In an editorial for CNN, Hatch says "Taxmageddon" will raise taxes on all segments of the economy, and the only way to fix things is a fundamental change to the tax system.
What does fundamental tax reform look like?
It means lower marginal income tax rates that would lead to more hiring, greater capital formation, better returns on our investments and a stronger economy.
A simpler tax code means that many of the resources currently poured into complying with the tax laws could be put to other uses -- investing in new businesses, paying for our children's education, and giving money to charitable causes, to name a few.
This is not a time for political games, divisiveness and vilifying business and industry. Businesses continue to sit on the sidelines because they don't know what Washington is about to throw at them. The uncertainty is holding them back, and it's stifling our economy.