The Fed’s Hidden $406 Billion Tax, Which Everyone Pays But No One Collects

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IBD:

Tax Reform: If President Trump wants to drain the swamp, the best place to start is with the tax code, which is so complicated that Americans spend billions of hours and hundreds of billions of dollars just trying to figure out how much they owe.

The IRS instructions for filing out the 1040 form include a box near the back that estimates how much time it takes to fill that one form out. This year, it’s 15 hours. That’s a 67% increase from 1988. This year, the instruction booklet runs 241 pages. In 1988 it was fewer than 80.

The tax code has become so complicated that even the IRS complains about it. In its annual report to Congress, the IRS’ national taxpayer advocate, Nina E. Olson, writes that the tax code imposes a “significant, even unconscionable, burden on taxpayers.”

This is the hidden tax.  READ MORE

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