; activities of the Department of Treasury; activities of the Securities and Exchange Commission and the Commodity Futures Trading Commission; activities of the Federal Reserve System.
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