By Michael J. Graetz
To so much americans, the U.S. tax code has develop into an unlimited and confounding puzzle. In 1940, the directions to the shape 1040 have been approximately 4 pages lengthy. this present day they've got ballooned to greater than 100 pages, and the shape itself includes greater than ten schedules and twenty worksheets. the entire tax code totals approximately 2.8 million words—about 4 occasions the size of conflict and Peace. during this interesting ebook, Michael Graetz continues that our tax code has develop into a tangle of loopholes, bureaucracy, and inconsistencies—a enormous social application that fails checks of simplicity and equity. extra very important, our tax method has did not preserve velocity with the altering economic climate, developing burdens and wastes of assets that weigh our kingdom down.
Graetz bargains an answer. think an international within which so much americans pay no source of revenue tax in any respect, and people who do take pleasure in a much easier tax process—all this with no reducing govt sales or elimination key incentives for employer-sponsored healthiness care plans and pensions. As Graetz adeptly and obviously describes, this global is inside of our snatch.
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Additional resources for 100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction
Bush picked two savvy for- 28 Why We Need Tax Reform mer senators to head this group: Connie Mack (R-FL) and John Breaux (D-LA). C. It took testimony from experts of all political persuasions, who oﬀered devastating criticisms of the current income tax and many suggestions for how to ﬁx or replace it. 15 The president thanked the members for their work, said the Treasury secretary would study the report, and kissed the panel good-bye. John Breaux was miﬀed. ” When the press is not around, Breaux tells of walking around during a meeting in the White House Oval Oﬃce, peering into cupboards and corners.
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. ”3 Yet nothing is precisely what we are doing. President Bush called for making the tax cuts of his ﬁrst term permanent. In the meanwhile, Democrats accuse Republicans of favoring the rich and running large deﬁcits, but have failed to oﬀer any real alternative plans.
Even so, it is surprising that Democrats have, with few exceptions, let Republicans lead the charge for tax reform. For the past three decades, Republicans have attempted to persuade the public that only their party can be trusted on the tax issue. They frequently claim that low taxes are needed to keep an avaricious government at bay. ”18 But the Republicans’ antitax message has gained less traction 32 Why We Need Tax Reform with the public than is generally believed. A March 2007 New York Times/CBS poll, for example, found 60 percent of Americans ready to pay more taxes for universal health insurance.
100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction by Michael J. Graetz