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.
Common Trust Fund Questions for Beginners
Are you considering a trust fund? Trust funds are a very useful tool for saving and investing money, but a lot of people aren’t totally sure how to use a trust or even how they work. Trust funds essentially hold assets, like property, a business or money, for the benefit of another person, a group…
IRS Wants A Lot More Than a Coke and a Smile From Coca-Cola, Co.
The Coca-Cola, Co. wants everyone to share a Coke and a smile but the IRS just wants the soft drink company to share it’s profits with the government, in the form of it’s tax bill. The IRS claims that the company has skipped out on more than $3 billion in taxes and interest due from…
FATCA Is Officially Underway
We’ve been talking about it for months and according to the IRS, FATCA is now officially underway. The Foreign Account Tax Compliance Act is live and the IRS is actively exchanging information with several other countries that have signed on. So what does that mean for you and your information if you have funds in…
Be Careful of Scams When Donating to Charities
The world is full of good Samaritans, those people who see other people suffering, and want to help or who get involved in a good cause. Donating time, talent and money to charities and other good causes is a noble endeavor. However, as with most things in life, there are always those on the other…