Taxation – the heart attack creator of the 21st Century

Hey Grit

You expect me to advise on the complexities of the US tax regulations when, according to a survey 66% of Americans haven’t a clue what they mean and, according to the American Bar Association,  a large number of the IRS employees don’t have a clue either. Covering over 2,300 sheets of paper, it is a wonder that any of you owe the IRS anything after paying the professionals to compute your liability.

However, we do not seem to fare much better in the UK. Here we have Income Tax, National Insurance Tax, Value Added Tax, Inheritance Tax, Capital Gains Tax, Stamp duty, Self employment Tax, Council Tax, Road Tax and Excise duties. (I am sure I have forgotten some!).

Our Finance (Tax) act is 517 pages. The Income Tax Act has more than 826 sections,  and on top of that there is about 18-20 other acts.

Why the heck do people want to immigrate to here?

the Brit

One Response to “Taxation – the heart attack creator of the 21st Century”

  1. britandgrit Says:

    Hi Brit,

    Actually, it’s worse than you mention. That 2300 pages, as I recall, is short by a few million words if you count the side legislation that ties into the main tax law. At one point, several people sued for relief of interest and penalties when they filed incorrectly by following the advice given on the IRS help line. The courts, in their infinite wisdom, ruled for the IRS on the grounds, as I recall, that they only have to enforce the law, not understand it. Every year some group submits a fake set of records to different accounting firms, and every year each one fills out the tax forms differently.

    the Grit

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