Imagine the U.S. economy is a car driving down a highway. Our goal as a nation is to keep one foot planted on the gas pedal, avoid any dangers in our way, and head straight down the road to recovery and growth.
In this scenario, however, the U.S. tax code acts like a wheel out of alignment, slowly pulling the car further and further off track. It has become too complex and confusing, and the problem will not go away on its own. In fact, if left unaddressed, it will only get worse with time.
The Senate Finance and House Ways and Means Committees have held more than 50 hearings combined, examining every aspect of tax reform. These hearings have drilled down to consider issues like how the tax code affects families, how it distorts businesses’ decisions and hampers growth, and how it influences the nation’s financial system.