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The US tax code is a total write-off. Overstuffed with loopholes and special interest provisions, it works for no one - except tax lawyers, accountants, and corporations, that is - certainly not me and you. Not for the first time, we have to tear it up and start over. That happened in 1922, and again in 1954, and again in 1986. There's a pattern here; we reach this point every 32 years. Which means the next complete re-write of the tax code is due in 2018. Can we write a new tax code that is fair and simple? Can we cut tax rates and still bring in the revenue required? In fact, we can - by learning from the world's other democracies. Around the world, wealthy democracies, from Estonia to New Zealand to the UK, have all reformed their tax codes, while the US has languished. With his penchant for making complex subjects accessible and even fun, T. R. Reid travels the world in order to find out what makes for good taxation (if that's not an oxymoron!) and brings that knowledge home.
So byzantine are the current statutes that by the government's own estimates, Americans spend six billion hours and 10 billion dollars every year preparing and filing their taxes. In the Netherlands it takes 15 minutes! Brilliantly successful American companies like Apple, Caterpillar, and Google pay effectively no tax at all because of loopholes which allow them to move profits offshore. Indeed, the dysfunctional tax system has become so easy to dodge that it is a major cause of economic inequality, as Warren Buffet and Thomas Piketty have pointed out. But it doesn't have to be this way, the ever-intrepid Reid proves, crisscrossing the globe, from the Czech Republic to Mexico. Doing our taxes may never be America's favorite pastime, but it can and should be so much easier.
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By Masha Freyvert on 04-18-17
Excellent summary for those looking to understand taxes
Being a bit of a tax nerd, I was especially interested excited to read this book. It provides concise information on all of the different tax regimes worldwide in a comparatively unbiased way. You can learn about what other countries have done over many years, what worked, what didn't, and likely why. I think that even those that aren't that interested should read this book for an easy to understand summary of different tax policies. There are so many incentives out there and it's hard to sometimes follow what is being proposed by our government. This book will make you feel like an informed citizen, especially given all the talk about tax in the news. For those interested in getting to the facts on tax in a non-sleep inducing way, this book is probably for you.
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