45 Tax Preparers, 45 Refunds: Our Tricky Tax Code

45 Tax Preparers, 45 Refunds: Our Tricky Tax Code

Craig Huey Economics 1 Comment

You and I are paying 25% more in taxes than we should.

Our federal tax system is broken.

It shouldn’t be patched.

It should be abolished!

It’s filled with loopholes, special forms, and diluted law.

The tax code is now so complicated, that even professional tax preparers can’t get it right.

In a test to expose the excessive complications of the tax code, 45 preparers prepared a tax return for a fictional family.

No two of the professionals came up with the same answers, and none of them calculated the correct income tax: $42,336.

Some returns came up with a number as low as $36,322, or overtaxed the individual family with a final total of $94,438.

Imagine a tax preparation so low, that the IRS demands an audit, a review, with levies and fines for late payment!

Don’t blame the pros, though. The tax code is not only long and cumbersome, but constantly changing, which makes it very difficult to keep up with the changes.

What do you think? Email me at craig@craighueyl.com

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