According to the Tax Foundation, in a 2005 Special Report entitled, The Rising Cost of Complying with the Federal Income Tax, Americans spent approximately $265 billion to comply with the Internal Revenue Code. The Tax Foundation estimates that this number will reach $483 billion by 2015. This Special Report can be found at http://www.taxfoundation.org/publications/show/1281.html.
The Government Accountability Office (GAO) estimated that Americans spent 6.4 billion hours completing paperwork for the Internal Revenue Service (IRS).
If we spend over $200 billion a year to bring in $2 trillion to the Federal government, this is not only inefficient; it is just plain stupid. The FairTax will save Americans hundreds of billions of dollars in compliance costs each year, and April 15 will be just another day in the lives of all Americans. |