A look at problems with the tax code in an Opinion piece from Roll Call….
Washington, D.C., frequently gets wrapped up in debates over the tax code. Proposals for new wealth taxes, changes to marginal tax rates, or adjusting the estate tax capture the imagination of policy wonks. But such discussions often overlook the most important aspect of these policies — how the tax code is administered.
In practice, these administrative issues could make or break any attempt at reform, as well as the tax code as a whole. In a new paper for the Bipartisan Policy Center released today, Bill Gale, Jeff Trinca and I point to three fundamental issues with our tax system.
First, our tax system is too costly to comply with. Americans spend too much time, money and energy each year trying to understand and follow the tax code. By my estimate, the total economic loss (the costs of complying, lobbying and changed behavior) from the tax code may be up to a trillion dollars per year. This estimate was before the Tax Cuts and Jobs Act of 2017, which has caused new confusion for many filers and may have made the code more complex.
NOT dropping like Trump and the Republicans tried to convince us else wise….
They made the recent changes in the law with their 2017 passed tax law cut/giveaway….