Tax reform is probably the biggest and best achievement of the Republican Congress so far. But read this from Tallahassee’s James Madison Institute:
TALLAHASSEE, Fla. – As the final Tax Day under America’s old tax system looms, a new survey and study reveal significant misunderstandings about the newly passed income tax reforms, including whether it will be simpler and will save middle-income Americans money.
The study by The James Madison Institute, a free-market think tank dedicated to the principles of economic freedom and limited government, also found that states with more complex tax codes have higher preparation and filing costs for individuals and higher administration costs for state governments.
Predictably, the survey found Americans evenly split between feeling stressed, annoyed, or relieved about their taxes. But many of those surveyed see no relief in sight, despite the benefits in store next year. Although the tax reforms will substantially simplify income tax filings and will return an estimated $1,000 in additional tax payments to the average middle-income American, many taxpayers – including conservatives – aren’t convinced.