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The Cost of Tax Compliance: It’s Not Just the Taxes

A new study from the Tax Foundation discusses the “rising cost of complying with the Federal Income Tax.” The study reports that the cost of tax compliance has grown tremendously with the biggest part of the increase resulting from “growing non-economic demands lawmakers place on the tax code.” Last year “individuals, businesses, and nonprofits will (sic) spend an estimated 6 billion hours complying with the federal income tax code, with an estimated compliance cost of over $265.1 billion,” which “amounts to imposing a 22-cent tax compliance surcharge for every dollar the income tax system collects.” The study also notes that “tax compliance does not fall evenly on taxpayers” because the cost is highly regressive.” When does the revolution start? Here's the accompanying press release.