Is GOP Tax Reform Plan the Answer to Our Economic Woes?

WASHINGTON -- The U.S. economy may not be growing very strong, but the length of the American tax code seems to be.

Rep. Kevin Brady, R-Texas, chairman of the House Ways and Means Committee, talks more about the Republican plan for simplifying the tax code. Watch above.

The complicated code is difficult to comply with and it includes one of the highest business taxes among major countries.

Experts argue that the government could solve both problems at once by reforming the almost 75,000-page federal tax code. They say a newer, streamlined tax system could help the economy bounce back and create more jobs.

"The current U.S. tax code is written like it was produced by our economic adversaries who are trying to undermine our economy; it works against America," Stephen Moore, a distinguished visiting fellow at The Heritage Foundation, explained. "We tax what we produce in this country. We don't tax what we import from other countries, just exactly the opposite of what all other countries do."

Moore, an economic adviser for the Trump campaign, says it's time to get rid of all the junk in the tax system.

"Make it really simple, have a postcard tax return. How much did you make? Pay a certain percentage of that. Maybe an allowance for how many kids you have and how big your family is. You know, all this stuff that you got…tax breaks for investing in wind mills and bull sperm and all this other stuff, why don't we just get rid of that?" Moore challenged.

Now, House Republicans have developed a tax reform plan they say will make the tax code simpler and strengthen the economy.

Moore believes that with a better tax code, the economy could grow to 3 or 4 percent a year, far more than the 1 to 2 percent under President Barack Obama.

He says that would add millions of jobs to the market and lead to higher paychecks.