Currently, the U.S. tax code is 55,000 pages long. It's over two million of credits, loop-holes and giveaways. It takes the average small business 37 hours to do their taxes. That's time and money they should be able to spend growing the business.
I believe the federal government should throw out the current system and adopt a much simpler, more stream-lined code.
That is why I am a co-sponsor and consistent supporter of the Fair-Tax, which would replace the current progressive income tax with a national sales tax. The benefit of the Fair-Tax is that it taxes most individuals at a lower rate than the income tax. It also only taxes the goods and services you purchase, encourages saving, and produces similar revenue to the current code, just in a much simpler manner. Most importantly, it would mean the end of the corrupt IRS that has been used as a political tool to intimidate businesses and individuals.