By Michael J. Graetz
To such a lot americans, the us 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 day they've got ballooned to greater than 100 pages, and the shape itself includes greater than ten schedules and twenty worksheets. the total tax code totals approximately 2.8 million words—about 4 instances the size of struggle and Peace. during this exciting e-book, Michael Graetz keeps that our tax code has turn into a tangle of loopholes, forms, and inconsistencies—a vast social software that fails exams of simplicity and equity. extra very important, our tax process has didn't retain velocity with the altering financial system, developing burdens and wastes of assets that weigh our country 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 get pleasure from a much less complicated tax process—all this with no lowering govt sales or removal key incentives for employer-sponsored overall healthiness care plans and pensions. As Graetz adeptly and obviously describes, this global is inside of our grab.
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Extra info for 100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction
Sixty years later, this system is badly broken and unable to produce adequate revenues for the future without threatening economic growth. Relying as heavily as we do on income tax revenues to fund our government has become a liability in the current competitive international marketplace. As I shall detail in Part II, my Competitive Tax proposal would eliminate the income tax for most Americans, returning that tax to its original limited purpose, and my plan would make up for the lost revenue by introducing an administratively simpler tax on goods and services.
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. Take health insurance, for example. Our nation, contrary to others throughout the world, has long relied on a tax beneﬁt for employers and employees as its main mechanism for covering Americans who are neither poor nor aged.
As a method of budgetary accounting, dynamic scoring insists that optimistic projections of the positive impact of tax cuts on the economy should be used by Congress in estimating their revenue costs. This, of course, would allow Congress to ﬁt even more tax cuts within a revenue target speciﬁed by the congressional budget process— something it seems quite willing and able to do without help. These new tax cuts themselves become eligible for dynamic scoring, perpetuating an illusory cycle. With scoring dynamic The Broken Politics of Taxation 21 enough, our national debt could spiral out of control even faster.
100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction by Michael J. Graetz