InstaPoll: Reforming the tax code

13 hours. That is the approximate time it takes the average American taxpayer to comply with the tax code, including record-keeping, reading the rules, gathering receipts, and filling out the forms required by the Internal Revenue Service, according to the IRS. According to a National Small Business Association 2014 Taxation Survey, nearly 50% of small businesses reported they spend more than 80 hours – the equivalent of two full work weeks – per year dealing with federal taxes. One in three businesses surveyed also said they spend more than $10,000 annually on just the administration alone of federal taxes. The level of complexity in the tax code, and resulting time and cost burdens, have produced numerous calls for reform, including proposals to abolish the Internal Revenue Code and create a new federal tax system that is simpler, fairer, and less burdensome on American small businesses and families. Supporters argue that legislation terminating our current tax code is essential to force Congress to fully debate and address fundamental tax reform. They contend that the current code is unfair, discourages savings and investment, and is impossibly complex. Opponents to terminating the current tax code argue that the current code either is adequate or can be fixed, rendering a complete overhaul unnecessary. Question of the Week: Do you support abolishing the current tax code and creating a new system? (  ) Yes. (  ) No. (  ) I am unsure. (  ) Other. Take the Poll here. Find the results of last week's InstaPoll here.

 

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