Political Quotes

“The other aspect of the Recovery Act, I think, that reaffirms this point with respect to the complexity is the Internal Revenue Service puts out what they call their annual ``oops'' list. This is the list of the 10 most common mistakes made by taxpayers when filing. The ``oops'' list released this past March included, for example, one of the principal credits in the Recovery Act because people simply were unable to figure out how to make it work on their 1040EZ forms. So the fact is, the Tax Code today is anything but an easy system. It is quite the opposite. To further support the point with respect to the complexity, this year individuals and businesses are going to spend 10.6 billion hours to comply with the code. If the tax compliance sector were an industry, it would be one of the Nation's largest, requiring a full-time effort of 3.8 million people to get done that 7.6 billion hours. The cost of compliance is jaw-dropping, $200 billion a year, 15 percent of all tax revenue the IRS collects each year. So the point of this is, we are at a fork in the road.…”