Your Opinion: Income tax a colossal waste
Wednesday, April 4, 2012
A light reading of 3.7 million words or 72,536 pages of tax codes should be on your “To Do” list since income taxes are due April 17. The federal income tax codes increased almost 1,000 pages from last year and are growing at a rate of 3.28 percent per year (www.politicalcalculations.com).
Put away the golf clubs, stop playing with the kids and start looking for receipts, forms and the number of your tax accountant.
Those who do pay federal income tax will spend the next couple of weeks holed up in a room full of papers and aspirin bottles, while 49.5 percent of Americans will be enjoying spring since they don’t pay federal income tax. April 17 is just another day for them.
The income tax is a colossal waste of resources, time, and life.
Americans will spend 4.6 billion hours figuring taxes. The Government Accountability Office estimates that compliance cost equals 1 percent of our Gross Domestic Product each year. Compliance cost plus efficiency costs (costs incurred when investments, work and savings are changed in an effort to meet compliance cost) in 2010 amounted to about a $1.165 trillion tax bill to our citizens and that did not include the taxes due. (www.advisorfyi.com/2010/10/tax-compliance-costs-exceed-one-trillion-dollars/)
While Congress argues about how to cut spending and increase jobs, we taxpayers are dumping our dollars down a sewer. That money could be used to invest, save, grow businesses, buy houses, and so much more.
A tax code of 71,684 pages filled with words no ordinary citizen can understand and that changes yearly is a violation of the purpose of law as our founding fathers realized:
“It will be of little avail to the people that the laws are made by men of their own choice if the laws be so voluminous that they cannot be read, or so incoherent that they cannot be understood; if they be repealed or revised before they are promulgated, or undergo such incessant changes that no man, who knows what the law is today, can guess what it will be tomorrow.” James Madison in Federalist 62.
End the madness. Pass HR25 The FairTax.
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