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Tax Reform Situation in American - Assignment Example

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This paper "Tax Reform Situation in American" discusses very interesting conjuncture since no matter what the analysts say or do, a certain level of reform has to come to the over-complicated tax structure. It remains to be seen what benefit or harm will come to individuals due to this tax reform…
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Tax Reform Situation in American
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Download file to see previous pages The tax process has been reformed, changed, developed, organized and is now one of the most complicates codes of law in the world. Some of the reforms underway are still being debated and they must be examined to show how the reform process takes place in America.

Overall, American taxation involves payments from individuals to four levels of government depending on where they reside. Taxes are due to the local government i.e. district or country, to the regional bodies like schools and utility providers, to the state government and finally, to the federal government. Other than general income tax on companies and private persons, the American government collects taxes and contributions for Social Security, Medicare and social programs which are supported by the government. An estate or death tax is charged on inheritance, taxes on long term capital gains on investments are also a source of revenue for the federal government.

In all these cases, there are limits, exclusions, dependences, and legal issues that need to be understood or an American could be jailed for tax fraud. Needless to say that the IRS does not have the resources or the means to help every person who wants tax advice and the legal and accounting community in America has a good chance to bill their clients for a few extra hours when it is tax season (Kiplinger, 2006). As a matter of fact, Americans spend a collective $150 billion during tax season for professional tax help (Samuelson 2006).

The present tax code which was first established in 1986 is nothing less than a dinosaur. It is old, slow, and completely behind the times. Negotiating the tax code is so complicated that 60% of individuals in America have to seek professional help. It has been modified more than 15,000 times with micro-changes approved by congress which have only led to further complications and confusion amongst the population and tax professionals (Samuelson 2006). ...Download file to see next pages Read More
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