If you believe that “Time is gold“, this will be a hot potato to you.
According to the The Tax Foundation, American taxpayers will waste almost 9 billion hours in order to compute the file taxes this year. It is reported that it will take America 8.9 billion hours or equal to nearly 4.3 million full-time workers doing nothing but tax return paperwork to comply with IRS. Before, the sheer size of the U.S. tax code consisted of 409,000 words. But now it is at 2.4 million words. Additionally, there are also 7.7 million words for tax regulations and 60,000 pages of tax-related case law. It simply means, it’s growing at about 32,639 words per year or 89 words per day.
So all in all, tax complexity compliance will cost the U.S. economy $409 billion this year.
“Time is the most valuable thing we have, and we should not be forced to waste it complying with IRS forms,” said Tax Foundation President Scott Hodge.