Newsweek columnist Robert Samuelson paints quite an unfortunate picture of the current US tax code in this column. A few of the key points that Mr. Samuelson makes in this article are: (1) “compliance with the current tax code costs about $150 billion annually for taxpayers to comply, a figure roughly equal to all household spending on electricity ($121 billion in 2004); (2) the current tax code is so complicated that about 60 percent of taxpayers rely on professionals to do their returns; and (3) it creates perpetual uncertainty, because Congress constantly tinkers with tax provisions (since 1986, there have been 15,000 changes).... By making the tax system more confusing and less conducive to economic growth, it sows public cynicism and discontent.”
<< Home