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Intuit has so little real effect. However it makes for sensationalist reporting and attracts eyes and easily picks up people who want to believe tax law is all
by Shivetya 6y ago
Intuit has so little real effect. However it makes for sensationalist reporting and attracts eyes and easily picks up people who want to believe tax law is all the result of corporate greed. Simply put, its too complex for one company to have a significant effect.
Nearly every bill out of Congress can effect tax law and this includes even special appropriation bills; all the covid bills have had tax law changes.
there are some three thousand pages comprising Federal tax law however much of this is additionally subject to various regulations that can affect when and when not a tax takes affect. then throw in every state, city, and more.
To be honest I don't know of a good fix. there are too many forms of income and taxation that Congress would have to reduce the number of definitions for what is income into much simpler categories, say employer paid income, interest, capital gains, money transfers from others, and such, and then macro the rest into miscellaneous subject to a permanent fixed rate.
As in, account for the most common forms of income at a lower rate and they get all those that don't fit that definition and charge it at a higher rate as likely none of these would ever be claimed by the average tax payer.
when it comes to deductions, simply do what the Trump tax change did in 2016 but do it again, raise the standard deduction so that if you are under 250k you never need to itemize.