Singing the Tax Code Simplification Blues

The Treasury Department report says it all: Americans spend roughly 7 billion hours a year to comply with the tax code. Individual taxpayers spend an estimated 3.55 billion hours working on taxes. Individuals spend about $27 billion on tax software or outside tax preparation services. 90% of American households use some sort of professional tax preparation service. The instruction booklet for Form 1040 is now 155 pages in length. And they wonder why President Obama’s Treasury Secretary nominee, Timothy F. Geithner, had problems filing his taxes! The Case for Tax Simplification Consider the amount of time and money the American people would save, year in and year out, by reducing the US Tax Code to something that your grandmother could understand. That ought to be the standard: If granny doesn’t get it, go back and do it again. True, this would be a blow to the burgeoning tax preparation i... [Read Full Article]