By Michael J. Graetz
To such a lot american citizens, the U.S. tax code has turn into an enormous 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 full tax code totals approximately 2.8 million words—about 4 instances the size of warfare and Peace. during this interesting e-book, Michael Graetz continues that our tax code has develop into a tangle of loopholes, bureaucracy, and inconsistencies—a vast social application that fails exams of simplicity and equity. extra vital, our tax procedure has did not maintain velocity with the altering financial system, growing burdens and wastes of assets that weigh our country down.
Graetz deals an answer. think a global within which so much americans pay no source of revenue tax in any respect, and people who do get pleasure from a much easier tax process—all this with out lowering executive 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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Extra info for 100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States; With a New Introduction
The United States government now borrows nearly $3 billion every day. In January 2006, when Alan Greenspan left the Fed for private life, the federal debt exceeded $8 trillion, more than $2 trillion greater than when George W. Bush took oﬃce, and Congress was about to raise the federal debt limit to $9 trillion so that the government could continue to pay its bills. Thus when Congress tackles tax reform, as it will eventually be forced to, it will not have the luxury of federal budget surpluses that might be tapped to ﬁnance an overall tax cut to sweeten the bitterness from the inevitable reduction and elimination of many tax breaks.
There are, however, some experts who continue to think that the best path for tax reform is to reprise the 1986 act and simply improve the income tax. In fact, that is one of the proposals endorsed by the latest government panel to take a serious look at comprehensive reform. The President’s Panel George Bush’s second term began as if he intended to follow through on his campaign promise to “lead a bi-partisan effort to reform and simplify” the nation’s tax law. Two weeks before his second inaugural, on January 7, 2005, he issued an executive order establishing the President’s Advisory Panel on Federal Tax Reform.
Our nation’s population is aging. In 2011 the oldest of the baby boom generation turns sixty-ﬁve. Life spans have been increasing and will continue to increase. The fastest-growing segment of the population is the so-called old elderly—those over age eighty—for whom the costs of health care and of long-term care rise exponentially. People age eighty-ﬁve or older now constitute less than 2% of the population; they will account for 5% in 2040. Today many people retire for about one-third of their lives.