Barack Obama ran on a promise to create a system where 40 million Americans “can do their taxes in less than five minutes”. But the IRS estimates that filling out a 1040 form will take 23 hours, up from 21 hours last year. But, they added, if you are able to use the 1040 EZ form, it will only take 7 hours!
- Doing taxes is like a prostate exam… they say it only takes 5 minutes but it feels like 23 hours.
- So you basically have to take two un-paid days off work so you can stay home and figure out how much you owe the government for the days you were working.
- It takes you 23 hours to prepare your taxes, and the IRS only minutes to decide you didn’t pay enough!
And the Laffer Center estimates that it still costs Americans $431 Billion a year to comply with the tax code, and it just keeps getting more complicated. For instance, it now contains at least six different definitions of a “child.”
- I say we put the IRS in a “timeout” until they figure out what a “child” is.