By Michael J. Graetz
To so much american citizens, the USA tax code has turn into an unlimited and confounding puzzle. In 1940, the directions to the shape 1040 have been approximately 4 pages lengthy. at the present time they've got ballooned to greater than 100 pages, and the shape itself comprises greater than ten schedules and twenty worksheets. the full tax code totals approximately 2.8 million words—about 4 instances the size of conflict and Peace. during this interesting booklet, Michael Graetz keeps that our tax code has turn into a tangle of loopholes, forms, and inconsistencies—a great social application that fails exams of simplicity and equity. extra vital, our tax procedure has did not preserve velocity with the altering economic climate, growing burdens and wastes of assets that weigh our state down.
Graetz bargains an answer. think an international during which so much americans pay no source of revenue tax in any respect, and those that do take pleasure in a much less complicated tax process—all this with no reducing executive sales or removal key incentives for employer-sponsored overall healthiness care plans and pensions. As Graetz adeptly and obviously describes, this global is inside our snatch.
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Additional info for 100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction
Rarely have politicians had such a ready target. Who wants to stand up for the tax collector? No one. So promises to abolish the IRS are commonplace. Boortz and Linder’s best-selling FairTax Book shouts the end of the IRS from its cover. “Scrap the Code” T-shirts were festooned with the same “No IRS” logo. John Linder advised George W. Bush that he should run for reelection in 2004 by railing against the IRS. “Take the focus oﬀ Iraq and attack the Internal Revenue Service,” advised Linder. Steve Forbes had tried this, in 1992 running for president principally on his ﬂat- 40 Why We Need Tax Reform tax plan (which received more support from the electorate than he did), claiming that the “IRS [would] be RIP” if only he were elected.
One of the complainants, Katherine Lund Hicks, a California bank employee, described a ten-year saga of IRS computer screwups, liens, levies, audits, and compounding interest and penalties that she claimed led to her divorce and bankruptcy. “Our lives are now forever altered,” she said. “We will pay additional taxes every year as a result. Our conﬁdence in the integrity of the IRS has been completely shattered. . My credit is completely destroyed, and my husband’s credit is seriously damaged.
6 trillion to nearly $10 trillion during the George W. Bush presidency. And since the government must pay interest on its borrowings, a dollar of federal debt ultimately requires more than a dollar of additional taxes. But these taxes are shunted oﬀ onto future generations who currently neither vote nor make political contribu- 20 Why We Need Tax Reform tions. The fact that tax cuts have failed to curb government spending has not, however, dampened the enthusiasm of the “starve the beast” crowd for tax cuts.
100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction by Michael J. Graetz