As tax season begins, most tax practitioners have experienced the f...

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As tax season begins, most tax practitioners have experienced the following annual outcry, “The Tax Code must be simplified!” The most common suggestion for accomplishing this is to establish one tax rate that would be applied equally to all. Is this a workable or even necessary solution? This forum will explore that question.

For this discussion, do research and formulate your opinion on the above issue and respond to the following questions:

• It is often said that fewer tax brackets would aid in streamlining the Tax Code. How many different tax brackets should exist for individuals? Why? How many tax brackets should exist for corporations? Why? Describe whether or not it is reasonable to view the number of tax rates as a genuine source of complexity when determining tax liability. Support your claims with at least one credible source.

• Describe whether or not deductions to lower taxable income are a source of excessive complication when calculating tax liabilities. Explain your reasons.

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Simplification of the Tax Code

Many taxpayers believe that the current tax code is too complicated and should be simplified to ensure that it captures all the sectors of the economy. Such a move would reduce the tendency of the tax code to interfere with free markets, as well as ensuring that it raises revenues equitably. Some have suggested that a standard tax code should be adopted and be applied equally to all the tax brackets. The idea has been broadly supported by a section of taxpayers while some think that such a move will not be...

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