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The True Cost Of Income Tax

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colin_twiggs
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Username: colin_twiggs

Post Number: 1077
Registered: 06-2009

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Tuesday, April 19, 2011 - 07:33 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)




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There is a lot more to taxes than simply paying the bill. Taxpayers must spend significantly more than $1 in order to provide $1 of income-tax revenue to the federal government.

To start with, individuals and businesses must pay the government the $1 in revenue plus the costs of their own time spent filing and complying with the tax code; plus the tax collection costs of the IRS; plus the tax compliance outlays that individuals and businesses pay to help them.

In a study published last week by the Laffer Center, my colleagues Wayne Winegarden, John Childs and I estimate that these costs alone are a staggering $431 billion annually. This is a cost markup of 30 cents on every dollar paid in taxes....




The 30-Cent Tax Premium: Tax compliance employs more workers than Wal-Mart, UPS, McDonald's, IBM and Citigroup combined.
By ARTHUR B. LAFFER

Does anyone have similar figures for Australia? The percentage could be just as high.

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