DeMint introduces bill to rewrite federal tax code

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His bill would create an expert panel to find a simpler and more transparent alternative within two years to bring before Congress for a vote.

The Greenville Republican's tax reform legislation failed in the previous Congress.

"One of the biggest job killers in America is our complex and antiquated federal tax code that significantly increases the cost of doing business," DeMint said. "As we work to compete globally, we are handicapping ourselves locally."

DeMint is seeking to replace South Carolina Democratic Sen. Ernest "Fritz" Hollings, who's retiring next year.

DeMint, who's sponsoring the bill with Rep. Ralph Hall, D-Texas, cited a General Accounting Office estimate that the government loses some $200 billion each year because people fail to comply with the tax code.

The Internal Revenue Service will spend about $10 billion this year to administer the code and find tax cheats, an expense that could come down if the code were simplified.

"It is critical that we in Congress do everything we can to make our government run more efficiently," Hall said.

A host of tax-reform and business groups support the proposal, which has 40 co-sponsors.