Laffer - Thirty Cents
There is a lot more to taxes than simply paying the bill. Taxpayers must spend significantly more than $1 in order to provide $1 of income-tax revenue to the federal government.
To start with, individuals and businesses must pay the government the $1 in revenue plus the costs of their own time spent filing and complying with the tax code; plus the tax collection costs of the IRS; plus the tax compliance outlays that individuals and businesses pay to help them file their taxes.
In a study published last week by the Laffer Center, my colleagues Wayne Winegarden, John Childs and I estimate that these costs alone are a staggering $431 billion annually. This is a cost markup of 30 cents on every dollar paid in taxes. And this is not even a complete accounting of the costs of tax complexity.
In short, the US tax code is unfair, serves no one's best interest and literally wastes THIRTY PERCENT of the money!!! Would we need any greater example to know with certainty that our government is inept? Criminally inept? Why would we trust an organization which has as its history Viet Nam, Medicare, Social Security and the US Tax Code? If you do trust this organization, allow me to introduce you to my new bridge repair company, Buffoons Are Us. We take billion dollar government contracts only.
There is a lot more to taxes than simply paying the bill. Taxpayers must spend significantly more than $1 in order to provide $1 of income-tax revenue to the federal government.
To start with, individuals and businesses must pay the government the $1 in revenue plus the costs of their own time spent filing and complying with the tax code; plus the tax collection costs of the IRS; plus the tax compliance outlays that individuals and businesses pay to help them file their taxes.
In a study published last week by the Laffer Center, my colleagues Wayne Winegarden, John Childs and I estimate that these costs alone are a staggering $431 billion annually. This is a cost markup of 30 cents on every dollar paid in taxes. And this is not even a complete accounting of the costs of tax complexity.
In short, the US tax code is unfair, serves no one's best interest and literally wastes THIRTY PERCENT of the money!!! Would we need any greater example to know with certainty that our government is inept? Criminally inept? Why would we trust an organization which has as its history Viet Nam, Medicare, Social Security and the US Tax Code? If you do trust this organization, allow me to introduce you to my new bridge repair company, Buffoons Are Us. We take billion dollar government contracts only.
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