Senate Proceeding on Jul 29th, 2010 :: 5:19:50 to 5:23:50
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5:19:46 to 5:20:06( Edit History Discussion )

Ron Wyden: they could reinvest it. we reformed it, not just tinker about it, as you talked about the past congresses have done. mr. wyden: the other aspect of the recovery act that i think reaffirms this point with respect to the complexity is the internal revenue service puts

5:19:50 to 5:23:50( Edit History Discussion )
Speech By: Ron Wyden

5:20:07 to 5:20:30( Edit History Discussion )

Ron Wyden: out what they call their annual oops list. this is a list of the 10 most common mistakes made by taxpayers when filing. and the oops list released this past march included, for example, one of the principal credits in the recovery act becauseeople were simply unable to figure out how to make

5:20:31 to 5:20:52( Edit History Discussion )

Ron Wyden: it work on their 1040-ez form. so the tax code today is anything but an it is quite the opposite. and with respect to the complexity, this year individuals and businesses will spend 10.6 hours to comply with the code. if the tax compliance sector

5:20:53 to 5:21:14( Edit History Discussion )

Ron Wyden: were an industry, it would be one of the nation's largest, requiring 3.8 million people to get done that 7.6 billi and the cost of compliance is just jaw dropping. $200 billion a year, 15% of all the tax revenue the i.r.s. collects, you know, each year.

5:21:15 to 5:21:35( Edit History Discussion )

Ron Wyden: so the point of this is, we're at a fork in the road. of approach that a republican president, ronald reagan, and a nu talked about a quarter ago and move in and drain the swamp. democrats and republicans

5:21:36 to 5:21:56( Edit History Discussion )

Ron Wyden: together taking on these special interest groups that have hijacked the tax code or the congress can continue, as you said, senator begich, to just fiddling with one provision or another, making the tax coat even more -- more complicated, running what amounts to a full

5:21:57 to 5:22:18( Edit History Discussion )

Ron Wyden: employment program for tax, you know, preparers, or we can take steps that will make the code fairer and more pro growth. i also think it's worth noting that in the last round of tingerrings, -- tinkerings, for much of that period we had stig nant economic growth.

5:22:19 to 5:22:39( Edit History Discussion )

Ron Wyden: we -- stagnant economic growth. we weren't doing what was necessary for the middle class and promoting high high-wage jobs -- high skilled, high wage jobs. if you take wage for shipping jobs overseas, you can use that money to lower the cost of manufacturing in this country.

5:22:40 to 5:23:00( Edit History Discussion )

Ron Wyden: senator casey comes from state of pennsylvania. he's done terrific work, because i heard him on the floor talking about the importance of manufacturing. this is one of relating to the question of tax reform. right now there are tax breaks in the code that reward companies for closing operations and moving them overseas.

5:23:01 to 5:23:21( Edit History Discussion )

Ron Wyden: why wouldn't democrats and republicans want to go to simple system, as senator begich is talking about? that will be in the interest of fairness of all, but also one that is good-paying manufacturing jobs in pennsylvania and other parts of the country by taking a

5:23:22 to 5:23:42( Edit History Discussion )

Ron Wyden: the tax break for shipping the jobs overseas and use those dollars to hold down costs for manufacturing red, white, and blue here in the united states. so i'm -- i very much appreciate senator begich taking this time. he's been awfully kind to us. i appreciate the kind words

5:23:43 to 5:23:50( Edit History Discussion )

Ron Wyden: about the bill and having him on this. but i especially appreciate him outlining what this problem is all aut in terms of starting