Taxpayers are entering the home stretch of tax season, with returns due to the IRS on April 18. With refunds being smaller this year and the tax code as complex as ever, the National Taxpayers Union Foundation is highlighting some of the problems that taxpayers continue to face with the tax code - and the reasons that tax reform is needed for tax filers up and down the income bracket.
It takes all Americans more than 2.2 billion hours to file their federal taxes. The opportunity cost of the billions of hours spent on taxes is equivalent to $249 billion in labor.
Every year, the National Taxpayers Union Foundation calculates the complexity of the federal income tax code. Even though the 2018 Tax Cuts and Jobs Act simplified income tax returns for the vast majority of Americans, the tax code still imposes an immense burden on American taxpayers - the equivalent of billions of hours and billions of dollars in lost income and labor. The solution to this problem is to simplify the tax code, and NTUF has produced copious studies on the best way to lessen the burden on taxpayers every year.
For more information on the complexity of the tax code and what taxpayers face every year, please contact Kevin Glass, NTUF Vice President of Communications, at 703-299-8670 or at kglass@ntu.org.
