IMO this is one of the most powerful arguments for revamping the Code. The amount of time, effort and real resources spent by individuals and Corporations in their efforts to comply with the tenets of this monstrosity are incalculable but enormous.
Add to this the distortions engendered by the 'Favored' actions dictated by the Gov't, influenced by Lobbyists and reinforced by the Code and it seems very clear that the current system is a serious impediment to growth and proper market function.
it's also the reason this will never happen. All those lawyers, accountants, govt wonks in treasury/irs; etc., etc., --it's a huge government employment program, and if the tax code is scrapped in favor of something so incredibly simple, all those people would need to find new work.
(I agree, though, wouldn't that be great?)