Federal Income Tax an Enemey & Fiasco
The American tax system is grossly unfair. The federal income tax system is a complete mess. It is neither efficient nor fair. It is not simple or comprehensible. It encourages tax avoidance and cheating. It costs billions of dollars for the IRS to administer.
To make matters worse citizens spend billions of dollars in time and money filling out tax forms, paying unnecessary accountanting fees and other forms of compliance. It costs the economy billions of dollars in lost output of goods and services because investments are made for tax rather than for economic purposes. It involves tens of thousands of lawyers and lobbyists getting tax benefits for their clients instead of performing productive work. You cannot find even ten serious economists who think it is worth saving.
It is a fact that people living in the same neighborhood, performing the same work and earning the same income can incur a 50% or greater difference in tax liability. If you are on the wrong end of that equation it could cost you millions in lost income and lost savings by the time you are ready to retire. Consider this, if a 25 year old puts aside only $300 a month by the time he is ready to retire that $300 has turned into a one million dollar nest egg.
It is a fact that people living in the same neighborhood, performing the same work and earning the same income can incur a 50% or greater difference in tax liability. If you are on the wrong end of that equation it could cost you millions in lost income and lost savings by the time you are ready to retire. Consider this, if a 25 year old puts aside only $300 a month by the time he is ready to retire that $300 has turned into a one million dollar nest egg.