Tax Panel Told Tax Code Burdens Small Business

WASHINGTON -- Complicated U.S. tax rules burden and distract small businesses, but the government makes matters worse by constantly changing or updating them, experts on Tuesday told a panel seeking to simplify the tax code, Reuters reported.

“Small businesses and self-employed taxpayers, in particular, are burdened by the complexity of our tax code and bear a substantial proportion of the $125 billion in compliance costs,'' former Florida Republican Sen. Connie Mack said in a statement prepared for delivery at a meeting of the panel in Tampa, Florida.

The administration made Mack's statement and other testimony available in Washington. Mack co-chairs the panel.

President Bush formed the group to propose ways to simplify the U.S. tax system and make it more conducive to economic growth. The panel has until July 31 to produce recommendations.

-- NYSSCPA.org News Staff

Posted on 3/8/05