Appropriate Time To Discuss The High Costs of a Terrible Tax Code

[OKTexas]

In a new Mercatus Center study, "The Hidden Costs of Tax Compliance," we document the costs and implications of the grossly complex U.S. tax system.

The Treasury forgoes approximately $450 billion per year in unreported taxes. Worse, Americans face up to nearly $1 trillion annually in hidden tax-compliance costs. And according to the IRS, taxpayers spent more than six billion hours in 2011 complying with the tax code – that's enough to create an annual workforce of 3.4 million people. If that workforce was a city, it would be the third largest city in the United States. If that workforce was a company, it would employ more individuals than Walmart, IBM, and McDonalds, combined.

https://www.usnews.com/opinion/blog.../05/28/the-complex-tax-code-hurts-the-economy

The problem, this has gotten much more expensive since this article was written.

We find that for those filing their personal income taxes on 15 April 2014, they must comply with the terms of a tax code that takes 73,954 pages to explain. To tax professionals.

- 2014: How Many Pages in the U.S. Tax Code?

On top of the typical compliance costs, tax preparers are now giving instant refunds to the poor and middle class for additional fees of course.

Discuss



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[EverCurious]

Not much to add cause the US tax code is such a damned mess, but I hear President Trump is on the job to fix it. I hope he does cause it's rediculious how long it takes to do ones taxes right.

 

[Old Rocks]

Fine, if that is what you really want. A simpler, fairer tax system would benefit all. However, every tax system in the last 30 years that the GOP has submitted has simply been for the benefit of the very wealthy, and the detriment of the working citizens of this nation.

 

[Missouri_Mike]

A flat tax is all we need. I got the joy of filing in three states this year, that was awesome. Not sure how to fix that but the feds should be a flat percentage.

 

[Old Rocks]

Not much to add cause the US tax code is such a damned mess, but I hear President Trump is on the job to fix it. I hope he does cause it's rediculious how long it takes to do ones taxes right.

Well, if TrumpCare is an example, I don't think looking to that quarter for a simple and fair tax system would be wise.

 

[Old Rocks]

A flat tax is all we need. I got the joy of filing in three states this year, that was awesome. Not sure how to fix that but the feds should be a flat percentage.

So you say. I don't think you are in the majority.

 

[DarkFury]

A flat tax is all we need. I got the joy of filing in three states this year, that was awesome. Not sure how to fix that but the feds should be a flat percentage.

So you say. I don't think you are in the majority.

I payed taxes in two countries last year and the issue is more common then you think.

 

[OKTexas]

Fine, if that is what you really want. A simpler, fairer tax system would benefit all. However, every tax system in the last 30 years that the GOP has submitted has simply been for the benefit of the very wealthy, and the detriment of the working citizens of this nation.

Really, seems to me the ones that are getting more money than they paid in are the ones that have the advantage.

 

[Mousterian]

Really, seems to me the ones that are getting more money than they paid in are the ones that have the advantage.

Well, hell, Tex, why don't you join them? Or maybe you already are one of them?

 

[OKTexas]

Really, seems to me the ones that are getting more money than they paid in are the ones that have the advantage.

Well, hell, Tex, why don't you join them? Or maybe you already are one of them?

I've been keeping you tax mooches taxes down all my working life, no reason to change now.

 

[Timmy]

Everyone has their hand in the cookie jar.

Even flat tax freaks still carve out write offs .

 

[task0778]

It isn't just the costs of compliance, it's also the tax breaks, credits, and deductions for the well connected or special interests. It is unconscionable that a major multi-national corporation pays no tax at all, that is total BS.