http://money.cnn.com/2012/01/30/news/economy/Obama_tax_record/index.htm?iid=EAL
I found this article interesting, there is a lot of talk about what different candidates are aiming to do with their tax plans, but this one lays out what Obama has done during his presidency and what he is aiming to do now. Is there anything that surprised you in this article? And what do you think about the Buffett Rule, that many say Obama is trying to use as a guideline for tax structuring? The article also states at the end "President Obama has a lousy record in terms of the making the tax code more complex." Is our tax system too complex in every aspect, especially if normal Americans don't understand it and often have to hire others to do their taxes for them? Is it healthy for a nation to have a tax system that its citizens don't understand?
Simplicity was one of the pursuit in tax policies, according to Steuerle, because that would relate to transparency. However, he also mentioned that this is nowhere near the priority and it is often ignored. I see this issue as a chance for US citizens to start analyzing what they are taxed for.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteI don't think the tax structure is too complex. It is what it has to be to work properly. Normal Americans don't understand taxes because they don't want to understand and would rather hire someone else because taxes are boring. They don't want to take time to figure out what they need to know to file their taxes properly, and they would just rather not deal with it.
ReplyDeleteI think it's true that it's not impossible to understand taxes but if it truly requires that much time and effort is it equitable to all? Maybe better explanations and easier to follow instructions would be a better idea than having to hire people to do your taxes. It's important to understand where your money is going but if you're working full time and have a hectic life it might not be as easily found out as one would like.
ReplyDeleteI dont think that we should have a tax plan that Americans can't understand. The simpler, the better in my opinion. I think that the average American should be able to understand what they are doing when it comes to taxes and what they are being taxed for especially. I think that Jon is right, it is easier to just hire someone else to do your taxes, but not all Americans are able to afford that luxury, so I think that it is important the tax system doesn't get too complex.
ReplyDeleteI think simplicity is important in tax policy because it creates transparency. I also think it is important that people understand what they are being tax for.
ReplyDeleteIn terms of people paying companies or other people to do their taxes for them I dont think its because they cant figure it out or because its to complex. I think its because people have this connotation that taxes are difficult and they purely dont have the time or patience.
ReplyDeletePersonally, there is a lot in our tax system that I do not understand and I believe a lot of people would agree. Since our country is so large and the tax revenue that the government raise is so large, there are bound to be some intricacies. Although it is unfortunate that many people do not understand it, but I think that it will be too large of process in order to change the current system.
ReplyDelete