No matter how we look at it, the federal tax deadline always seems to come with some kind of disdain having to deal with the possibly having to pay more in taxes. In addition, lets not forget the burdensome tax code that many have grown to highly dislike.
Here are the tax facts he shared:
- The US now has the highest corporate tax rate in the world – the opposite of competitive. We need tax reform for jobs and for American families
- 3/5 of Americans think we’re overtaxed
- Our tax code is so dense, the IRS has almost 100,000 employees. South Carolina only has 2 CITIES bigger than that.
- Americans spend 8 BILLION hours a year doing their taxes. Simpler tax code = less time wasted.
- There are more than 1,100 forms and instructional booklets from the IRS to determine one’s tax liability.
- Americans pay $35 billion out of pocket for assistance in filing their taxes.
- In the past ten years, there have been 4,428 changes to the tax code. There are only 3,653 days in 10 years.
- Did u know the instruction booklet for the most-commonly used individual form (1040) is 189 pages long?
- The US ranks 62nd in the world in terms of how easy it is to actually pay our taxes.
- A recent Heritage Foundation study shows lowering our corporate tax rate to 25% would create 581,000 jobs a year for the next decade.
- The average American pays $160/year to prepare tax returns. What could you do with an extra $160?
- This year, 100% of what the average American earns from January 1 to April 17 will go to pay federal, state, and local taxes.
- The IRS accounts for nearly 80% of the federal government’s entire paperwork load imposed on citizens.
- In honor of Tax Day – the IRS said in 2008 the Tax Code is so long its “become challenging” to even know how long it is.
Everyone either falls into two categories about this subject. Simply, an individual supports getting the least government involvement (small government conservatives) in our lives through tax code or increased government involvement (progressives etc) through the tax code.
The ideological split comes down to a single linchpin: small government supporters belief in governments role as a referee in a free market capitalistic environment – allowing a governments citizens comes up with ideas, solutions, services and products on their own to reap the positive or negative results. While, on the other hand, versus the idea that government is not a referee but the biggest and most important player in getting progress accomplished.
In regard to this information, Tim Scott stated that “[t]rue tax reform is something we must move towards, as our current convoluted and complicated system is hurting American families. A flatter, simpler tax code is necessary to make sure a prosperous future for our children and grandchildren.”
Do you agree with Representative Tim Scott? And what are your tax reform ideas?
- Washington needs to reform the tax code, not raise taxes (thehill.com)
- Tax Day: How easy filing makes the tax code complicated (csmonitor.com)
- Rep Allen West Statement “If you decide that your future includes 4 more years of Barack Hussein Obama (allenwestrepublic.wordpress.com)
- Burman on the Buffett Rule (taxprof.typepad.com)
- Here’s why government spending is worse than you think (bangordailynews.com)
- TurboTax – What are Tax Codes? (turbotax.intuit.com)
- How big is the tax code, 2012 version (dontmesswithtaxes.typepad.com)
- Tax Day 2012 – Have you filed your return yet? (englishwithdickandjane.wordpress.com)
- Tax Exceptionalism and Tax Reform (taxprof.typepad.com)
- Zakaria: America needs a 2-page tax code (globalpublicsquare.blogs.cnn.com)
- Will President Obama’s Views on Tax Reform Also ‘Evolve’? (taxprof.typepad.com)