04/20/2017

IRS Insanity: 54 Hours, More Than A Week, Spent On Tax Returns

Paul Bedard, Washington Examiner

The burden of filling out IRS forms has reached an insane level, a manpower cost of $170 billion lost in the 8.1 billion hours spent filling out 1,054 forms, according to a sobering new analysis of the impact of this year's Tax Day.

The report from American Action Forum considers the costs associated with all Internal Revenue Service forms, such as those corporations and doctors fill out, often for customers or patients, but it also breaks down the impact of tax season on individuals who face a Tuesday filing deadline.

"IRS currently imposes 8.1 billion hours of paperwork and generates more than 1,000 tax forms. To put these incredible burdens into perspective, that is 25 hours per person in the U.S. or 54 hours per taxpayer. In other words, the average working American spends more than a week sifting through paperwork and preparing to file," said the report.

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Keynesian Economics and the Great Depression

Hillsdale College economics professor Gary Wolfram discusses Keynesian economics and the factors that pulled the national economy out of the Great Depression. The story of World War II shows that government spending may produce activity, but not the prosperity of a truly healthy economy.

 

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Shadow Stats Snapshot


ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
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    Shadow Stats: 22.5%
  • Inflation:
    March Year-to-Year: 2.74% (CPI-U*)
    Shadow Stats: 10.5%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]