Heavy Lifting - thoughts and web finds by an economist
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Friday, January 09, 2009
How about the proposal in the Obama tax plan that calls for the IRS to fill out the tax returns for at least some folks (at first).
Simplified Tax Filing. The Obama plan proposes that the Internal Revenue Service (IRS) prepare tax returns for most taxpayers using information from employers and financial institutions. This would simplify tax filing for taxpayers with relatively simple returns, for whom compliance costs are already low. However, the proposal would also require the Social Security Administration and financial institutions to provide data to the IRS faster than they do now and would raise IRS administrative costs. Further, Obama’s proposed new tax credits would reduce the number of taxpayers who could benefit from this option.
That's a big step backwards for personal liberty and privacy. I wonder if that's the type of change we can all believe in?
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