As most regular readers of this blog know by now, I am a firm supporter of the FairTax proposal. Some of y’all have bought the book from the link in my left sidebar (thank you very much!). Below is my first participation in The FairTax Blogburst. It is a crosspost from the bklogburst producers, Terry of The Right Track Blog and Jonathan of Publius Rendezvous. See the foot of this post for ways you can be a part of this effort to raise awareness of The FairTax.
You may have noted a story recently that H&R Block, the tax preparation giant, is in trouble for, guess what? — goofing on its own taxes.
Reuters, in a story dated February 23, says:
The company, which is in the middle of its make-or-break season preparing other people’s tax returns, said it had underestimated its own “state effective income tax rate” in previous quarters — meaning it owes another $32 million in back taxes.
As a result, H&R Block said it would restate previously reported earnings going all the way back to 2004.
While this story seems to revolve around state taxes, the Federal Tax Code certainly doesn’t make things any better. It is no secret that our Tax Code has gotten out of hand. As of 2003, the code comprised more than 55,000 pages of laws, regulations, and rulings. As of Tuesday, March 7, 2006, the IRS has 954 Forms and Publications available for download on its web site. This is up from 402 in 1990, and 526 in 2002. In addition to the common W-2, Form 1040-EZ, and others with which you might be familiar, some of the more interesting forms are:


