Posted on 07/08/2008 10:50:52 PM PDT by newbie2008
n 2005, the estimated time and money cost of complying with the federal Internal Revenue Code was 6 billion man-hours worth $265 billion.
The code that year stood at 7 million words in 736 code sections, up from 718,000 words in 103 code sections in 1955. By contrast, the King James Bible has 788,280 words in 66 books, the Harry Potter series has just over 1 million words in 7 books, and the English translation of War and Peace has 560,000 words.
6 billion man-hours worth $265 billion.Who determined a man-hour's worth at $44.17 HR.?... Based on what?
Did the $265 B go down a rat hole or was it income for legitimate businesses with employees contributing to other parts of the economy?
Or was it assumed you could have earned $44 HR refinishing furniture in your garage for a few hours rather than doing your taxes a few hours a year?
Me.
FMCDH(BITS)
FMCDH(BITS)Press one for english.
Just think if that much time and effort was put to a PRODUCTIVE use!!!!
They’re not talking about “doing your taxes” in early April. They’re talking about all the paperwork throughout the year.
It’s hard to believe: Reagan’s top rate of 28% lasted all of five years. If the Republican Party had stood firm, and sworn that 28% would be the top rate until the end of time, they’d have held the House and Senate from that day to this.
Yes, but what is the CARBON COST of complying with the tax code?
(If you want change, you’ll have to start tricking the libs with their own language.)
If you have a trust, estate taxes, business as a partnership, c or s corp or personal taxes which are complex the cost
of time committed to tax issues on your behalf is the calculation.
Hire employees? Payroll; there’s a can of worms only an
experienced accountant should handle. If you employ more than 40 people you’ll need a full time bookeeper at least. Better
secure a tax lawyer and a CPA. Someone has to answer those tax questions on your behalf.
Make mistakes? Take time away from work or businees to visit
the IRS auditor. They don’t have evening hours for your convenience.
Way to go, you got in on the second post to defend your beloved IRS power trip.
VOTE FOR HUSSANE-———EVERYTHING WILL BE FREE. CHANGE—— YOU WILL OWN NOTHING-—BUT IT WILL BE FREE.
Change! This is what you can count on.... errrr being the only thing left in your pockets that is.
LOLOLOL
Yes, there’s not nearly the waste within the IRS that we’re led to believe. Sure.
I’ve received three letters, I think, regarding the stimulus package. One was to tell me that there was a stimulus package, the next was to tell me that I qualified for the stimulus package, and the third was to advertise that it was arriving at some point in the future, just hang on you pathetic dependent twit, the politicians are coming to your rescue.
How much time and money was spent on conceptualizing and executing this lame-ass marketing plan, postage and printing? And our own tax money at that?
I got their stimulus package right here.
if only we could get the "rich" to pay their fair share, LOL
Yeah. That was a waste, but that’s not what we were talking about, was it?
BFD. Dope dealers contribute to other parts of the economy.
Way to go, you got in on the second post to defend your beloved IRS power trip.
What I was thinking.............
That must go straight to your beloved IRS tax code hot line...........
The gubmint printing office has a budget to burn up or exceed or they risk losing money for the upcoming fiscal year and we wouldn't want any gubmint employees to be put on the bricks would we............
So keep them gubmint presses rolling with worthless crap that we all throw in the trash. (I wonder what the carbon footprint of that operation is particularly in light of how much of that gubmint paper is NOT recycled.)
How's the yacht?
After you spent a day gathering up the supporting docs.
After you spent a day gathering up the supporting docs.Most of them were sent to me (e.g., W-2, Mortgage Interest Statement, interest income). The rest was easily retrievable through online accounts. My hour included information gathering.
Probably 1/2 day with doc gathering (esp the old statements for deductions, etc). W-2’s and 1099’s are easy, it’s the other stuff that’s hard. In previous years I spent a day or more figuring out cost basis stuff.
Have a small business...
Boy have I got a headache!
Hell, I'm going to have my 2 year old granddaughter do mine from now on. Right after she plays dolls and just before her nap.
Income taxes. It's like a walk in the park. Any idiot could do his or hers in the blink of an eye.
Just get on line, buy Turbo tax, gather up all your supporting documents for the year and, before you know it, you're done. WOW!
Either you have a very simple tax situation, or you failed to include the time it takes to accumulate the data you need to enter into TurboTax. Do you import the data from a desktop accounting package such as Quicken or QuickBooks? If so, you need to count the time it took to enter all that information, and the costs of buying and installing the accounting package.
You realize, of course, that other people have to spend time and resources to produce this information for you and make it available to you. You pay for those costs with everything you buy, i.e., the "embedded taxes". Shifting the compliance costs around doesn't make them go away.
Just get on line, buy Turbo tax, gather up all your supporting documents for the year and, before you know it, you're done. WOW!That's pretty much how it went. Didn't even have to write a check (direct withdraw).
I like it. I like it a lot!!!
Either you have a very simple tax situation, or you failed to include the time it takes to accumulate the data you need to enter into TurboTax. Do you import the data from a desktop accounting package such as Quicken or QuickBooks? If so, you need to count the time it took to enter all that information, and the costs of buying and installing the accounting package.My W-4 was sent to me. As was my mortgage interest, interest income, and dependent care account info. I had to go to my bank's website to get my child care costs - but that took like 5 minutes. In the past I've had home office deductions and 1099-MISCs, but even then, since I've done my taxes on a computer, I haven't spent more than 3 hours on them. Far from the 16+ hours the Tax Foundation estimates. (I mean, really - an average of 36 minutes to package and mail your 1040 and then another 36 minutes to package and send a supporting form?!? That's just nuts in this day and age. I digitally signed mine and hit "Submit." A week later they took the $32 I owed out of my account. Done...)
You realize, of course, that other people have to spend time and resources to produce this information for you and make it available to you. You pay for those costs with everything you buy, i.e., the "embedded taxes". Shifting the compliance costs around doesn't make them go away.And almost all of that is automated. You don't really think someone at my mortgage company sits down with a calculator to determine how much interest I've paid, do you? I can log on right now and determine how much interest I've paid this year. I can even click on a link to produce last year's 1098 and print it at home. I'm looking at it right now. What did that cost them? Same with my bank and investment company. Even my company's intranet allows me to print out my W-2.
I think it’s saying that people spent $256 billion dollars and a total of 6 billion hours not that 6 billion hours is estimated to cost $256 billion dollars if that makes sense.
A year. Counting my four quarterly payments. I have a sub S and estate tax issues from my parents. My partner does them for me. BTW, his tax software costs a lot more than $30 a pop. Turbo tax must be very basic.
I think it’s saying that people spent $256 billion dollars and a total of 6 billion hours not that 6 billion hours is estimated to cost $256 billion dollars if that makes sense.No. They figured the number of hours spent by totaling up the number each form submitted and multiplying that by an estimated number of hours to complete that form. The original study estimated the number of hours each form took, partially, by counting number the words in the instructions (seriously). They then estimated the cost per hour for the individual filings to be $37.05 (!) and $45.37 for businesses. To get the total, they just multiplied these amounts per hour by the number of hours.
A year.Wow. You do nothing but your taxes?!?
I have a sub S and estate tax issues from my parents. My partner does them for me.So the truth you didn't spend a year on your taxes.
BTW, his tax software costs a lot more than $30 a pop. Turbo tax must be very basic.I'm guessing his software does a lot more than taxes - you know, like, business accounting stuff.
I don’t think it’s unreasonable at all. $256 billion would be about $2,000 dollars per tax paying entity (130 million in the US). That includes business which I know spend tons of money trying to get it all figured out (My dad owns a small business). 6 billion hours is about 46 hours per person. I’ll admit that part seems high but to me it’s not unbelievable if it’s over the entire year. The method they use to calculate these numbers may be strange, but I think the results are entirely possible from what I’ve seen of people on and around tax day.
I guess you would be really tickled about a tax scheme whereby you would not have to sign anything or send anything in to the IRS. They could just have your employer, your bank, and others you do business with send your information to a central IRS computer that would automatically calculate what you owe and deduct it from you bank account. You could save that $30 you paid for TurboTax.
Honestly, how long did it take you?
Ditto Post #34 (groanup) except for some situational details.
Ditto Post #34 (groanup) except for some situational details.So you too do nothing all year except figure your taxes?
The average for individuals was about 21 hours. Did you spend anywhere near 21 hours on personal income taxes this year? If so, doing what exactly?
I haven’t paid income taxes before. I’m 19 and all my income is from ROTC and working for my dad which he just gives me money for here and there. I’ve seen people take a LONG time doing those tax forms though, even with computers.
Dont' be ridiculous! You know exactly what groanup and I are talking about.
Dont' be ridiculous! You know exactly what groanup and I are talking about.I honestly don't. I asked him how long it took him to do his taxes and he said "a year." You answered the same question with "Ditto Post #34 (groanup)." I don't know what "a year" means in this context.
I have a small business and do my own taxes. It's hardly this overbearing force I have to spend a lot of time and money on...Ever hear of computer programs? Guess what, businesses will always have to do bookkeeping and keep payroll records to stay in business, taxes or no taxes.
Way to go, you got in on the second post to defend your beloved IRS power trip.I know you would like it much better if I were more like some Fairtax numbskulls and agree even when I know it's a lie...
Way to go, you got in on the second post to defend your beloved IRS power trip.What I was thinking.............
You have me at a disadvantage there. I wouldn't pretend to know about the spending habits of dope dealers. Dope dealers and accountants are only the same in your mind.
If you were thinking you wouldn't have overlooked the word "legitimate" in my post.
I think it’s saying that people spent $256 billion dollars and a total of 6 billion hours not that 6 billion hours is estimated to cost $256 billion dollars if that makes sense.6 billion man-hours worth $265 billion. is more difficult to misinterpret than it is to calculate.
Here's what "a year" means. I (and everyone else who itemizes or has business income, etc.) must constantly be vigilant to keep receipts, maintain records, pay quarterly taxes etcetera just to stay one step ahead of the voracious appetite that is the IRS. What a pain in the buttocks!
Get rid of it and let me pay every time I buy an ice cream cone or get a haircut.
Good point. I think he may have meant what I said because it makes more sense that way, but it is written that way so you would be right in questioning that statistic.
Ditto groanup's Post # 48.
If you ever decide to advance in your career to the point where you have an ownership interest in your employer (partnership shares or employee stock options, for example), or you start your own business, or you decide to buy another property and rent it out, or you put some assets in a trust, or you manage a trust for your aging parents, or any number of other business related activities, you will find out what a "year" means. You won't be able to use TurboTax, you won't be able to efile, and you might have to hire a tax accountant to help you out.
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