In what is slowly becoming my occasional series on timely issues and the Edwards approach to them, I would like now to delve into something everyone just recently dealt with: taxes. Tired of dealing with the IRS? Think you shouldn't have to fill out so much paperwork? Want to stop paying so much money to H&R Block? Follow me after the jump to learn about the Edwards approach to paying taxes and making tax paying more efficient.
Fellow Kossacks, I would like to introduce you to part of the Edwards tax plan: Form 1. The plan is named Form 1 for one simple reason. That's the form you fill out and that's how many forms you need. You see, the IRS already has all of the information needed to calculate the tax you owe and the refund to which you're entitled. That's how they're able to figure out whether or not you filled out your tax forms correctly. So under the Edwards plan, you don't do the calculations anymore; the IRS does. And before anyone starts worrying about the IRS inflating your tax bill, you can check the math and recalculate it just like a credit card bill. Afterwards, you just sign and return it and you're done. No muss, no fuss, no filling out complicated forms. And for those of you who want to do it the old-fashioned way (7 hours for the 1040-EZ), that's still an option under the plan.
But it's more than just a way to get your taxes done faster. It's a way to make filing easier and less stressful for Americans. Today, it's our responsibility to get copies of W-2s, 1099s, and all sorts of other forms from our employers, banks, brokers, and other entities and professionals to file. Under the Edwards plan, the IRS will provide copies of all of these forms to taxpayers, thus eliminating the need to get your own copy beforehand. Of course, if you like the way things are now, you can continue to file your taxes the old-fashioned way and harass banks and employers to get your forms.
On top of all of this, Form 1 also continues the fight to truly build One America. Today, the Earned Income Tax Credit, one of the most helpful sections of the tax code for the working poor, remains unclaimed by as many as 25% of taxpayers in America. This is due mainly to the complexity of the tax code and the forms necessary to claim it. Although these forms are easily navigated by professional tax preparers, those who most need the help of the Earned Income Tax Credit are those who are least able to afford a professional to prepare their taxes. However, under Form 1, the IRS will inform these taxpayers of their eligibility and they will receive the tax benefits to which they are entitled.
And what of these professional tax preparers? The very same industry that successfully lobbied the IRS to limit access to low-cost online tax filing? Well, they're the one group that won't benefit under Form 1. In fact, it could cost the tax preparation industry two billion (with a b) dollars. Conversely, it could save American taxpayers two billion dollars. I don't know about you, but I think I'd rather stand with working men and women in America than with H&R Block.
So with the Form 1 plan, taxes will be easier, faster, more efficient, more fair, and will save Americans money on tax preparation costs. The downside of all of this is....frankly, I have yet to see one. I'm sure someone will be helpful and point one out to me in the comments, but maybe I'm mistaken. Maybe this really is one of the best tax ideas to come out of any of the presidential campaigns so far and there isn't a downside. Let me know. Oh, and I hope your tax filing was relatively pain free. Here's hoping it gets a little easier soon. In 2009, with President Edwards at the helm and Form 1 on the books, I guarantee it will be.
One last thing, if you really like Form 1, put your money where your keyboard is. I'm afraid to say that such a donation is not tax-deductible. Just think of it as an investment. A small donation now will yield great dividends in the future by nominating, and then electing, Senator John Edwards.