The most insightful (and funniest) commentary I’ve come across all year regarding our voluminous tax code and its urgent need for major reform comes from Caroline Baum at Bloomberg where these thoughts were offered up as part of a wide-ranging critique of a system that, one way or another (something about Tea Parties) will one day be overhauled.
The public is sick and tired of politicians preaching tax increases and practicing tax evasion. We’re fed up with the 67,000-page loophole-ridden tax code with its egregious exemptions and deductions.
Did you know that there’s a standard tax deduction for the blind but not the deaf? Or what about the deduction for work uniforms, except if you’re a painter wearing white overalls? Imagine how deaf painters must feel.
There simply has to be a better way.
One has only to look where incentivizing behavior through endless changes and tweaks to the tax code have gotten us to date in order to realize that the system – as it has evolved over decades – is a dangerous tool in the hands of politicians.