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Read. Follow. Verify.House Subcommittee Hearing on Tax Reform Needs
Record date · January 1, 2017
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What This Bill Does
The House Subcommittee on Tax Policy held a hearing on May 25, 2016, to discuss the economic arguments for reforming the U.S. tax system. Lawmakers and expert witnesses examined how current tax laws impact economic growth, business competitiveness, and the administrative burden on taxpayers.
This hearing served as a formal legislative step to build the case for future changes to federal tax laws, which could ultimately alter tax rates and filing requirements for all American families and businesses.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
American taxpayers
Taxpayers are subject to the compliance costs and tax rates discussed in the hearing.
U.S. businesses
Businesses are subject to corporate tax rates and international tax rules that the subcommittee is evaluating for reform.
Key Facts
- The hearing took place on May 25, 2016, in the Longworth House Office Building.
- Real GDP growth since 2009 has averaged 1.8 percent, compared to a 3.5 percent pre-recession average.
- The Congressional Budget Office (CBO) projects future potential economic growth at 2 percent.
- The U.S. currently maintains one of the highest corporate tax rates among industrialized nations.
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- The U.S. Tax Code contains approximately 2.4 million words.
- Tax regulations contain roughly 7.7 million words.
- Taxpayers spend over $31 billion annually on tax preparation software and professional services.
Frequently Asked Questions
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News Coverage
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Votes, people, money & the original sourceFull breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Focus on Compliance Costs
The committee placed significant emphasis on the $31 billion annual cost of tax compliance as a primary driver for reform, rather than just tax rates.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance60How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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