I’ve been practicing and teaching in the income tax arena since 1987, almost a quarter of a century. I got into the income racket — yes, racket is a fair way to describe it — at then Price Waterhouse, on the heels of the great Reagan tax code overhaul called the Tax Reform Act of 1986.
Over the ensuing two-and-a-half decades, I have watched with mingled horror and disgust as income tax-related code, regulations and related court decisions have mushroomed to the point where no human being is capable of fully comprehending the whole thing — ever. I cannot imagine any tax professional believing this is the best tax system America has to offer. It is high time for the Fair Tax.
In this vein, I’ve posted above an insightful Center for Freedom and Prosperity Foundation video which highlights one the most tragic aspects of the U.S. income tax code: the millions upon millions of hours, days, weeks and months Americans of all walks of life utterly throw away on calculating how much they owe (or don’t) to the IRS on April 15 each year. So much real good could be accomplished if all of this valuable time were redirected to productive uses. Think about it, America?