Wednesday, April 22, 2009
Tax reform on the horizon?
President Obama made a promise last week to simplify the "monstrous tax code."
The Wall Street Journal reports that one proposal under consideration would exempt up to 40% of Americans from having to file a tax return.
We posted last month about the President's new Economic Recovery and Advisory Board, which has been assigned to simplify the tax law. The board reports back to the President by December 4.
Perhaps there is hope yet.
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I always figured, even if we managed to re-arrange the tax law and simplify it, after a couple years of lobbyists and add-ons, it would get just as complex again.
At least changing the requirements for who has to file might help out by reducing the total number of tax returns. That would eliminate people like me who had to file this year, but I didn't earn enough to owe taxes, and I didn't pay any in all year. You'd get even more people like me if employers didn't withhold taxes from employees who will get *all* of them back as a refund, which is what happened to me for the past couple of years.
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