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100 Million Unnecessary Returns: A Simple, Fair, and by Michael J. Graetz

By Michael J. Graetz

To so much americans, the us tax code has turn into an enormous and confounding puzzle. In 1940, the directions to the shape 1040 have been approximately 4 pages long.  at the present time 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 instances the size of War and Peace. during this exciting e-book, Michael Graetz continues that our tax code has develop into a tangle of loopholes, bureaucracy, and inconsistencies—a enormous social application that fails exams of simplicity and equity. extra vital, our tax process has didn't preserve speed with the altering economic climate, developing burdens and wastes of assets that weigh our state down.

Graetz deals an answer. think a global within which so much americans pay no source of revenue tax in any respect, and those that do get pleasure from a much easier tax process—all this with no reducing govt sales or removal key incentives for employer-sponsored health and wellbeing care plans and pensions. As Graetz adeptly and obviously describes, this international is inside our grasp.

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Additional info for 100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction

Sample text

To keep track of all the ideas that actually become law, the federal budget each year is required to contain a list of “tax expenditures,” defined as all tax credits, deductions, or exclusions that deviate from a “normal” income tax. The number of 12 Why We Need Tax Reform these tax expenditures has grown enormously in recent years. Forty-five percent—66 of 146—listed in the 2006 budget have been added since 1986. 4 We are not talking here about narrow special-interest tax loopholes to benefit this company or that.

Americans are suspicious about the Republicans’ true goal; they think Republicans are far more likely than Democrats to reward the rich. 19 Over time, answers to these questions have tended to vary with general economic conditions. So when the economy was strong during Bill Clinton’s presidency, the edge went to the Democrats. ” In March 2006, for example, both the Time/SRBI and NBC/Wall Street Journal polls gave the Democrats a 7– to 9–percentage point advantage over Republicans on “dealing with” the federal tax system.

The largest of these are very popular: tax advantages for employees’ payments for health insurance and retirement savings, and deductions for home mortgage interest, state and local taxes, and charitable deductions. We have reached the point where Republicans in the Congress never see a tax cut they will not embrace, and Democrats view income tax benefits as practically the only way to achieve domestic policy goals without being labeled big spenders. And yet we know that trying to solve the nation’s problems through “targeted tax breaks” does not work.

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