Unless you are in Maine or Massachusetts, taxes have to be filed, or an extension and any payments due must be submitted by mail or electronically today. As WalletHub put it, “No one likes Tax Day, except for accountants and Uncle Sam.”
They go one to say that, “We’ve spent billions of hours preparing billions of dollars in payments since tax season began Jan. 28. We’re grappling with a tax code that’s longer than all of the Harry Potter and Game of Thrones books combined. We’re also scrambling to satisfy and take full advantage of recent tax reforms. Tax preparation can be a frightening prospect for many people as a result.”
MHProNews has raised the issue of the inefficiency of the tax laws before. That noted, here is their insightful infographic.
Since the tax cuts of 2017, tax revenues have risen. But small businesses are arguably more hobbled by the complexities of the tax laws than larger ones. The power to tax, the power to regulate is the power to destroy.
Two more factoids we’ve cited before are above and below. We aren’t necessarily advocating for a flat tax, but it is worth pondering the issue.
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