What if the tax system were simplified for the taxpayers in America? Would there be less jobs for the accountants? Certainly not, as there are so many rules, so much disclosure and so many regulations for transparency that the accountants would indeed continue to be gainfully employed. Sarbanes Oxley Act will indeed, provide years of over time for accountants and financial consultants for decades and decades. If we simplify the tax code the government will stand to gain much and it also means more people paying into the system and potentially lower taxes. With more people paying in; if the government does not increase its expenditures, then that will mean less taxes for each individual. How about Steve Forbes and his concept of a flat income tax is that a worthy idea? Indeed, it could be, what is most important, as it would need to come with a Constitutional Amendment that the percentage would never go up, but could come down. Would a simplified tax system help the small businesses of America? You bet it would. Currently a small business files their taxes the schedules and attachments can end up as much as 50 pages and that is a lot of very unnecessary cost in preparation. These costs are passed onto all their customers in higher prices on goods and services. This means that they may not be able to compete with the price discounts of larger companies and put them at a severe disadvantage. Think about this. |
