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Keyword: taxfilingcost

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  • Americans Spent $409 Billion Filing Taxes In 2016—That’s 2.2 Percent Of GDP

    12/06/2017 12:22:37 PM PST · by Thalean · 25 replies
    National Economics Editorial ^ | Dec 6, 2017 | Editorial Staff
    According to a report from the Tax Foundation, Americans spent $409 billion (2.2 percent of GDP) on tax compliance in 2016. This works out to 8.9 billion man-hours wasted preparing tax returns, which is the equivalent of roughly 4 million full time jobs. The Tax Foundation’s figure includes time spent by individuals preparing and filing their taxes, and money spent by individuals and corporations on tax services provided by accountants and lawyers. Essentially, it is wasted money. The billion dollar question: why does America waste so much money doing taxes? Because of complexity. The US Tax Code is so inordinately...