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McCook Gazette

Smith: To meet world's challenges, US economy has to be enhanced

Thursday, September 4, 2014
U.S. Rep. Adrian Smith visiting the Gazette offices Wednesday. (Bruce Crosby/McCook Gazette)

McCOOK, Neb. -- The key to meeting challenges on the world stage is to enhance our own economy, U.S. Rep. Adrian Smith told the Gazette Wednesday.

Issues such as ISIS-ISIL, Syria, Ukraine and Gaza "are very heavy on my mind," he said, including the latest video showing the gruesome execution of a U.S. journalist.

"We need to keep all our options on the table," Smith said, faulting President Obama for indicating otherwise. "That doesn't mean you have to use all the options available," but need to take a stronger, more strategic stance.

On the Keystone XL, he joked that one rancher was opposed to the proposed route through northeast Nebraska, saying he wished it were going to cut across his land.

Nebraska's energy options are handicapped by the inability of public power districts to take tax credits, but on issues like wind energy, something needs to be done to make the math work out.

To help strengthen the economy, Smith, a member of the Ways and Means Committee, hopes to advance a tax code that is flatter with a lower rate.

Americans pay $168 billion each year just to calculate their tax liability, he said, which could easily by saved by tax reform.

Sixty percent of tax filers use the standard deduction, and 40 percent itemize, he said. A current proposal would result in some 95 percent of filers taking the standard deduction, thereby reducing costs associated with filing.

"It's not as good as a flat tax or a fair tax," he said, but it would be a vast improvement over the current system, which is favored, in its entirety, by no one.

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  • Representative Smith,

    I have to question your statement that Americans pay $168 billion each year just to calculate their tax liability.

    I believe your stated costs are based on a report by the IRS National Taxpayer Advocate. The costs were based on the total number of copies of each form filed - multiplied by the hours required to fill out the forms - and then multiplied by the average hourly cost of a civilian employee ($29.72).

    Part of the time allocation included gathering receipts and reading the rules. For most individuals this is done in their spare time - just as hunting regulations, driving regulations, Public Notices, etc. are done.

    Your stated dollar amount can only be achieved if every taxpayer submitting a form pays the hourly rate of $29.72 out of pocket for preparation.

    If you really wanted to ease the tax burden on our citizens you would be working to close the offshore tax havens. The loss of that tax revenue puts a greater burden on our small business industry.

    http://www.washingtonpost.com/blogs/fact-checker/post/claims-about-the-cost-and-...

    -- Posted by Geezer on Fri, Sep 5, 2014, at 5:40 PM
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