The Complexity of the U

question 59

Essay

The complexity of the U.S.federal income tax system results in significant annual deadweight losses.The opportunity cost of the hours taxpayers spend on record keeping and completing their tax returns amounts to billions of dollars.
a.If the tax system was simplified, how would this benefit the economy?
b.Why hasn't the tax system been simplified?

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Definitions:

NFL

National Football League, a professional American football league consisting of 32 teams, divided equally between the National Football Conference (NFC) and the American Football Conference (AFC).

Vine

A short-form video hosting service where users could share six-second-long looping video clips, discontinued in 2017.

Natural-Language Recognition

The ability of a computer to understand and interpret human language as it is spoken or written.

Banner Health

A large non-profit healthcare system in the United States that operates hospitals and other health services facilities.