By Michael J. Graetz
To so much americans, the us tax code has turn into an enormous and confounding puzzle. In 1940, the directions to the shape 1040 have been approximately 4 pages lengthy. this day they've got ballooned to greater than 100 pages, and the shape itself comprises greater than ten schedules and twenty worksheets. the entire tax code totals approximately 2.8 million words—about 4 instances the size of struggle and Peace. during this exciting ebook, Michael Graetz continues that our tax code has turn into a tangle of loopholes, forms, and inconsistencies—a big social software that fails checks of simplicity and equity. extra vital, our tax process has didn't hold speed with the altering economic climate, growing burdens and wastes of assets that weigh our country down.
Graetz deals an answer. think a global during which such a lot americans pay no source of revenue tax in any respect, and people who do take pleasure in a miles easier tax process—all this with out lowering executive sales or removal key incentives for employer-sponsored health and wellbeing care plans and pensions. As Graetz adeptly and obviously describes, this international is inside of our clutch.
Read or Download 100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction PDF
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Additional resources for 100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction
Today, no matter what their income, Americans confront extraordinary complexity in ﬁling their taxes. In 1940 the instructions to Form 1040 were about four pages long. Today the instruction booklet spans more than one hundred pages, and the form itself has more than ten schedules and twenty worksheets. 4 million words—making the tax law four times as long as War and Peace and considerably harder to parse. 2). And both the code and the regulations grow fatter every year. No wonder more than 60 percent of income tax ﬁlers hire tax preparers (and many of the rest rely on computer programs) to tell them what to do.
Second, government spending down the road is likely to be greater than it is today and higher than its historical levels. Social Security, Medicare, and Medicaid beneﬁts will probably have to be reduced somewhat, and those programs may even be dramatically restructured, but it is foolhardy to assume that taxes will not also have to be raised. 1. Federal spending by type, percent of GDP by year. 9 percent today); that defense spending gradually returns to its historical real level; and that nondefense discretionary spending and other mandatory spending remain at their historical levels as a share of GDP.
Once the panel decided to eliminate the AMT, which would cost more than $1 trillion during the next ten years, it was not able to reduce tax rates substantially, and it had to struggle to ﬁnd oﬀsetting revenues. This required attacking political sacred cows, such as the mortgage interest deduction, the charitable deduction, and the deduction for state and local taxes. Predictably, this met with opposition from both sides of the congressional aisle. 17 Unfortunately for the prospects of serious reform, politicians who lead a tax reform eﬀort cannot expect a large political payoﬀ.
100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction by Michael J. Graetz