TAXES: Painless Extraction

  • Share

By March 1955, the painful business of filling out income-tax forms may become a thing of the past for 35 million U.S. citizens. Internal Revenue Commissioner T. Coleman Andrews suggested last week. Under Andrews' proposed new collection system, the Government will simply send a bill (or a refund) to the millions of taxpayers whose entire income comes from earnings that are subject to payroll withholding and who take only the standard 10% deduction for personal expenses and contributions. The new system will not be mandatory. Andrews calculates that only about 20 million taxpayers (who have several sources of income, or high deductions, or a love of arithmetic) will go on filling out itemized forms. Estimated savings to the Revenue Bureau: $35 million. Estimated savings to the taxpayer: 35 million headaches.

Time.com on Digg

POWERED BY digg

Quotes of the Day »

SARAH PALIN, writing in an Op-Ed in the Washington Post, on the ongoing climate-change conference President Obama is scheduled to attend; Palin came under fire from critics for slamming the long-awaited conference that many hope brings global-warming action
For use in rail of Articles page or Section Fronts pages. Duplicate and change name as necesssary to distinguish.