by Suman Bhattacharyya, The Fiscal Times
Americans will spend nearly 9 billion hours this year filling out paperwork for the IRS, according to a Tax Foundation report released last week. That’s more than 1 million years, or enough time to watch The Godfathertrilogy more than 900 million times.
“For decades, the tax code has become more and more detailed, with thousands of additional pages of statutes, regulations, and case law. This added complexity imposes a real cost on the U.S. economy,” the report said.
“For example, a business owner who needs to file a complex tax return each year may hire an accountant or tax lawyer to do it. This tax professional may cost $70,000 a year or more. This is $70,000 that this business owner cannot devote to purchasing equipment or hiring workers.”