Tax simplification: filing by text message
I noticed the picture on this article in the WSJ shows Sweden as one of the best. I lived in Sweden for a couple of years 10 years ago.
Back then, their IRS system collected my earnings from my employer, and mortgage interest from my bank. Then it sent me a text. I could reply “yes” and the filing was over.
Whether the proposed reforms will grow the economy will depend on who the winners and losers are, as many of the proposed changes cancel out.
The tax simplification will create economic value though. Each year, I watch thousands of small business owners who have to spend numerous hours doing paperwork. When those small bakeries are making bread and those preschool owners are teaching our kids, they are creating economic value. When they are filling 1099 forms for any annual payment above $500, they are not. Tax simplification is a winner.