Word: taxed
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...course, the Internal Revenue Service does have a role to play in the U.S. economy. The pharmaceutical industry, for instance, surely welcomes the annual jump in demand for anti-migraine pills and other tranquilizers that anticipate Tax Day’s arrival. Perhaps the streets are safer with people locked up in their rooms reading bureaucratic gibberish, filing forms, or waiting in enormous lines at a post office...
...even these happy consequences would fail to justify the aggregate 6.5 billion hours spent preparing taxes in the United States every year, a clear symptom of excessive red tape. Every citizen should have an option of filing income taxes on a simple form. Sen. Fred Thompson’s ill-fated presidential bid mentioned specifically this necessary change in its policy platform (yes, he had a platform). Following Thompson’s lead, the Giuliani campaign took up this cause. It would be regrettable if these candidates’ mutual call for thorough tax reform fell into oblivion with their...
...former Republican senator from Tennessee may have adopted his view from a trend abroad. In Eastern Europe, for example, nine countries have already adopted some form of a flat tax. Thompson advocated a similar system: individuals would pay 10 percent on income below $50,000 and 25 percent on the rest. With this quasi-flat tax and the current tax remaining as an option (to be phased out), unchecked loopholes could be closed, and both administrative expenses and general confusion would diminish, while compliance increased. (At least, this has been the Eastern European experience...
...government, sensible tax reform could be a way to repair an image that has begun to suffer at home after years of degradation abroad. According to a recent Gallup Poll, the percentage of people who do not trust the government at all on domestic issues has doubled since May 2000. This unprecedented loss of public confidence might be reversed with a judicious rewrite of the tax code—certainly an excruciating prospect for many at the top of the political world...
...these companies to explain lucidly what exactly that means," says Simon Webley, research director at the Institute of Business Ethics in London, which counts both BP and Shell as supporters. Petrol retailing, for instance, accounts for "very little of their profits," he says, "mainly because of the huge tax take from that. They will also have to point out the prices of investing in new resources is very capital intensive...