Tuesday, January 17, 2006

Tax Compliance: A "Hidden" Cost of Collecting Revenue

The Tax Foundation released a report indicating that in 2005 tax preparation and compliance cost $265 billion (about 6 billion hours of time) which is about 2/9ths of the revenue received. In ten years, the cost will approach $500 trillion (closer to $400 inflation-adjusted). By comparison, the cost exceeds the annual revenue of Wal-Mart and time spent exceeded combined productive hours for the aircraft, auto, computer manufacturing and steel industries.


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