Every few years there’s a new push for tax simplification.
We’re all for it.
The AICPA has lobbied for tax simplification for as long as I can remember.
“Simplifying tax rules is a high priority of the AICPA. Of the various strategies under discussion by Congress, we believe that tax simplification should be the first recommendation for reducing the tax gap.”
That’s from a 2007 AICPA report to the House Committee on Small Business on ways to reduce the so-called “tax gap”.
During the 2008 election campaign, then Senator Obama offered a plan to simplify tax filings for middle class people. The IRS would compute your taxes for you, if you wanted. They do the math, you just review, sign and mail in their pre-filled tax form.
That wouldn’t simplify the tax code, it would just simplify the process for those who opt in.
Then we have a January 7, 2009 report from the IRS National Taxpayer Advocate that urges tax simplification:
“U.S. taxpayers spend $193 billion a year complying with income tax requirements, an amount that equals 14 percent of the total amount of income taxes collected”.( http://www.irs.gov/newsroom/article/0,,id=202260,00.html )
Last month, Sen. Ron Wyden, D-Ore., and Judd Gregg, R-N.H., introduced a bipartisan tax simplification bill, the Tax Fairness and Simplification Act of 2010.
Among other things, the bill would eliminate the alternative minimum tax and reduce the number of individual tax brackets from the current total of six to three.
Yesterday, President Obama signed into law the new health care reform legislation.
And out the window goes tax simplification.
More tomorrow.
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