Sunday, April 17, 2011

The U.S. tax code: A "huge convoluted mess"

The U.S. tax code: A "huge convoluted mess" - CBS Sunday Morning - CBS News
CBS News)

These are TAXING TIMES to put it mildly. Midnight tomorrow is the deadline for filing our income tax returns. And it comes in the midst of a heated debate that could shape our filing days for many years to come. Our Cover Story is reported by Seth Doane:

Every year in our nation's capital, cherry blossoms are a welcome sign of spring ...

But this year they coincide with another, far less welcome spectacle: Turmoil, over taxes.

With our national debt above 14 trillion dollars, has the age-old debate over taxing and spending finally reached a tipping point?

And while the two sides seem far apart, there is one thing nearly everyone agrees on:

The American tax system is "a huge convoluted mess," says Chris Edwards, who studies tax policy at the Cato Institute, a Libertarian think tank in Washington.

The American tax system is "a mess that's completely unfair, and that few Americans understand," says David Cay Johnston, who teaches tax regulation at Syracuse University Law School.

The American tax system is not only a mess, but an "extraordinarily complex" mess ... and not just for individuals, for corporate entities, businesses," says Nina Olson - of the Internal Revenue Service.

Of the many people who are fed up with our tax system, you might want to pay closest attention to Olson.

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