Lawmakers across the political spectrum in the United States are generally agreed that the tax code is in need of an overhaul. A comprehensive tax reform plan that both parties in Congress can rally around is proving very elusive, however.
A Complex Code
It has been less than 30 years since the last major simplification of the tax code, and the National Taxpayer Advocate says that the total time burden of tax compliance has reached 6.1bn hours. That is the equivalent of approximately 3.05m employees working 40-hour weeks year-round with just two weeks off. The total cost of complying with the tax code is calculated at USD224.3bn a year.Read More