Congressman Larry Bucshon on Tax Day
(Washington, D.C.) – Congressman Larry Bucshon (IN-08) released the following comment in recognition of Tax Day 2012.
Congressman Bucshon (IN-08) states:
“As hardworking Hoosiers file their annual tax returns today, we are reminded of the burdensome, complex, and unfair system that we have to navigate each year. Coincidentally, today also marks the day that the average American worker will have worked long enough to pay all federal, state, and local taxes for the year and they can start keeping their hard earned income for themselves. These two realities further confirm the need to overhaul the tax code and creating a system that is simpler and fairer to all American workers and businesses.
“Now is not the time for divisive rhetoric and political gimmicks. The uncertainty in the tax code is causing many small businesses, who often file using the personal tax code, to delay investing in the future and expanding operations to create jobs. We need to lower the rates, end special interest loopholes, and broaden the base to create a pro-growth tax code that everyone can understand.”
The average American employee will work 107 out of the 365 days per year to pay federal, state, and local taxes. 29.3% percent of their year is spent working for the government.
In 1955 there were 409,000 words in the entire tax code. There are now 3.8 million words in the tax code.
The top 1 percent of taxpayers pay 39 percent of all federal income taxes and the top 20 percent pay 86 percent. The bottom half of taxpayers together pay 1 percent.
According to the National Taxpayers Union (NTU), the Treasury Department estimated that individual and business taxpayers spent 7.64 billion hours complying with the tax laws alone.