Part of the FairTax Week on eFIPO.com

I really don’t know what is worse: Paying taxes or the agony and time doing taxes? Remember yesterday’s post about how FairTax will end up saving businesses money by taking out compliance costs? Tonight we will discuss how much money and time people devote to tax compliance.

In 2005 the estimate time it took for the average American to complete their taxes was 27 hours- which is a full day just to complete forms. FUN FUN eh? You might also be one of those lucky Americans that have enough money to pay an accountant or a tax advisor to do it for you. Just having to deal with all the questions is time consuming enough.

“For several years, the Tax Foundation has calculated the cost of complying with the increasingly complicated federal tax code. They estimate that in 2002 individuals, businesses, and nonprofits spent 5.8 billion hours complying with the tax code- an effort that cost an estimated $194 billion.” The FairTax book p.43. Does this statement shock you or what?

When you think of all the compliance costs businesses face you can definitely see why FairTax would be a time and money saver. Businesses can spend their time and money doing the things they do best: make money and fuel the economy and consumers can get back to do what they do best: spend money and fuel the economy.

“Since 1954, the number of words in our tax code has increased by nearly 500 percent. And that’s just the increase in the code. The number of words in the IRA regulations has increased by 939 percent.” The FairTax book p.47.  The FairTax Act has 132 total pages compared to the more than 50,000 pages of tax code laws and regulations currently in effect. You ever hear the phrase taxes can kill you? Seriously, if the tax code and regulation books were to fall on you, you could die.

It is estimated that about 500 billion dollars is paid on yearly basis to comply with taxes. That is 500 billion dollars that the economy could use for much better things then tax compliance. Help America grow and get learn how the FairTax could change your life. Buy the FairTax book and visit the FairTax site.

To learn more about this subject head over to SpeckBlog, eFIPO.com, and FairTax.org