Local Professor Says Going The Flat Tax Route Won't Be Enough To Simplify Federal Taxes
By John Ostapkovich
PHILADELPHIA (CBS) -- Now that the federal tax filing deadline is behind us, maybe you're wondering if there's a less cumbersome way to structure the income tax, however it's not as easy as it sounds.
The federal tax code is famously detailed and Professor David Robison, chairman of economics at LaSalle, estimates that if you stacked it all up, it would stand five feet tall.
He says moving to the purportedly simpler flat tax would knock the stack down by one page.
"Because almost everything in that five feet is around defining what is taxable income. If I have income that's dividends because I own stock overseas. If I have a small business, if I earn interest, if I earn interest from overseas bonds, if I earn interest from state bonds, what part of my income should be taxed is the real question."
One that is debated or disputed from Congress to courtrooms and encounters with the dreaded IRS auditors.