Headed for the ‘Frisco Bay?
September 26, 2005
Today, bay watchers in San Francisco may find more than the tide rolling away. According to several stories in the San Francisco Chronicle this weekend, 30,000 quarterly tax payments were lost in San Francisco Bay.
“Thousands of tax payments and other correspondence sent to the Internal Revenue Service were dumped into San Francisco Bay following an automobile accident. An additional 15,000 tax payments were recovered after the accident, which occurred on the San Mateo Bridge as the courier traveled from the San Francisco post office to a check-processing facility in Hayward, the IRS said. [Full Story]
The lost payments are estimated to represent only 2 percent of September’s volume at the IRS facility in Hayward, California. This story highlights the massive amount of paperwork that the current tax system requires of everyday Americans. Americans are now coming to realize that the current tax system is far too complicated. According to a recent poll commissioned by the Tax Foundation and conducted by Harris Interactive®, “an overwhelming 81 percent of adults believe the federal income tax is somewhat or very complex, and 70 percent said they either “hated” or “disliked” doing their income taxes.” A recent study by Tax Analysts points out that Americans currently spend an average of 21 hours in order to comply with the complexities of the status quo each year. Let’s hope the President’s Advisory Panel on Federal Tax Reform presents a straightforward plan to eliminate the reprehensible complexity of the tax code.