American Taxpayers Are All for Real Tax Reform
Taxes, taxes, taxes. One thing is for sure you can’t run and hide from them. While most Americans pay their taxes, some more begrudgingly than others, most taxpayers wish they could pay less. What’s more, most taxpayers would also love to see some real change in the tax system instead of the constant back-and-forth rhetoric that continuously takes place between political candidates and lawmakers.
In fact, according to a recent survey from WalletHub the majority of Americans really just want to see some true reform when it comes to the nation’s tax code. According to the survey more than 75 percent of those who participated felt that the current tax code was either complex or extremely complex. By way of comparison, only 5.5 percent said that the tax code is simple or very simple.
The findings also suggested that there was a correlation between the age of the respondents and how complex they feel the tax code is. Specifically, the older the respondent the more complex he or she feels the tax code is. So what makes the tax code seem so complex? According to respondents one of the chief culprits is the amount of deductions available in the tax code. The majority of the participants preferred a tax code with fewer deductions.
There are many aspects to taxes and no doubt for the average taxpayer a much simpler code would be preferable. In any case, when it comes to high net worth taxpayers the tax code can be even more complicated. That’s why it’s a good idea to let GROCO take care of your taxes for you. Click here to contact us.
Florida Looking to Lure More Wealthy Taxpayers
The reports regarding many of the nation’s wealthy packing up and moving to different states in order to avoid the high taxes where they currently reside continue to mount. According to one such report, David Tepper, the president of Appaloosa Management L.P., who is the wealthiest resident of New Jersey, is in fact no longer…
How Long Does it Really Take to Prepare Business Taxes?
How Long Does it Really Take to Prepare Business Taxes? For most people, just hearing the words business taxes is enough to cause uneasy feelings, but for business owners the thought of doing their own business taxes can be a nightmare. Filing individual tax returns can be hard enough but the process gets even more…
Tax Topics Business Owners Need to Know
Being the owner of a small business can be very rewarding, but very challenging at the same time. One of the biggest challenges small business owners face is dealing with taxes. There are countless items to keep track of and monitor with small business taxes, but these are some of the most important issues to…
Top Tax-Saving Moves Used By High Net Worth Individuals
One of the biggest complaints certain groups or individuals have against the wealthy is that they can take advantage of too many tax breaks and loopholes to lower their tax bill. So what are some of the top tax strategies that high net worth individuals use to keep their tax rates down, and could anyone…