The political ramblings of a Gen X musician who may be humanity's last hope.....
Tuesday, April 13, 2010
Taxes and you: No chance of success
In an evil genius move, the federal government has made doing your taxes a no win proposition. The tax code is impossible to understand, even for professionals, leaving you at the mercy of your government. Making laws in which you can not obey if you wanted to, gives the federal government an amount of power that would chill our founders fathers. Add the cost of taxes on your income, time, and stress level and its a frightening prospect come each April.
Watch this video to get a sense of some of the subtler costs of the tax code.
As Americans rush to tax accountants and preparation firms this week to finalize their tax returns, it’s a good time to consider the costs of compliance. The Center for Freedom and Prosperity offers a new entry in its Econ 101 video series that details these costs, not just on paying third parties for preparation but the systemic cost to the economy each year. What are these costs? Consider the 7.6 billion man-hours needed for federal tax compliance, which equates to 3.8 million full-time jobs. Tax compliance is one of the largest industries in the US.
What has this administration done to correct this? They will add thousands of more IRS employees to do to health care what they’ve already done to tax compliance.