100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States
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To most Americans, the United States tax code has become a vast and confounding puzzle. In 1940, the instructions to the form 1040 were about four pages long. Today, they have ballooned to more than a hundred pages, and the form itself contains more than 10 schedules and 20 worksheets. The complete tax code totals about 2.8 million words, about four times the length of “War and Peace”. In this intriguing book, Michael Graetz maintains that our tax code has become a tangle of loopholes, paperwork, and inconsistencies, a massive social programme that fails tests of simplicity and fairness. More importantly, our tax system has failed to keep pace with the changing economy, creating burdens and wastes of resources that weigh our nation down. Graetz offers a solution. Imagine a world in which most Americans pay no income tax at all, and those who do enjoy a far simpler tax process; all this without decreasing government revenues or removing key incentives for employer-sponsored health care plans and pensions. As “100 Million Unnecessary Returns” adeptly and clearly describes, this world is within our grasp.
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Comments on 100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States
This book is a pleasure to go through and did an excellent job of assessing the current state of tax reform. His plan of tax competition which is a little common sense too. Spend a good portion of federal revenue to VAT takes more than 150 million people out of the IRS rolls and simplifies the entire system. I fear that the implementation process is too complicated to derive the benefits of simplifying the system, and that this plan is not good defenders in Congress, but that does not mean you should not read this books and understand his plan. VAT is a tried and true throughout the European Union, and could help the United States in several ways.
Rating: 5 / 5
Michael Graetz makes tax policy almost pleasant. Graetz never forget that the tax system to the primary objective is to raise the money needed to finance public services that the nation is in a less harmful. Or, as economist french Colbert said, "The art of taxation consists in plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing." Graetz gives a realistic assessment of the current tax structure and skillfully identifies failures faddish proposals, as the "fair tax" and the "flat tax." His proposal to reduce the number of people required to pay income tax and adding a value added tax in our country deserves serious consideration by arsenal fiscal conservatives and liberals alike. Paul N. Van de Water
Rating: 5 / 5