If there is one thing that the rash of tax problems of two very smart men should tell us, is that the tax code is obviously too complex and is in drastic need of reform.
If these two guys, one a former Senator, another a banker, (and both can afford accountants) can't figure out what taxes they have to pay and when or what is considered taxable income, then how is the average American taxpayer supposed to figure this stuff out?
One added bonus: even a revenue neutral tax reform proposal would be a tremendous boon to the economy. Think of all the lost man hours and productivity most Americans spend just having to file their taxes — think of the amount of money spent on tax preparation software, H&R Block and other paperwork just to jump through the hoops of the IRS.
Think about this:
estimated cost of over $265.1 billion. This amounts to imposing a 22.2-cent tax compliance
surcharge for every dollar the income tax system collects.
There's a $265 billion economic stimulus package that doesn't cost the Federal government one red cent.
Tax reform advocates have a golden opportunity thanks to Daschle and Geithner to move their issue to the forefront. Let's not squander it.