Tax Tip: Understanding the Complicated Tax Code
(NEW YORK) — In recent years, the U.S. tax code has become more complicated than ever.
Even the Internal Revenue Service’s own tax advocate calls the system too complicated, with 5,000 additional pages of tax code added since 2001.
“It has gotten more complex in spite of this desire, not only by politicians, but also Americans asking for a simpler tax code. And I actually believe a simpler tax code would help everyone,” explains Bob Meighan of TurboTax.
Simplifying the tax code would certainly reduce the amount of time it takes to file your taxes, and the risk of errors would be reduced.
Tax accountant Janice Hayman agrees today’s system is too burdensome.
“If only we had the crystal ball to determine what things were working now and what aren’t working any more,” she says.
Some tax breaks may benefit people who don’t need them and make the federal deficit even larger.
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