King
Introduces Bill to
Protect
Taxpayers' Rights
WASHINGTON - U.S.
Congressman Steve King (IA-05) today introduced
legislation in Congress to protect the rights of
working American taxpayers.
The
Tax Code Termination Act would mandate
the replacement of the current income tax code with
a system that provides tax relief for working
Americans, protects the rights of taxpayers and
reduces tax collection abuses, eliminates the bias
against savings and investment, promotes economic
growth and job creation and does not penalize
marriage or families.
The bill would sunset
the current 66,000 page tax code on December 31,
2010 and would require that a new system be in place
by July 4, 2010.
"Our current tax code
is fodder for late-night comedy. It's rife with
loopholes and special exemptions for those well
connected industries, companies, and individuals who
are able to negotiate special preferences," said
King. "I say let's put the power back in the hands
of hard-working Americans, and replace our current
broken system with a more simple and fair system."
"For too long
Americans have been forced to pursue the American
Dream under a system of taxation that punishes
productivity. It is time that we return to the
drawing board to establish a new process of federal
taxation that will unleash the full productive
capacity of the American people and our economy,"
added King.
