Finally Isakson speaks. It's about time us Gerogians heard his voice. I'm behind him 100%.
You have contacted me in the past regarding your interest in fundamental reform of our tax code. I wanted to keep you updated on the steps I am taking to ensure that this reform takes place.
The tax code is a source of anxiety and frustration for many Americans, and I believe that the time has come to pursue fundamental changes to our tax system. To that end, I have introduced legislation calling on Congress to repeal or replace the Internal Revenue Code of 1896. Reforming the tax code is an obligation that those of us in Washington owe to future generations of Americans, and this bill will ensure that the debate in Washington on reform is more than just talk.
My Tax Code Termination Act creates a Commission that would require a thorough review of the structure and provisions of our current tax code, including exploring options for replacing the current system with a flat income tax or a national sales tax. It is critical that any fundamental tax reform be as seamless as possible by providing a transition plan. Therefore, another priority of the Commission would be to examine the costs that any transition would have on American citizens, businesses, and government. This bill requires that any new federal tax system be approved by Congress before July 4, 2008. If that fails to happen, Congress would be required to vote to reauthorize the current tax code.
In the meantime, Congress must work to make the President's tax cuts permanent. President Bush's tax relief package has reduced taxes for everyone who pays income taxes, eliminated the death tax and marriage penalty tax, and increased the child tax credit. We must work tirelessly to make these tax cuts permanent. Additionally, I have voted for and support making permanent the estate tax, marriage tax penalty relief, the new 10 percent income tax bracket, and the Alternative Minimum Tax relief provisions. Additionally, I support the permanent extension of the Child Tax Credit provisions and of the reduced tax rate set in 2003 for capital gains and dividend income.
Please feel free to visit my website at www.isakson.senate.gov to find more information about my bill or other issues that are important to you. I hope you will not hesitate to call on me in the future if I can be of assistance to you.
Sincerely,
Johnny Isakson
United States Senator