"We commend lawmakers for signaling that tax reform will be a top priority in the next Congress," Annette Nellen, the committee chair, said in a prepared statement. Nellen, who had served as the committee's vice chair, moved into her position in October.
The committee also urged Congress to simplify or repeal "Kiddie Tax" provisions for calculating the tax on unearned income of a child, and to simplify retirement savings plans for individuals, those provided by employers and those plans for self-employed individuals.
It also called for a reduction of taxes on corporations and other forms of business and the preservation of the cash method of accounting for tax purposes and eliminating "temporary provisions that cause tremendous uncertainty for taxpayers".
Some general recommendations included following principles of good tax policy including equity, simplicity, minimum tax gap, transparency and economic growth and efficiency and harmonizing and simplifying education-related tax provisions. The committee also recommends making adjustments via the tax rate schedule to promote transparency and avoiding phase-ins and phase-outs wherever possible.
The committee urged a focus on improvement of the Internal Revenue Service experience for taxpayers and tax preparers by utilizing modern and secure technology, hiring and training knowledgeable employees, "and seeking and utilizing stakeholder engagement."Last modified on Tuesday, 29 November 2016