Happy Tax Day from the Heritage Foundation:
Americans are waking up today to the worst “case of the Mondays” they’ll have all year: It’s Tax Day.
Most Americans dread Tax Day, and for good reasons. Beyond the huge tab Americans pay to the government, the tax code is so complex that it’s difficult to figure out what we owe to the IRS. This is a pain for taxpayers and a huge drain on the economy.
According to the federal Taxpayer Advocate in its 2012 report, Americans’ cost of complying with today’s complex tax code totaled $168 billion in 2010. That’s almost as large as the impact of the Obama tax hikes in fiscal year 2013, and twice the size of sequestration this year [see chart].
It takes taxpayers 6.1 billion hours—or 51 hours per household—to complete all the required filings. That’s more than six full eight-hour working days per household!
The compliance burden comes on top of the direct financial cost of $3.5 trillion in federal spending. In 2012, Washington collected $20,000 in taxes for every household in America. But Washington spent nearly $30,000 per household.