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2006 Tax Watch 1 (2006)

handle is hein.taxfoundation/taxwtch0003 and id is 1 raw text is: FOUNDATION M e ss age f ro m the President 0 U.S. Corporate Taxes: Handicapping America Health Care and the Tax Code Seniors Benefit from Cuts in Capital Gainso and Dividend Taxes Making Taxes Simple;° From the Archives,;N Time to Reform the Charitable Tax Deduction Our Economists isuf in the News; k111 What Will Be Your Legacy? As Congress debates the tax reform recommendations of the President's Advisory Panel on Federal Tax Reform, members should address this growing compliance burden, and work to reduce it through. tax simplification and reform.. American taxpayers paid ughty $1.2 trillion in federal income taxes in 200-5, but the nation's true tax burden is even higher. Last year, individuals, businesses and nonprofits spent an estimated 6 billion hours complying with the federal in- come tax code with an estimated compliance cost of over $265.1 .How U billion, according to a recent Tax Foundation It.Americans.were study, spend the money This includes the cost I.. he co ined.. of tax preparation, Security, Justic paperwork and other Health and Hui hassles caused by tax * More than half complexity. These translate into imposing * One laptop car a 22-cent tax compli- ..FouriPod nanc ance surcharge for every dollai rhe income.. A 6-onthsup tax system collects.Slam reakfas' Projections shox that *ne treadmill by 2015 thc compli- to help work o ance cost will grow to $482.7 billion. In the last decade the cost of tax com- pliance has grown tremendously, said Tax Foundation President Scott A. Hodge. This is due partly to the inher- ent difficulty of taxing income, but also because of growing non-economic de- mands lawmakers place on the tax code. The burden of tax compliance does not fall evenly on taxpayers. It varies by type of taxpayer, income level and state. In 2005, businesses had to bear the majority of tax compliance costs, total- ing nearly $148 billion or 56 percent A merica HidienTia Burden.* Compliance Costs

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