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FBN’s Lou Dobbs on the 1.2 million tax preparer jobs created to deal with the government’s complex tax code and the looming tax hikes facing Ameri...
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That that was last fall -- talk about the importance of tax reform something the Obama administration has avoided throughout.
This these past -- -- and a hand -- Along with a few other critical issues in the minds of many of most of us know that the tax code is -- too complicated.
Nonetheless the tax code is simply by any definition a mess in the facts are frankly just stunning.
Based the facts USA it's a research project at George Washington University they came up with the numbers for example.
Federal tax law is gonna have loved it's federal -- going back to.
1913.
400 pages.
That's -- All offs are -- can you imagine what's gonna happen with a bomb here 2800 page that's -- that's how it started.
Today today I have a -- that I mean because government just doesn't sit there -- now.
They have to be busy.
-- -- they've created.
Or 72.
-- -- now.
Its product that's quite around isn't it as a result.
And and sometimes when you say government doesn't create jobs you have to stop and think -- this is an exception.
These.
72000.
Pages.
Have directly led to the creation of some jobs.
And -- -- -- problem over that time.
There are.
Tax prepares.
And they do pretty well -- And it's really -- upon.
-- think about this because there are few other.
There are quite a few indeed.
And we don't do this in the thousands -- know.
We don't do that.
Area.
We don't even do it terms of hundreds of thousands.
One million to.
100000.
-- prepares for killing in this country right now.
So when we talk about -- Law this country is being a massive need for tax reform.
I don't think.
You can summon up any -- them.
1200000.
Acts prepares.
If if you took all the law enforcement officer.
And all of a -- in the country professional -- You don't come up -- that number you're still about a 100000 short.
That's how many people working.
Just a deal with our complicated.
Cumbersome.
Overwhelming.
Tax -- They.
The US.
The US tax code is frustrating to all of us.
It's even intimidating but for small business it represents another obstacle to -- -- -- companies to create jobs.
And after Japan.
Got -- tax -- back on April the United States probably became the nation with the highest corporate tax rate in the developed world 35%.
And here -- some tax members to think about as we head toward the fiscal cliff the beginning of the year.
If the lawmakers and the White House don't agree on how to address those issues Americans will see.
Seven.
Trillion dollars a report that appeared as it's sort of a big number seven.
Trillion.
Dollars.
With the tax increases and spending cuts go into effect.
Inject the clip includes the expiration of the bush tax cuts.
The 2% payroll tax holiday -- middle class protection from the Alternative Minimum Tax more than that the other tax breaks for individuals and businesses.
All come to a crashing conclusion.
Not to mention five major Obama care -- this kick in this January I know you thought he was being serious.
He was just kidding about they're not -- any impact on revenue or your tax your taxation.
Those taxes included 2.3 percent tax on medical device makers a big deal it is a very big deal -- say the least.
We won't say at the way Vice President Biden would.
But it's a big deal especially if congress waits until November 7.
Attack.
