October 10, 2006
For immediate release
Media contact: Brian Phillips (202) 464-5102
Washington D.C.—America's tax system is too complex and imposes a significant compliance cost on the economy according to Dr. Robert Carroll, Deputy Assistant Secretary for Tax Analysis at the Treasury Department. (Full interview at http://www.taxfoundation.org/podcast/show/1915.html.)
"Those compliance costs, the IRS estimates, total up to about $140 billion dollars a year spread between both individuals and businesses," he said.
Carroll discussed the principles of business tax reform in an interview with Tax Foundation President Scott Hodge in the foundation’s most recent Tax Policy Podcast.
"The tax system should raise revenue with the least interference in household and business decision making," he said. It needs to change with the global economy "to maintain the competitiveness of the United States."
Carroll argued that fundamental tax reform would include a broad base and low tax rates, encourage saving, and treat "similarly situated taxpayers" equally.
"The United States is increasingly linked to a world economy," he said. "Like all firms, multinational firms have to choose how much and where to invest and the tax system is very important to those decisions."
The interview is Number 10 in the Tax Foundation’s podcast series. It’s available online at http://www.taxfoundation.org/podcast/show/1915.html.
The Foundation publishes a podcast each Tuesday, featuring an interview that sheds light on the nation’s tax system. Best known for its annual calculation of Tax Freedom Day®, the Tax Foundation is a nonpartisan, nonprofit organization that has monitored fiscal policy at the federal, state and local levels since 1937.
For media inquires please call Brian Phillips at 202.464.5102.
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