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Obama Creates Panel to Reform Tax Code


An alert activist just sent us this story from Bloomberg.

President Barack Obama is putting former Federal Reserve Chairman Paul Volcker in charge of a tax-code review aimed at closing loopholes, streamlining the law and generating revenue, budget Director Peter Orszag said.

FreedomWorks has a simple hint: Scrap the Code. Sign the petition for real tax reform.

Here's our Top 10 reasons we need to scrap the code:

1. The code is too complex.

2. The code is beyond comprehension.  If our Treasury Secretary can't figure it out, who can?

3. The IRS is too big.

4. The code corrupts the culture in Washington, DC.

5. The code taxes some income two or more times.

6. Congress uses the tax code to legislate morality.

7. High marginal tax rates penalize success.

8. Complying with the code costs Americans billions.

9. The code drives political donations.

10. Laws should rest on principles of justice.