FOR IMMEDIATE RELEASE
Wednesday, April 12, 2006

Isakson: Americans Deserve Real Tax Reform
Continues Pushing Bill to Overhaul Tax System, Co-Sponsors Bill to Protect Taxpayer Privacy

WASHINGTON – As millions of Americans finalize their tax returns this week, U.S. Senator Johnny Isakson (R-Ga.) reiterated his call for a complete overhaul of the U.S. tax code.                            

In January, Isakson introduced the Tax Code Termination Act, S.2182, which would repeal the U.S. tax code by 2008 and force Congress to vote to reauthorize it or replace it with a new system. A flat tax and a national sales tax must be among the options examined, under Isakson's legislation.                              

“Americans have been frustrated for another year by an outdated, 100-year-old tax code that has become a Rubik’s Cube of technicalities, complexities and carve outs,” Isakson said. “Our taxpayers deserve much better, but a simple ‘tweaking’ of the current tax code will not suffice any longer. Our tax code needs a complete overhaul.” 

The legislation would terminate the current tax code on December 31, 2008. To ensure a smooth transition to a new system, Congress must approve a new tax code by July 4, 2008. If a new system is not approved by July 4, 2008, Congress would be forced to vote to reauthorize the current tax code. 

Isakson also announced this week that he will co-sponsor legislation, S.2498, that will protect the privacy of taxpayers by preventing tax preparers from selling taxpayer information to third parties without the explicit consent of the taxpayer. The bill comes at the same time the Internal Revenue Service is proposing new regulations to tighten the rules governing the sale of taxpayer information.

“It is critical at a time when identity theft is growing more common that taxpayers know their personal and financial information is protected,” Isakson said. “This bill will give taxpayers assurance that their information is not being sold.”

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