Source: Tax Revolution Institute
That is the present size of Title 26 of the U.S. Code, i.e. the “Internal Revenue Code.” One would think this would be nearly impossible for an enterprise wielding an army of tax experts to absorb, let alone the average taxpayer. However, it doesn’t stop there.
The IRS has added an additional 7.7 million words of tax regulations designed to clarify what the original 2.4 million words mean. You can’t make this stuff up. Add 60,000 pages of tax-related case law essential to accountants and tax lawyers, and the burden is revealed.
More than 10 million words with a hidden annual compliance cost of up to $1 trillion. This is what Title 26 of the U.S. code and the Federal Register is estimated to cost the United States economy each year. Continue reading »
Qantas tops the list of more than 1,900 companies, while revenue from the petroleum resource rent tax plummets
More than 35% of the largest public companies and multinational entities paid no tax in Australia in the most recent financial year on record, according to the second transparency report published by the Australian Taxation Office.
Qantas Airways, for the second year in a row, was the company with the highest total income to have paid no tax, followed by Origin Energy, Lend Lease and ExxonMobil Australia. Continue reading »