4 ms·
What we have currently is the other way around, unfortunately: the larger you are, the more efficient it is for you to be "compliant" with various laws and regu
by gottorf 3y ago
What we have currently is the other way around, unfortunately: the larger you are, the more efficient it is for you to be "compliant" with various laws and regulations. The same way that a billionaire wouldn't mind paying half a million dollars to an accounting firm to optimize their taxes another 1-2%, whereas someone making $50k a year would just use the free version of TurboTax and maybe miss out on some deductions.
This (among other things) contributes to the trend of increasing consolidation in virtually every industry in America.
- elteto 3y agoWhile I agree with you, people making $50k a year are not missing out on many deductions. Putting its parent company aside, Turbo Tax is not a bad product for simple taxes at that income level. What they are missing out is alternative investment categories only available to those with more money, or estate planning solutions that are expensive to setup.