Dreaming of tax simplification | Purcell
I can’t help but dream this time of the year. It’s the thick of winter, you see, which means I’m spending hours huddled in my home office getting a million tax details in order for my CPA. And I’m dreaming of tax simplification. President Trump has shared a bold vision to potentially replace the income tax entirely in favor of tariffs. Though I can’t imagine that ever happening, he has also promised to simplify tax filing to such a degree that “nine out of 10 Americans will be able to file their taxes on a single, little, beautiful sheet of paper.” Could tax filing become as simple as it was for my father in 1959? My dad kept a work draft of his return that he filled out in pencil, then completed the final version in ink before sending it to the IRS. I still can’t believe how simple his tax form was. In 1959, he paid a measly 5 percent in federal taxes. Though the top income tax rate was 91 percent that year — President Kennedy would slash rates a few years later