Go big or go home.
- Thread starter PurpleThrobber
- Start date
The hard truth that the Team Dazzler economists don't like to mention is that business income taxes are largely passed through to the consumer, just like a tariff. Personally, we are broke as a nation and I'd eliminate the corporate income tax and passthrough tax on S Corps, LLCs and Partnerships but leave a personal income tax on wages, dividend, interest and capital gains with a mildly progressive rate structure. So, increase tariffs focused on inducing fair trade and get rid of the corporate income tax which doesn't bring in that much money and is so twisted and incentive and disincentive laden that you have an army of government bureaucrats and private attorneys and CPAs involved in producing no real value.
Chaos is what we have now. Only a mythical MBA thinks that the federal tax code is a straight forward well though out series of economic statutes and regulations promoting growth.
You want to add even more layers to the existing federal tax code, Milton.
It’s existing in chaos and set up largely for the people you support and who the your candidates.
This is what people like hh support. There is no way a rat will give up this power over the people.
Imagine supporting this madness. The money and time wasted is a black hole that does zero good for individuals or our country.https://money.com/filing-taxes-time-money-burden/#:~:text=Americans%20are%20also%20burdened%20by%20the%20direct%20costs,complex%20tax%20code%20costs%20the%20country%20%24546%20billion.
Taxpayers will spend a total of over 7.9 billion hours on tax filing and compliance-related activities this year, according to an analysis of government data by the Tax Foundation.
The nonprofit research group says the country’s “Byzantine tax code” results in a tremendous amount of wasted time. The cost of all that drained time adds up to $413 billion, according to the foundation’s calculations, which assume that an hour of an individual’s time costs $44.50.
Despite many efforts over the years to make the tax filing process more efficient, including recent initiatives like the IRS simplifying dozens of taxpayer notices and ensuring those notices are readable at a 5th-grade comprehension level, the Tax Foundation says the amount of time Americans spend doing taxes is still "shocking."
Americans are also burdened by the direct costs of doing taxes, including fees for online tax preparation services or payments to tax professionals. These out-of-pocket costs add up to $133 billion per year, according to the Tax Foundation. Altogether, that means America's complex tax code costs the country $546 billion.
Overall, it reportedly takes Americans 12 billion hours annually to comply with federal government paperwork. Two-thirds of that time is spent on tax-related paperwork.
Imagine supporting this madness. The money and time wasted is a black hole that does zero good for individuals or our country.https://money.com/filing-taxes-time-money-burden/#:~:text=Americans%20are%20also%20burdened%20by%20the%20direct%20costs,complex%20tax%20code%20costs%20the%20country%20%24546%20billion.
Taxpayers will spend a total of over 7.9 billion hours on tax filing and compliance-related activities this year, according to an analysis of government data by the Tax Foundation.
The nonprofit research group says the country’s “Byzantine tax code” results in a tremendous amount of wasted time. The cost of all that drained time adds up to $413 billion, according to the foundation’s calculations, which assume that an hour of an individual’s time costs $44.50.
Despite many efforts over the years to make the tax filing process more efficient, including recent initiatives like the IRS simplifying dozens of taxpayer notices and ensuring those notices are readable at a 5th-grade comprehension level, the Tax Foundation says the amount of time Americans spend doing taxes is still "shocking."
Americans are also burdened by the direct costs of doing taxes, including fees for online tax preparation services or payments to tax professionals. These out-of-pocket costs add up to $133 billion per year, according to the Tax Foundation. Altogether, that means America's complex tax code costs the country $546 billion.
Overall, it reportedly takes Americans 12 billion hours annually to comply with federal government paperwork. Two-thirds of that time is spent on tax-related paperwork.
CallMeBigErn
Active poster
Big Ern saw this coming a mile away. 1.609 km for our northern friends.
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