Paul at TaxProf Blog pointed to the Tax Code Termination Act, a new piece of legislation that boldly declares: "No tax shall be imposed by the Internal Revenue Code of 1986 for any taxable year beginning after December 31, 2009." In addition, the proposal states, "The Congress hereby declares that any new Federal tax system should be a simple and fair system that (1) applies a low rate to all Americans, (2) provides tax relief for working Americans, (3) protects the rights of taxpayers and reduces tax collection abuses, (4) eliminates the bias against savings and investment, (5) promotes economic growth and job creation, and (6) does not penalize marriage or families."

This is not the first time such an act has been proposed, and while it has all of the markings of a publicity stunt -- other than the fact that it has gotten almost no press -- I like it. As vigilant readers of this blog will know, I despise the complexity of the current tax code. As if on cue, today Paul provided an excellent example of why we need a new tax code.

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