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« Things to look for when inspecting your roof for repairs | Main | Finding Out Your Choices For Credit Card Debt Reduction Is Extremely Smart »

A Short Timeline of Taxation of the United States, Section 3

By plrprousers | January 12, 2010

Raleigh NC Accountant

W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…

So, what went wrong with the tax system in the US?

US tax makers have been reaping what they have been sowing for quite a while. Our honor system has been replaced by a monster in which every tax payer is under watch due to the strong inclination of evasion. Basically, compulsion has replaced consent. Honor has been replaced with espionage. If you’re feeling the pressure with today’s taxes, call a Cary NC CPA for all your tax-related needs!

In the mid-20th century, no bank informed the IRS about the affairs of citizens who went to that bank, interest rates went unreported, withdrawals of cash were not reported, and nothing that went through any account was photographed. In addition to this, real estate transactions were not reported, stock transactions were not reported, dividends were not reported, income from other sources (Form 1099) wasn’t reported, and US Customs didn’t require a declaration of cash carried. Go here if you want help from a modern-day Tax Preparation in Cary, NC.

It was an honor system, and it worked. The erosion that occurred over the last 50 years to now is that anything of any fiscal significance is now reported.

Adam Smith stated that taxes will be evaded and tax laws shown little credence when there is a general suspicion of a lot of meaningless expense and a lot of misspending of tax revenue. For example, $500 toliet seats, high-dollar grants to study the sex lives of ants, etc.

For the sake of catching a few tax resisters and evaders in the 1950s Congress made a tax abomination of the US tax system that more and more taxpayers attempt to bypass. As a general rule, mass tax evasion is a clear signal that a government’s tax system isn’t working. Citizens will pay taxes, even income taxes, if the rates are acceptable.

Thanks for reading! Stay tuned for more updates!

http://www.marccpa.com/

Tags:accountant,bookkeeping,cpa,income tax,marc gilfillan,NC,raleigh,tax,tax preparation,tax return,taxes

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