Oct 13, 2015
Federal Tax Law, Regulations Reach 10 Million Words
Post by Freedom Partners
“The length of the federal tax code and regulations has grown steadily over the past sixty years,” reaching 10 million words in 2015, according to a report by the Tax Foundation.
“In 1955, the two documents were 1.4 million words in length. Since then, they have grown at a pace of about 144,500 words a year,” the Tax Foundation reports. “Today, the federal tax code is roughly six times as long as it was in 1955, while federal tax regulations are about 2.5 times as long.”
As the code and regulations grow longer, they also become more complex for American taxpayers and businesses–introducing new burdens on job creators in an already struggling economy.
“Tax complexity creates real costs for American taxpayers and the U.S. economy,” says the report. “Americans spend 6.1 billion hours and $233.8 billon complying with the tax code. Due to increasing tax complexity, over 90 percent of taxpayers now hire professional tax preparers or use tax preparation software.”
It’s time for Washington to reverse course and focus on cutting back costly and unnecessary regulations, and enacting tax reform that reduces complexity while lowering individual and business tax rates.
Click here to read to the full Tax Foundation report.