Monday, I reported that yet another American corporation, Medtronic, has chosen to move its headquarters abroad to avoid high tax rates. I ended the article by inquiring, “There is no denying that our federal tax code needs a major overhaul. The million dollar question is how?” Rep. Dave Camp (R-MI), Chairman of the Ways and Means Committee, has proposed a solution.
The U.S. tax code is an overcomplicated mess. Despite most Americans feeling like it's pretty easy to do, each taxpayer takes an average of 13 hours to do their taxes.
One of the difficulties of devising social safety net programs is dealing with what are called "welfare cliffs" - as low-income people move up the income ladder, they see government benefits phase out.
Texas Senator Ted Cruz is having some fun on this fine tax day by exposing the double standard between people who work at the IRS and taxpayers who must comply with the rules and regulations of the agency.
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