Get 100 Million Unnecessary Returns: A Simple, Fair, and PDF

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By Michael J. Graetz

ISBN-10: 0300164572

ISBN-13: 9780300164572

To such a lot american citizens, the us tax code has turn into an unlimited 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 whole tax code totals approximately 2.8 million words—about 4 occasions the size of conflict and Peace. during this exciting ebook, Michael Graetz keeps that our tax code has turn into a tangle of loopholes, bureaucracy, and inconsistencies—a big social software that fails checks of simplicity and equity. extra very important, our tax method has didn't continue speed with the altering economic climate, growing burdens and wastes of assets that weigh our kingdom down.

Graetz deals an answer. think an international within which such a lot americans pay no source of revenue tax in any respect, and those that do get pleasure from a miles easier tax process—all this with out reducing executive sales or removal key incentives for employer-sponsored overall healthiness care plans and pensions. As Graetz adeptly and obviously describes, this international is inside our seize.

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Extra resources for 100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction

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Breaux insists that the country “universally agrees the federal tax law should be simplified” and says that President Bush missed a “golden opportunity” in his 2006 State of the Union Address to provide the presidential leadership essential to get tax reform moving. Meanwhile, Bush was urging Congress simply to make permanent the tax cuts of his first term, which are scheduled The Broken Politics of Taxation 29 to expire in 2010. Indeed, in May 2006, Ed Lazear, a member of the tax reform panel, who became the president’s chief economic adviser, was asked why the president had not advanced any plan for tax reform.

A competitive tax system is also necessary because the aging of our population will put enormous budgetary pressures on Social Security, Medicare, and Medicaid (the last of which is the major source of funding for long-term care today). One should always be skeptical of long-term projections, and I certainly am. Seventy-five years ago we were just coming out of the Depression. Imagine what the projections for today would have looked like from that perspective. But as Douglas Holtz-Eakin, former director of the Congressional Budget Office, told the Congress, “Doing nothing is not an option.

Congress would rather 14 Why We Need Tax Reform whine about the current income tax and use the IRS as its whipping boy than embrace realistic tax reforms that would make it harder to use its favorite plaything—the income tax— as an instrument of public policy. The truth is that our income tax is a mess. 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.

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100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction by Michael J. Graetz

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