Care for some holiday reading?
How about our nation’s ever-growing federal tax laws and regulations? According to the Tax Foundation, this red tape has grown to over 10 million words in length.
From the Tax Foundation:
In a recent Pew poll, 72 percent of Americans said that they were bothered by how complex the federal tax system is. These taxpayers are justified in their complaints: as of 2015, federal tax laws and regulations have grown to over 10 million words in length.
This figure includes the federal internal revenue code (2,412,000 words long) and federal tax regulations (7,655,000 words long). It does not include the substantial body of tax-related case law that is often vital to understanding the tax code.
The length of the federal tax code and regulations has grown steadily over the past sixty years. In 1955, the two documents were 1.4 million words in length. Since then, they have grown at a pace of about 144,500 words a year. Today, the federal tax code is roughly six times as long as it was in 1955, while federal tax regulations are about 2.5 times as long.
Earlier this year, the Advance Arkansas Institute urged Arkansas legislators to pursue state tax reform based on President Reagan’s 1986 plan by reducing or eliminating tax giveaways and reducing overall tax rates.
This new report by the Tax Foundation shows that it’s also time for another tax reform plan like Reagan’s at the federal level.
You can read the Tax Foundation’s report here.