Tuesday, April 18th is quickly approaching and if you’re anything like thousands of other Oklahomans, you’re dreading the day. It’s Tax Day – the day your taxes are due to the federal government
Each year, Oklahomans spend countless hours, time, money, and resources to file our taxes. We might purchase expensive software to help us do it ourselves. We might hire costly accountants to file our taxes on our behalf. We look for tax advice and tips wherever we can find it. The unfortunate reality is that filing taxes for the Internal Revenue Service (IRS) is stressful and overwhelming.
Today’s tax code was created more than 30 years ago and is more than 70,000 pages long. It’s so complicated that not even professionals know all of the ins and outs. It allows individuals to take advantage of the system and find unintended loopholes. Our tax code is a downright mess and Oklahomans deserve better.
What if I told you that you could file your taxes on a form the size of a postcard? Would you consider that better, easier, and simpler?
House Republicans think so. That’s why we’ve drafted a plan that doesn’t favor the IRS, but instead favors the taxpayer. Our plan opens the door to new jobs, establishes more accountability in the IRS, and creates opportunities for savings for Oklahomans.
By creating a federal tax code that limits the heavy burden on job creators, employers are able to hire new workers and invest in the people in their communities. After all, our tax code shouldn’t be a job killer. It should be fair, simple, and the reason people call our nation business-friendly. We want to provide lower tax rates for everyone across the board and broaden the base to lessen the tax burden on our middle class.
The IRS should be held accountable for their outrageous actions and intimidation tactics. In our plan, the IRS will put the taxpayer first and serve their needs above the IRS’s individual goals – including removing the politics from the IRS. If we modernize the tax code and make the rules and regulations the IRS has to follow simpler, we can make sure the bureaucracy abides by the tax code lawfully.
We want to help Oklahomans maximize their savings. Today, when Oklahomans invest saved funds outside of a retirement fund, they are taxed twice. First, on the wages they earn and second, on their dividends and capital gains. Our plan simplifies the current plan to allow families to deduct a higher percentage from their dividends and allow them to keep more of their earnings from investments.
It’s time to bring our tax code into the 21st century. The future of tax reform includes fewer pages of complex tax code, a simpler IRS that follows a simpler code, and most importantly, a tax code built with taxpayers in mind. Our economy has changed drastically in the last 30 years and we should have a tax code that reflects that. It’s our goal to deliver a tax code to match our nation’s economic growth, pro-business culture, and modern day standards – while always putting the taxpayer first.