How many hours do you think Americans spend in tax preparation?
The answer is stunning. 8.9 billion hours. That’s “billion” with a “B.”
Another way to look at it is this. It would take 4.3 million people working full time for a year to complete the tax filings of all Americans.
Frankly, that’s ridiculous. That our tax code, which has bloated into a 2.4-million-word tome, demands this kind of time from our citizenry is unconscionable.
Think of all the good 4.3 million people working toward actual productive ends would do for the economy. Think of all the good the $409 billion that Americans spend on tax preparation—the equivalent of 8.9 billion hours worth of work—could do if focused on other things. Like launching new businesses. Innovating existing products. Coming up with new inventions.
The tax code has become a drag on the economy. But don’t expect politicians to change it any time soon. They gain too much power through the tax code. They can curry favor with their constituents by tweaking the tax code for their benefit… or by shifting it to penalize the “evil rich.”
Fortunately, you can take steps to protect yourself. In Independent Living my researchers and I regularly show you creative and effective ways to grow your wealth and to protect your financial future… even with the ever-growing cut demanded by Uncle Sam.
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Also, click here to see just how heinous our tax code has become.