As we complete our income tax returns this week (unless you got it done earlier), we are reminded of the complexity of the process. This year, some people claiming a standard deduction have a new form because of the additional deductions Congress has added to the standard deduction (see Schedule L) - the standard deduction is not supposed to require a form! And millions have a new Schedule M to fill out to reconcile their Making Work Pay Credit and/or Government Retiree Payment (Schedule M + instructions).
I've got an op ed in The Press-Enterprise today (April 14) on the reality that the federal income tax will only get simpler if we honestly demand it of lawmakers. They have no incentive to do it on their own. I think the public has come to expect and perhaps admire politicians with campaign promises of new tax breaks. Such breaks just complicate the system and usually are not needed. A lower rate without the special tax breaks would be a lot easier and save us a lot of time and money preparing returns and keeping records.
It's a short op ed - "Demand a simpler income-tax process" - I hope you'll read it and leave a comment here. Thanks.
Wednesday, April 14, 2010
Time to Demand a Simpler Income Tax System
Tags:
#simplification
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