Having lived in both America and Canada, I've found that I pay roughly the same amount in taxes in both countries. However, in Canada, I receive significantly more benefits and services for my tax dollars. Many Americans harbor a strong disdain for their government and are reluctant to part with their money because they have rarely experienced effective governance.
With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the Dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
I've lived in America and Canada. Paid about the same in taxes but get way more for my taxes in Canada. Most Americans hate the government (hate giving them their money even more) because they've never experienced good governance.
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio
It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sonya looks the part but i'd do my due diligence. I set up a call, thanks.
IRS: We know how much you owe us but you need to figure it out. But if you get it wrong, we'll come after you and ruin you financially for a few years.
Americans: Hire accountants or spend hours to do their taxes Singaporeans: do nothing and receive a text message from the government that your tax has been deducted from your bank account.
I really don’t understand why this isn’t an automated process. Even in a 3rd-world country like Mexico, this is all automated. We do our taxes in April and everything is pre-filled in the form. You can also manually edit the form to add any deductions not already included. You send it and get your tax return within days. Most people like me do not even use an accountant for this. It is that easy!
@@neue01 No, because the tax preparation software companies help lobby to keep it complicated, because without this complication their business would not exist.
Because the USA is so focused on their own greatness, that they can't accept that there is a better way of doing things. It's strange to see. The ability to change has not been a strong suit in the USA, It's a shame since the world is just starting to rev up, both on the technological and scientific fronts. I hope they don't miss out. cdn
@AndreVsHimself the government is a monopoly. I’m not wrong about this. Look it up. :) As a monopoly they have no incentive to make taxes easier. If you had to pay Netflix’s by filling out 50 pages of self incrimination you’d never buy from Netflix. Because they have competition they have to make payment easy. Economics 101.
@@RegularGuyism For instance "transfer payments" (i.e. kinds of wealth distribution) happen by way of a tax return (refund) instead of direct payments to eligible households. A great example of this is the EITC, whereby eligible low-income households can receive back more in tax refund than they actually pay in taxes: www.irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc In some other countries you might instead just stipulate an actually realistic minimum wage, or provide welfare payments directly to eligible individuals. Same also goes for the tax deductions for dependents. The US basically gives you a tax break (ends up being like cash in your pocket, but most people don't see it that way) if you have children or others living in your household for whom you are financially responsible. But instead of just receiving a small amount of money every month to help with this financial burden, you instead get either tax deductions or tax credits. Basically we use our tax code to do a lot of things other than just taxation, which is actually pretty stupid insofar as it makes everything more complicated than it should be. This also places the burden on the individual to know whether or not they are eligible or should claim these benefits. Does a very low income single mother of 3 actually know about the EITC? Hell if I know, but it seems like we should just be giving her some extra money every month instead of the tax-return chicanery that she may not ever even know to claim.
@@peterbense5650 Important to note that shifting the social policy to a direct payment system would then allow to remove all this extra complicated tax codes and instead be a revenue tax control and collections. the burden of the average tax payer, would substantially decrease and the cost would be saved for filing the tax return. So to people thinking direct payment is scamming me of my paid taxes to some one else’s individual economy, remember that they can still get it today through the tax codes but it creates an inefficient system that don’t facilitate easy taxation and at the same time don’t reach the people that are eligible for the current social tax deductions and claims. Creating just overheads and ineffective systems.
I live in The Netherlands. Takes me 20 minutes to do income tax... The Dutch IRS fills in most of the data, I only have to check it and almost every time it is correct.
Great job Netherlands. By the way, what part(s) that are filled in might not be correct? Is it done on the Internet and you just submit or resubmit the tax return?
Missed something really important: Intuit and other companies in the tax prep space lobby aggressively to prevent tax simplification. For Intuit alone, that totaled 56 lobbyists and $3.3 million in 2020.
To support small businesses, I always say hire a EA or a CPA. And god forbid, don't use TurboTax Live or H&R Block's live option. It costs much more if you just find a CPA yourself. Also, because of that, I refuse to invest in Intuit (Turbotax) stock or H&R Block stock due to their shady business tactics even though their financials are stable.
The IRS already has this information. Stocks, bonds, W-2, 1099 etc. It's like were going to test you to see if your telling the truth and create another complicated layer. Makes no sense!
Taxes is a joke. We shouldn't have to "do taxes". The government is responsible for telling us what we owe them, not the other way around. But we all know these large tax companies are the ones benefiting from all of this and lobbying to keep everything complicated.
That's the strategy of big business in general: if there's no technical reason to have high barriers to entry (aviation, medicine, heavy industry, etc), they'll create legal ones to suppress the competition and their downward pressure on profits.
@@doujinflip Bingo. If the tax system was simple tax lawyers and lobbyists wouldn't make money hiding loopholes in the system so the rich can pay no tax. If you think the US is bad it pales in comparison to how corrupt the British system is. In 1066 AD the country was invaded and conquered by the Normans, the country was divided up for about 28,000 families. 1000 years later, most of the land in Britain is still owned by those same families and they have never registered it to be liable for taxes so they have never paid any taxes. A 1000 year tax dodge by the elite.
That's not how the IRS works. The IRS is beholden to the laws passed by congress. They just enforce what is codified into law by our elected officials. For example, the United States has no notion of a "population register" to know what people live at what given address at a given point in time. You'd need this basic information in order to be able to know what tax *rate* to apply (different states tax people differently, and a person could be a part-year resident between two states), and what deductions to apply (tax credits for dependents). You also would need centralized data about people's marital status, etc. None of that data is consolidated anywhere such that they could pre-calculate any of this information on our behalf for us. If you think that it should be and we should have a better system, then you should help elect officials that will help make it that way.
In Finland you just get a letter from the government that shows your taxes, you just check it and only if you need to make changes (like you estimate that your earnings have changed for upcoming year) you change the info, which you can do online. For normal citizen filing taxes is easy. However, idk how is for business owners
That, plus our price tags *actually show the amount you have to pay to get the product.* Americans on the other hand have to do extra math in their heads to factor in taxes and tips. It's like the system is designed to make people hate taxes!
On surface America looks like a dream country but, after all of this I don't think that anymore 😂😂 damn the country's a mess. From tax to measuring system 😆
I like how all these accountants act like a Byzantine tax code is inevitable since Americans can earn taxes 3 different ways.... exactly the same as developed countries with simple or even automated tax systems. The American system is just bad.
For real, like I work a 9-5 job and do a little bit of stock on the side! It shouldn’t be that hard to report my income then gains/loses. Instead we would rather make a simple task into some stressful ordeal for many.
I file my taxes in Tokyo. Before I used an accountant, I would head to the local tax office. Have three or four forms in my pocket. Some young kid would help me with the translations, and after literally 20 minutes it would be completed. After I began hiring a Japanese accountant, she fills out as I recall two forms of between four and eight pages each. Done.
"The reason that the US tax system can seem complex it is because individuals can earn income through different types of ways" Yeah because the rest of the world has only one way to earn income, so their tax system is simpler.. right?
It's confusing because all the politicians want to penalize and incentivize all sorts of behavior. They would rather inject themselves into our actions as opposed to stay out of the way, whether they are well-intentioned or not.
Another system designed to keep rich people rich and poor people poor. Poor people are usually working a lot more. They don't have the funds to pay someone to do thier taxes nor do they have the time to research how to get it done possibly for free but maybe without deductions that they weren't aware of and missed out on. Meanwhile rich people hire others to do their taxes and find deductions. They get tax advice throughout the year on their purchases to make the most back from those purchases. The argument that a flat tax bracket or simplified taxes hurts working class families is a joke.
Taxes are so confusing that even people talking about why it’s confusing, is confusing to me. The government, IRS, taxes, all this crap makes me wish everything just stopped working and we were forced to live like our ancestors did. I’d probably have better chances hunting my food and providing for my family like that….than doing a simple tax return lol.
Don’t really need to watch the video to know that the process is just overly complicated so that people make mistakes or don’t file what’s necessary to get what they deserve.
Our system in the US is outdated and ridiculous! You should watch Adam ruins everything, the episode about taxes. Really makes you see how dumb our system is
Instead of "tax deductions" and "tax credits" just have the government send direct payments to those that qualify for them like they did with the stimulus checks.
This sounds ideal in theory but would require that we fund and operate the IRS in a completely different way than we do currently. For example, the US has no real concept of a population register: who lives at what address, when. That information is all self-reported. So right from the get-go the essential information needed to know what tax rates should apply and what household size was at a given point in time simply isn't available. (Which is also the information you'd need in order to send payments directly to households.) I do think we could implement a system that would facilitate this but the tinfoil-hat wearers would think that this is government trying to "control" them, instead of a simple effort to modernize the system.
iHola! Bandit, Quetal. having them sift thru all the codes means you won;t be getting any residual cash until a couple of years later. careful what u wish for.
in the US, every time someone is making money, it's hella complicated. In Tax Return, the payer, payees and tax preparer all are making money, hence super complicated.
If the government already knows our job and what we earn, why dont they send us forms that are mostly filled out and we have go over thing to see if everything is okay. I heard some countries do this making it easier for everyone.
Maybe the reason Americans need multiple jobs is because they have to pay so many different taxes in the first place and then politicians come up with all these new tax codes to "alleviate" the same taxes they imposed--further complicating the tax filing. It's a viscous cycle!
They buried the lead by not mentioning the free filing system until about 3/4 into the video. It seems to me that the whole complexity around deductions, credits, loopholes, etc... primarily benefit non-traditional workers like those who are self-employed or the wealthy. It can also benefit other people, but it seems to me that people who receive the greatest benefit from deductions, credits, and loopholes are self-employed or wealthy.
You are right that a lot of these deductions do benefit people other than your average Joe. For example I am able to only pay taxes on 80% of my net rental income from my rental properties due to the QBI ("Qualified Business Income")-deduction provision in the tax code. That means 20 cents of every dollar is tax free. Think about that. www.irs.gov/newsroom/qualified-business-income-deduction I do not think this provision is fair, but it one of the (many) side-effects of what Trump signed into law, and all his supporters cheered, even though a majority of them did not benefit from it. What kind of jobs do you think me getting this tax break creates? Zero. It just meant that I have more after-tax income to reinvest in other passive investments. Another example is that this tax policy "reform" also made certain forms of dividend income (from stocks) only taxable at 15 or 20%. This means that if you are well-off enough to be able to enjoy the benefits of income from stock dividends that you also get the privilege of paying a lower tax rate on it than you likely would if you'd earned that same income. If you don't want this kind of thing to happen, you should pay closer attention to who you vote for.
Simplifying tax filing and cutting the cost to the people: "socialism" Propping up a parasitic industry that only still exists because of lobbying: "capitalism"
@@cody4916 weird that 17 states already require students to take personal finance courses. According to the council for economic education. And the irs provides teachers educational plans....
One more reason to be thankful that I am Canadian. My taxes are fairly straightforward and would take me a couple of hours at most to complete. Not saying that the Canadian Tax System is simple, it is just not comolex - unless the taxpayer wants to complicate it.
Compared to completing Australian taxes Canadian taxes are still much more complicated to file. That said the US is ones are something else and the US is unique in the fact that they tax by citizenship so all US citizens are required to continue to file and potentially pay US taxes even they no longer live in the US. So my wife is American and had been living with me in Australia for 6 years when we had an opportunity to live in Canada so that year we moved she needed to file taxes in Australia, Canada and the US. It wasn't fun at all!
I still think tax needs to be simplified especially the federal version. The previous president campaigned on simplifying income tax but blew it and kept the old system in place. Not to mention that only so many people in poverty, but the national debt is outrageous today.
America's tax code is so horrendously complex and needlessly drawn-out that it'd take decades to fully purge it and create a decent, simplified tax code.
Solution: require a 2/3 congressional majority to pass direct federal taxes, all federal taxes expire after 6 years, and reintroduce the requisition system from the Articles of Confederation. The tax code would become infinitely more simple as it would just become state and local taxes most of the time.
"Free File Alliance" that consists of the very private corporations profiting from the service that has to be provided by the government. You can give these corporations your financial data for free if you're poor enough, or you can pay them cash so they could take your data, the choice is yours.
All the comments seem to be, why is it so complicated in the US compared to country X? My question is why do we even need to pay taxes considering 90% of it is paid by the top 1%? Couldn't there be an even better way to manage taxes while simplifying it?
In Germany, you usually do not have to file taxes. Most have only one job, no income from rent, and income from investments is taxed directly by the bank. As long as you are single or married and both partners are in the same tax class, you do not have to file taxes. If you want to file to get money back or have to because you are for example self-employed, you can do it online for free. Or use a great tax program to guide you through it and see whether the returns are worth the 35€ for buying the program. These programs are usually enough for most cases except the most complex ones.
@@mitchellquartero Is this supposed to be a recommendation? Anyway if it is that's backwards: you have to know how much foreign taxes you have to pay in order to file the US one.
@@PHlophe That doesn't make any sense. Income comes from 3 categories no matter where in the world you live: earned as an employee, from a business, or from investment activity. The US system is needlessly complicated.
The answer is easy. Those tax prep companies spend money and time to fight getting it automated and easy so they can stay in business. Its dirty , but its how it is with these companies.
The rich sees an economic crisis as a garage sale, also the rich stay rich by investing and diversifying their portfolio with stocks, crypytocurrency and Forex trading which is the wisest thing every individual needs to do and it's really profiting...
if your only income is a paycheck from a job you should be able to easily file a return. like they said if you have other sources of income it can get complicated. for instance successful actors often form production companies that get paid full gross without any deductions. that way they can write off things like car expenses , assistants, publicists etc.
As a Brit whos worked for a few different companies the concept of actually doing my taxes seems strange, it's just worked out by your employer and taken out each month over here.
In Canada if you use one of the government approved tax prep programs listed on the CRA sight, they all have an autofill feature. It will fill out your taxes based on all the forms filed with the CRA (Canada Revenue Agency). For most people you can do your taxes and file online in under 10 minutes. Sadly, most Canadians don't do this, much like Americans, they pay H&R Block or whomever.
PSA, I use this autofill feature, and it actually filled out one of my T5s incorrectly because Turbotax doesn't have the right fields for converting foreign dividends.
I recall one of the issues with the free file system according to an article I read was that tax companies were purposely hiding it by blocking search engines from indexing it and offering similarly named services to confuse people who knew about it. So instead of something like "Turbotax Free File", they'd also have a "Turbotax Free Edition" that they'd buy the keyword ads and have very specific conditions to file for free that most people wouldn't make and would be pushed to another paid edition of the software.
I have master's degree in applied math, and i cannot understand the American tax code, is not that the numbers are difficult, is just so confusingly written that one could think it was made like so on purpose.
I have a MST (Master of Science in Taxation)and the tax code is complicated because it is written by Congress, who are not tax experts. Then it has to be interpreted by the Treasury department to understand what they intended and then the public has to analyze all these authorities together for an answer.
Just copy the UK system, or really any of the European tax systems. Seriously, even with a relatively complicated situation with a portfolio of shares, property, etc, in the UK, most of the time you literally don't even need to fill out a tax return at all. They're basically reserved for the self-employed or for those in the top 10% of those investing or selling shares (thresholds are put in place to deliberately remove the average investor/ small scale investor, i.e. in the hundreds of thousands generally, from needing to pay tax or fill out a return, unless they are being very active in selling lots of shares in a given year thus bringing themselves over the capital gains tax threshold, for instance).
If you don't have a freefile option for U.S. "citizens" living abroad, then stop threatening them with massive fines for not filing!!! Better yet, stop forcing them to file because virtually no other country does this!!!
Our taxes were cake walks as before we moved to another State. It was quite the juggling act to do two states and federal, which i'll get to do again when we move to another state later this year... yaaayy..... Even with the unknown territory of multistate tax filing, it still only took about 15-20 minutes to file. TurboTax is extremely user friendly. Been using them for years.
The problem is that politics has layered unnecessary complexity. I'd rather not deal with the poor quality customer service of the IRS when their answer is: "it's just how it is and you can't do anything about it" to the stupidity of its systems. It's so high risk to make a mistake because of something new or missed and it costs us more to fix that simple error than to pay for a service to do it for us right the first time.
The IRS as an institution is a pawn, so pointing the finger at them just makes you look like the uneducated one. It is politicians who "engineer" this system. What the congress/senate passes in tax bils is what gets codified in the tax code, and that's what the IRS enforces.
The tax code is unfair because the people with power have the knowledge and ability to use various methods to reduce and eliminate taxes, and actually acquire untaxed income from the government. What is taxable for the poor is usually not taxed when someone with a lot of wealth can make the same condition become non-taxable. Big expenses for the poor is the lack of the ability to reduce taxes by allowing reductions because of commuting and educational expenses, but big business and the wealthy actually find ways to use those expenses to lower their taxable paid amounts. The same scenarios apply to insurance, health, and medical expenses.
The tax system, tax codes, tax regulations, tax rates, etc... These are so complicated. Not only the taxpayers pay taxes and they have to pay for people to prepare their tax. This is not smart at all. There are people with low income and they have no other income from business, or investment, or self-employed, or misc. income, etc... and because they don't understand the tax forms, therefore, they have to pay a fee for tax-professional to do it for them. It is not fair at all. They are the poor and get poorer. The USA tax system should be review and improve to make it better.
@live for Jesus If you only have 1 job it's easy. But believe me a lot of people have very complex tax situations that will take hours to complete and then you'd need to spend even more time reading through form instructions to see of you are missing something or can get an extra deduction.
@@shaunrosenberg4568 True, it's easy for me, but my friends have all these investments and independent businesses, others have alimony/child support.... it's bonkers listening them talk about their tax situations. While i wish i had some of the business success they have, i feel a little bit of relief about my situation during tax season. Some of them spend a lot of money to not owe the government money.
@@ShaudaySmith Yeah. At that point it's really worth it to just hire a professional. It'll save you money and if you're doing really well the tax prep fees aren't that big of a deal anyways.
Wtf 12 hrs ?...takes me 10-15 mins online via my mobile in Australia at tax time even when I'm claiming travel , accommodation, clothing expenses ...as well as power, and internet usage etc. if I'm working from home...and I've always received a credit....why do you guys make simple things hard
Why taxes are confusing in the US? Like all things in the US, it's that way because someone makes money off of it. In this case, it is tax preparation services that only exist because figuring out taxes is hard and the rich because they want a bunch of deductions so they can pay even less in taxes than they should.
This is a pretty useless video. The tax codes are complex, because they're complex. And at this point pretty much any change would be an improvement. You failed to hit key issues, and just re-stated the obvious.
Every time I see a complaint from americans "school should teach us how to do taxes" I want to answer: "someone needs to teach your goverment how to tax you"
Anyone who's seen the Federal and State "long" tax forms knows why it's so hard to file taxes--no thank you. We need to have a simple, flat tax system like what Steve Forbes proposed in 1996.
If you think paying taxes in US is complicated come to India we will show you how complicated and how many different types of taxes you have to pay, some even are monthly like GST
I still don't get why it has to be complex, other countries have the same goal to grant their people benefits and still have simple tax processes. Am I missing something?
The more complex it is, the more loopholes for the 1% to exploit and the easier it is to bend the code to one's will. It's a bit like priests of the ancient times, being the only ones who knew how to read, so they could bend the meanings and lessons of holy texts to fit their narrative and encourage the common folk to follow it.
@@Student0Toucher sorry, the “patriotic” part made me assume it was pro US. Like “why do they always make Europe look good and the US bad. ‘Murica!”. Sorry for misunderstanding.
@@sarawarlestedt7242 You can be patriotic and not be brainwashed yk being patriotic is a good thing it’s something the western civilization needs right now.
Many shysters mention the breadth of the Internal Revenue Code -- the number of pages, words, etc. -- to try to impress you Are they implying one has to read and fully comprehend all of it to properly prepare a tax return? Many issues are not directly addressed in the tax code. There are the regulations, rulings, court cases, committee reports, tax treaties, pronouncements, etc. Why stop at the code? Why don't we just read EVERYTHING about taxes.
Turbo Tax ripped me off last year. I argued with them for over an hour on the phone. Nothing. All they want is MONEY (and they make huge profits on innocent people).
I guess my other thought for the US is discover, and utilize every tax break you can get. Real estate deprecation, donations, etc if you have more than just a straight forward W-2 it's worth the small amount of money to hire a tax accountant who can help you reduce your taxable income
Having lived in both America and Canada, I've found that I pay roughly the same amount in taxes in both countries. However, in Canada, I receive significantly more benefits and services for my tax dollars. Many Americans harbor a strong disdain for their government and are reluctant to part with their money because they have rarely experienced effective governance.
With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the Dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Sharon Marissa Wolfe is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
I've lived in America and Canada. Paid about the same in taxes but get way more for my taxes in Canada. Most Americans hate the government (hate giving them their money even more) because they've never experienced good governance.
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio
Hello, how did you handle it? I believe I require a pro after reading these comments
SONYA LEE MITCHELL is the manager I use. Just research the name. You'd find necessary details to set up an appointment.
It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sonya looks the part but i'd do my due diligence. I set up a call, thanks.
IRS: We know how much you owe us but you need to figure it out. But if you get it wrong, we'll come after you and ruin you financially for a few years.
Hahahaha
Precisely.
Lol, wish they just sent us a bill like everybody. 🍷
Exactly. It’s such a waste of time for us to file when they already have the information.
@@cnbc7578 fake!!!!!!
Americans: Hire accountants or spend hours to do their taxes
Singaporeans: do nothing and receive a text message from the government that your tax has been deducted from your bank account.
thats amazing
We get emailed about it instead in New Zealand. We're so behind
It's days, not hours.
How would SG govt know how much expense a business incurred if you don't provide it to them?
@@faYte0607 Yeah Singapore is a dirty tax haven they don't count.
Why can’t they just tell us what we need to pay like they already known😭😭
the big tax preparation service companies have successfully lobbied congress to prevent the IRS
@@oNeEarThCitIzeN true. You've said it there bud.. they want to take our money away. I hate this country.
they wan't a little extra for Fat Tony, you know? because he deserves it
I really don’t understand why this isn’t an automated process. Even in a 3rd-world country like Mexico, this is all automated. We do our taxes in April and everything is pre-filled in the form. You can also manually edit the form to add any deductions not already included. You send it and get your tax return within days. Most people like me do not even use an accountant for this. It is that easy!
Because the government is a monopoly
@@neue01 No, because the tax preparation software companies help lobby to keep it complicated, because without this complication their business would not exist.
Because the IRS doesn't know about any non W4 income.
Because the USA is so focused on their own greatness, that they can't accept that there is a better way of doing things. It's strange to see. The ability to change has not been a strong suit in the USA, It's a shame since the world is just starting to rev up, both on the technological and scientific fronts. I hope they don't miss out. cdn
@AndreVsHimself the government is a monopoly. I’m not wrong about this. Look it up. :)
As a monopoly they have no incentive to make taxes easier. If you had to pay Netflix’s by filling out 50 pages of self incrimination you’d never buy from Netflix. Because they have competition they have to make payment easy. Economics 101.
in simpler terms: _"we create this problem, so we could provide the solution, for a fee"_
The reason why "it seems complex" is because it IS complex.
The tax code is a social policy code primarily, only secondarily a revenue code.
You mind elaborating? (Genuinely curious, but obviously you're not obliged to).
@@RegularGuyism For instance "transfer payments" (i.e. kinds of wealth distribution) happen by way of a tax return (refund) instead of direct payments to eligible households.
A great example of this is the EITC, whereby eligible low-income households can receive back more in tax refund than they actually pay in taxes: www.irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc
In some other countries you might instead just stipulate an actually realistic minimum wage, or provide welfare payments directly to eligible individuals.
Same also goes for the tax deductions for dependents. The US basically gives you a tax break (ends up being like cash in your pocket, but most people don't see it that way) if you have children or others living in your household for whom you are financially responsible. But instead of just receiving a small amount of money every month to help with this financial burden, you instead get either tax deductions or tax credits.
Basically we use our tax code to do a lot of things other than just taxation, which is actually pretty stupid insofar as it makes everything more complicated than it should be. This also places the burden on the individual to know whether or not they are eligible or should claim these benefits.
Does a very low income single mother of 3 actually know about the EITC? Hell if I know, but it seems like we should just be giving her some extra money every month instead of the tax-return chicanery that she may not ever even know to claim.
@@peterbense5650 Important to note that shifting the social policy to a direct payment system would then allow to remove all this extra complicated tax codes and instead be a revenue tax control and collections. the burden of the average tax payer, would substantially decrease and the cost would be saved for filing the tax return.
So to people thinking direct payment is scamming me of my paid taxes to some one else’s individual economy, remember that they can still get it today through the tax codes but it creates an inefficient system that don’t facilitate easy taxation and at the same time don’t reach the people that are eligible for the current social tax deductions and claims. Creating just overheads and ineffective systems.
I live in The Netherlands. Takes me 20 minutes to do income tax...
The Dutch IRS fills in most of the data, I only have to check it and almost every time it is correct.
EU 🇪🇺 for the win 💪🏻👍🏻
Turbo tax in the US is amazing
@@mulveysituation2186 The IRS actually gives Turbo that info ( I think ). That's why it's so easy to complete.
Great job Netherlands. By the way, what part(s) that are filled in might not be correct? Is it done on the Internet and you just submit or resubmit the tax return?
Oh good, I just moved here. I hate the IRS and I can't wait to get away from them. But I'm American. So.
Missed something really important: Intuit and other companies in the tax prep space lobby aggressively to prevent tax simplification. For Intuit alone, that totaled 56 lobbyists and $3.3 million in 2020.
And yet no one is speaking up about it. Turbotax essentially got away wijt this whole charade
Completely agree
To support small businesses, I always say hire a EA or a CPA. And god forbid, don't use TurboTax Live or H&R Block's live option. It costs much more if you just find a CPA yourself.
Also, because of that, I refuse to invest in Intuit (Turbotax) stock or H&R Block stock due to their shady business tactics even though their financials are stable.
The U.S. tax code is really unfair to single people. I wish Americans were taxed on an individual rather than household basis.
The IRS already has this information. Stocks, bonds, W-2, 1099 etc. It's like were going to test you to see if your telling the truth and create another complicated layer. Makes no sense!
And then they fine you if you made mistake.Horrible system.
Taxes is a joke. We shouldn't have to "do taxes". The government is responsible for telling us what we owe them, not the other way around. But we all know these large tax companies are the ones benefiting from all of this and lobbying to keep everything complicated.
That's the strategy of big business in general: if there's no technical reason to have high barriers to entry (aviation, medicine, heavy industry, etc), they'll create legal ones to suppress the competition and their downward pressure on profits.
@@doujinflip Bingo. If the tax system was simple tax lawyers and lobbyists wouldn't make money hiding loopholes in the system so the rich can pay no tax.
If you think the US is bad it pales in comparison to how corrupt the British system is.
In 1066 AD the country was invaded and conquered by the Normans, the country was divided up for about 28,000 families.
1000 years later, most of the land in Britain is still owned by those same families and they have never registered it to be liable for taxes so they have never paid any taxes.
A 1000 year tax dodge by the elite.
That's not how the IRS works.
The IRS is beholden to the laws passed by congress. They just enforce what is codified into law by our elected officials.
For example, the United States has no notion of a "population register" to know what people live at what given address at a given point in time. You'd need this basic information in order to be able to know what tax *rate* to apply (different states tax people differently, and a person could be a part-year resident between two states), and what deductions to apply (tax credits for dependents). You also would need centralized data about people's marital status, etc.
None of that data is consolidated anywhere such that they could pre-calculate any of this information on our behalf for us.
If you think that it should be and we should have a better system, then you should help elect officials that will help make it that way.
In Finland you just get a letter from the government that shows your taxes, you just check it and only if you need to make changes (like you estimate that your earnings have changed for upcoming year) you change the info, which you can do online. For normal citizen filing taxes is easy. However, idk how is for business owners
If only in u.s. we could do this. Would make doing tazes much easier.
That, plus our price tags *actually show the amount you have to pay to get the product.*
Americans on the other hand have to do extra math in their heads to factor in taxes and tips. It's like the system is designed to make people hate taxes!
The US cannot take best practices because of special interests
On surface America looks like a dream country but, after all of this I don't think that anymore 😂😂 damn the country's a mess. From tax to measuring system 😆
Yeah I know and it is surprising that so many people from the country you live in want to move here.
I like how all these accountants act like a Byzantine tax code is inevitable since Americans can earn taxes 3 different ways.... exactly the same as developed countries with simple or even automated tax systems.
The American system is just bad.
For real, like I work a 9-5 job and do a little bit of stock on the side! It shouldn’t be that hard to report my income then gains/loses. Instead we would rather make a simple task into some stressful ordeal for many.
I file my taxes in Tokyo. Before I used an accountant, I would head to the local tax office. Have three or four forms in my pocket. Some young kid would help me with the translations, and after literally 20 minutes it would be completed. After I began hiring a Japanese accountant, she fills out as I recall two forms of between four and eight pages each. Done.
So you are an American making money in America doing your taxes in Tokyo?
@@voltskrafty8936 Am an America, working in Tokyo. I file both US and Japan taxes. America is the only country that requires X-Pats to file.
@@jonb3189 Actually there is one other country it's an African dictatorship called Eritrea
Abolish ALL income taxes by repealing the 16th Amendment.
Let SALES TAXES pay for most of our needs.
And cut government spending
"The reason that the US tax system can seem complex it is because individuals can earn income through different types of ways"
Yeah because the rest of the world has only one way to earn income, so their tax system is simpler.. right?
No. Other countries have different tax rates for different kinds of income, too.
The IRS only knows your w4 job. They don't know anything else.
In Finland you just get a letter from the government that shows your taxes, is that easy. XD
and tax are automatically from your income.
@@kmeanxneth Same in Sweden, too... if you are an employee and don't have any business income.
It's confusing because all the politicians want to penalize and incentivize all sorts of behavior. They would rather inject themselves into our actions as opposed to stay out of the way, whether they are well-intentioned or not.
It's working as intended.
Another system designed to keep rich people rich and poor people poor. Poor people are usually working a lot more. They don't have the funds to pay someone to do thier taxes nor do they have the time to research how to get it done possibly for free but maybe without deductions that they weren't aware of and missed out on. Meanwhile rich people hire others to do their taxes and find deductions. They get tax advice throughout the year on their purchases to make the most back from those purchases. The argument that a flat tax bracket or simplified taxes hurts working class families is a joke.
Taxes are so confusing that even people talking about why it’s confusing, is confusing to me. The government, IRS, taxes, all this crap makes me wish everything just stopped working and we were forced to live like our ancestors did. I’d probably have better chances hunting my food and providing for my family like that….than doing a simple tax return lol.
It's by design so that The IRS and CPAs have a reason to exist.
Lol...l live in New Zealand and Americans that have settled here can't believe how stress free and easy it is to do their New Zealand tax returns.
Unbelievable
I live in the UK and have never filed a tax return, it is all done through my employer and if I want to claim any tax relief I can just do it online
Same thing in my country.
Same in South Africa 🇿🇦. The US sometimes doesn't make sense.
@@langelihlemakhoba9917
Our country does get somethings right✅ .🇿🇦
Thank you for watching, endeavor to write as
soon for more enlightenment or tipS
w_h_a_t_s_a_p_p
+_1 9_ 7_2 -5 3_4. -6.._9 4_5...
Short answer - lobbyists and corrupt politicians purposefully make it complicated so you pay big corporations like Intuit and H&R to do them for you
The enthusiasm for complex tax codes by these accountants is truly admirable!😂☹️
Filing taxes is easy - said no one ever.
A British view - most people would probably like a simple system, except for the people you pay to do your taxes !
Don’t really need to watch the video to know that the process is just overly complicated so that people make mistakes or don’t file what’s necessary to get what they deserve.
Our system in the US is outdated and ridiculous! You should watch Adam ruins everything, the episode about taxes. Really makes you see how dumb our system is
Instead of "tax deductions" and "tax credits" just have the government send direct payments to those that qualify for them like they did with the stimulus checks.
People don't trust the government. Look what just happen this year
Stimulus checks were not only based on tax returns but also reconciled on the 2020 return
This sounds ideal in theory but would require that we fund and operate the IRS in a completely different way than we do currently.
For example, the US has no real concept of a population register: who lives at what address, when. That information is all self-reported. So right from the get-go the essential information needed to know what tax rates should apply and what household size was at a given point in time simply isn't available. (Which is also the information you'd need in order to send payments directly to households.)
I do think we could implement a system that would facilitate this but the tinfoil-hat wearers would think that this is government trying to "control" them, instead of a simple effort to modernize the system.
iHola! Bandit, Quetal. having them sift thru all the codes means you won;t be getting any residual cash until a couple of years later. careful what u wish for.
in the US, every time someone is making money, it's hella complicated. In Tax Return, the payer, payees and tax preparer all are making money, hence super complicated.
If the government already knows our job and what we earn, why dont they send us forms that are mostly filled out and we have go over thing to see if everything is okay. I heard some countries do this making it easier for everyone.
Maybe the reason Americans need multiple jobs is because they have to pay so many different taxes in the first place and then politicians come up with all these new tax codes to "alleviate" the same taxes they imposed--further complicating the tax filing. It's a viscous cycle!
Damn America is so complicated 💀 in my country everything is done by the employer and the government
Thank you for watching, endeavor to write as
soon for more enlightenment or tipS
w_h_a_t_s_a_p_p
+_1 9_ 7_2 -5 3_4. -6.._9 4_5...
They buried the lead by not mentioning the free filing system until about 3/4 into the video. It seems to me that the whole complexity around deductions, credits, loopholes, etc... primarily benefit non-traditional workers like those who are self-employed or the wealthy. It can also benefit other people, but it seems to me that people who receive the greatest benefit from deductions, credits, and loopholes are self-employed or wealthy.
I'm self employed and it's still a nightmare to file taxes 🤦♀️ if I could save $350 on filing every year, I would.
You are right that a lot of these deductions do benefit people other than your average Joe. For example I am able to only pay taxes on 80% of my net rental income from my rental properties due to the QBI ("Qualified Business Income")-deduction provision in the tax code. That means 20 cents of every dollar is tax free. Think about that.
www.irs.gov/newsroom/qualified-business-income-deduction
I do not think this provision is fair, but it one of the (many) side-effects of what Trump signed into law, and all his supporters cheered, even though a majority of them did not benefit from it. What kind of jobs do you think me getting this tax break creates? Zero. It just meant that I have more after-tax income to reinvest in other passive investments.
Another example is that this tax policy "reform" also made certain forms of dividend income (from stocks) only taxable at 15 or 20%. This means that if you are well-off enough to be able to enjoy the benefits of income from stock dividends that you also get the privilege of paying a lower tax rate on it than you likely would if you'd earned that same income.
If you don't want this kind of thing to happen, you should pay closer attention to who you vote for.
These videos are pure gold.
Well not pure gold. More like 18 karat gold 😁
Simplifying tax filing and cutting the cost to the people: "socialism"
Propping up a parasitic industry that only still exists because of lobbying: "capitalism"
All high schools should be teaching this.
It's illegal for schools to teach taxes
@@cody4916 weird that 17 states already require students to take personal finance courses. According to the council for economic education. And the irs provides teachers educational plans....
One more reason to be thankful that I am Canadian. My taxes are fairly straightforward and would take me a couple of hours at most to complete. Not saying that the Canadian Tax System is simple, it is just not comolex - unless the taxpayer wants to complicate it.
Compared to completing Australian taxes Canadian taxes are still much more complicated to file. That said the US is ones are something else and the US is unique in the fact that they tax by citizenship so all US citizens are required to continue to file and potentially pay US taxes even they no longer live in the US.
So my wife is American and had been living with me in Australia for 6 years when we had an opportunity to live in Canada so that year we moved she needed to file taxes in Australia, Canada and the US. It wasn't fun at all!
@@strsmt I think the only reason we still do this is because we're used to it I don't understand why non Americans want to change that.
Maybe we should just have land value tax or make it the dominant tax and cut out many more.
I still think tax needs to be simplified especially the federal version. The previous president campaigned on simplifying income tax but blew it and kept the old system in place. Not to mention that only so many people in poverty, but the national debt is outrageous today.
America's tax code is so horrendously complex and needlessly drawn-out that it'd take decades to fully purge it and create a decent, simplified tax code.
Solution: require a 2/3 congressional majority to pass direct federal taxes, all federal taxes expire after 6 years, and reintroduce the requisition system from the Articles of Confederation. The tax code would become infinitely more simple as it would just become state and local taxes most of the time.
"Free File Alliance" that consists of the very private corporations profiting from the service that has to be provided by the government. You can give these corporations your financial data for free if you're poor enough, or you can pay them cash so they could take your data, the choice is yours.
Free Fillable Forms makes it so you can let the companies harvest your data regardless of income level.
Data Harvesting
All the comments seem to be, why is it so complicated in the US compared to country X?
My question is why do we even need to pay taxes considering 90% of it is paid by the top 1%? Couldn't there be an even better way to manage taxes while simplifying it?
You should see Estonia. I just watched a video on how efficient and digitized the system is for filing and paying taxes. We really need to step up!
Its a bit more advanced here in Portugal, its where Estonia copied it from ;)
In Germany, you usually do not have to file taxes. Most have only one job, no income from rent, and income from investments is taxed directly by the bank. As long as you are single or married and both partners are in the same tax class, you do not have to file taxes. If you want to file to get money back or have to because you are for example self-employed, you can do it online for free. Or use a great tax program to guide you through it and see whether the returns are worth the 35€ for buying the program. These programs are usually enough for most cases except the most complex ones.
I have been using TurboTax for 10 years. When making entries, TurboTax will ask a series of simple questions. Very helpful.
Turbo Tax will not tell you if you did something wrong or omitted something.
you can use turbo tax for free, its call freefile, dont confuse it with the free version turbo tax which is a scam
I'm a US national working in Sweden.
My Swedish tax return is 6 pages.
My US tax return is over 100 pages.
Pete, its tiny country. of course less paper work
Us return first then the swedish one second
@@mitchellquartero Is this supposed to be a recommendation? Anyway if it is that's backwards: you have to know how much foreign taxes you have to pay in order to file the US one.
@@PHlophe That doesn't make any sense. Income comes from 3 categories no matter where in the world you live: earned as an employee, from a business, or from investment activity. The US system is needlessly complicated.
The answer is easy. Those tax prep companies spend money and time to fight getting it automated and easy so they can stay in business. Its dirty , but its how it is with these companies.
The rich sees an economic crisis as a garage sale, also the rich stay rich by investing and diversifying their portfolio with stocks, crypytocurrency and Forex trading which is the wisest thing every individual needs to do and it's really profiting...
I was an investor on stocks but sold all off and invested on forex and I've been doing well
@Clay Anderson you need a professional broker who would guide you and manage your account properly...
I've been trading forex for two months now and I've lost a lot trading by myself...
Just last week I lost £6,500, trading by myself..
You gotta to see investors looses funds due to ignorance...
if your only income is a paycheck from a job you should be able to easily file a return. like they said if you have other sources of income it can get complicated. for instance successful actors often form production companies that get paid full gross without any deductions. that way they can write off things like car expenses , assistants, publicists etc.
As a Brit whos worked for a few different companies the concept of actually doing my taxes seems strange, it's just worked out by your employer and taken out each month over here.
In Canada if you use one of the government approved tax prep programs listed on the CRA sight, they all have an autofill feature. It will fill out your taxes based on all the forms filed with the CRA (Canada Revenue Agency). For most people you can do your taxes and file online in under 10 minutes. Sadly, most Canadians don't do this, much like Americans, they pay H&R Block or whomever.
PSA, I use this autofill feature, and it actually filled out one of my T5s incorrectly because Turbotax doesn't have the right fields for converting foreign dividends.
I recall one of the issues with the free file system according to an article I read was that tax companies were purposely hiding it by blocking search engines from indexing it and offering similarly named services to confuse people who knew about it. So instead of something like "Turbotax Free File", they'd also have a "Turbotax Free Edition" that they'd buy the keyword ads and have very specific conditions to file for free that most people wouldn't make and would be pushed to another paid edition of the software.
I have master's degree in applied math, and i cannot understand the American tax code, is not that the numbers are difficult, is just so confusingly written that one could think it was made like so on purpose.
ha ha…like…
"Take 20 percent of line 8 or 12 depending on which is less. Then multiple line 19 buy line 8 or 13 depending on which is more."
I have a MST (Master of Science in Taxation)and the tax code is complicated because it is written by Congress, who are not tax experts. Then it has to be interpreted by the Treasury department to understand what they intended and then the public has to analyze all these authorities together for an answer.
Chico what do you do for a living with a master's degree in applied maths. just wanna know.
@@PHlophe hi! Fancy excel spreadsheets hahahahaha
Because it is, probably.
Just copy the UK system, or really any of the European tax systems. Seriously, even with a relatively complicated situation with a portfolio of shares, property, etc, in the UK, most of the time you literally don't even need to fill out a tax return at all. They're basically reserved for the self-employed or for those in the top 10% of those investing or selling shares (thresholds are put in place to deliberately remove the average investor/ small scale investor, i.e. in the hundreds of thousands generally, from needing to pay tax or fill out a return, unless they are being very active in selling lots of shares in a given year thus bringing themselves over the capital gains tax threshold, for instance).
Just ridiculous! I’ve yet to find one thing the Government does efficiently or easily.
Thanks to lobbyists
Also, the IRS is very short staffed.
If you don't have a freefile option for U.S. "citizens" living abroad, then stop threatening them with massive fines for not filing!!! Better yet, stop forcing them to file because virtually no other country does this!!!
Our taxes were cake walks as before we moved to another State. It was quite the juggling act to do two states and federal, which i'll get to do again when we move to another state later this year... yaaayy..... Even with the unknown territory of multistate tax filing, it still only took about 15-20 minutes to file. TurboTax is extremely user friendly. Been using them for years.
In Australia we pay our taxes at the same time as when we purchase things or get payed.
We get it all back when our tax return comes around.
Thanks, lobbiests 💀
YAY we need richer rich people
Hey remember, with enough hookers and blow you too can become a lobbyist.
Thank you for watching, endeavor to write as
soon for more enlightenment or tipS
w_h_a_t_s_a_p_p
+_1 9_ 7_2 -5 3_4. -6.._9 4_5...
The problem is that politics has layered unnecessary complexity. I'd rather not deal with the poor quality customer service of the IRS when their answer is: "it's just how it is and you can't do anything about it" to the stupidity of its systems. It's so high risk to make a mistake because of something new or missed and it costs us more to fix that simple error than to pay for a service to do it for us right the first time.
The IRS as an institution is a pawn, so pointing the finger at them just makes you look like the uneducated one.
It is politicians who "engineer" this system.
What the congress/senate passes in tax bils is what gets codified in the tax code, and that's what the IRS enforces.
The tax code is unfair because the people with power have the knowledge and ability to use various methods to reduce and eliminate taxes, and actually acquire untaxed income from the government. What is taxable for the poor is usually not taxed when someone with a lot of wealth can make the same condition become non-taxable. Big expenses for the poor is the lack of the ability to reduce taxes by allowing reductions because of commuting and educational expenses, but big business and the wealthy actually find ways to use those expenses to lower their taxable paid amounts. The same scenarios apply to insurance, health, and medical expenses.
The tax system, tax codes, tax regulations, tax rates, etc... These are so complicated. Not only the taxpayers pay taxes and they have to pay for people to prepare their tax. This is not smart at all.
There are people with low income and they have no other income from business, or investment, or self-employed, or misc. income, etc... and because they don't understand the tax forms, therefore, they have to pay a fee for tax-professional to do it for them. It is not fair at all. They are the poor and get poorer. The USA tax system should be review and improve to make it better.
They are interested in you to make mistake and pay more
i hate paying taxes but we have to in order to stay out of jail.
Also to keep the country running
It isn't difficult to file taxes if you are single with one job. It takes about fifteen minutes for me to do it each year.
I learn how to do taxes in school it's easy if your single
@live for Jesus If you only have 1 job it's easy. But believe me a lot of people have very complex tax situations that will take hours to complete and then you'd need to spend even more time reading through form instructions to see of you are missing something or can get an extra deduction.
@@shaunrosenberg4568 True, it's easy for me, but my friends have all these investments and independent businesses, others have alimony/child support.... it's bonkers listening them talk about their tax situations. While i wish i had some of the business success they have, i feel a little bit of relief about my situation during tax season. Some of them spend a lot of money to not owe the government money.
@@ShaudaySmith Yeah. At that point it's really worth it to just hire a professional. It'll save you money and if you're doing really well the tax prep fees aren't that big of a deal anyways.
@@shaunrosenberg4568 good point
The San Bernardino Department of Human Services files my taxes for me for free.
I used to live close to San Bernardino... thumbs up to finding a fellow IE.
It litterally took me 10 minutes to file my taxes in France
Once again it seems the US is just lagging behind
Are you serious? Man last time i did mine took me 2-3 hrs if not longer felt like an exam
Don't exaggerated dude. It takes 30 minutes to collect data for filing.
It litterally took me 10 minutes
Everything was already filled, i just had to change my adress because i moved in 2020 and that's it
@@manishthakur9851 In the US right? If so then im doing it all wrong then if it takes me that long
@UCzM0EeFaga8wg7V4GrBOqtQ im in US😑
In Sweden it took less than 5 mins to check the info and sign my tax income declaration... online for free on the Tax's office web page...
In my contry I dont even had to check. The bill is just sent it to me.
@@rodU65 Where?
Wtf 12 hrs ?...takes me 10-15 mins online via my mobile in Australia at tax time even when I'm claiming travel , accommodation, clothing expenses ...as well as power, and internet usage etc. if I'm working from home...and I've always received a credit....why do you guys make simple things hard
In Poland your Tax Filling are done automatically by PL IRS or you can do it online in 30 min by yourself.
well the EU does most of the work so it makes sense .
The most free but capitalistic country in the world.
Why taxes are confusing in the US? Like all things in the US, it's that way because someone makes money off of it. In this case, it is tax preparation services that only exist because figuring out taxes is hard and the rich because they want a bunch of deductions so they can pay even less in taxes than they should.
This is a pretty useless video. The tax codes are complex, because they're complex. And at this point pretty much any change would be an improvement. You failed to hit key issues, and just re-stated the obvious.
Who spends 12 hours doing this?
HR block online is free.
Even for more complicated returns. It's less than 100.
Instead of making benefits through tax breaks and deductions, why not simplify the code and provide programs and social security payments?
Good information
Well, Looks like BS, Smells like BS, Tastes like BS. Three guesses on what it is.
Turbo tax is no free no matter what your income
Thank you for this
Thank you for watching, endeavor to write as
soon for more enlightenment or tipS
w_h_a_t_s_a_p_p
+_1 9_ 7_2 -5 3_4. -6.._9 4_5...
Every time I see a complaint from americans "school should teach us how to do taxes" I want to answer: "someone needs to teach your goverment how to tax you"
I don't pay taxes in Bulgaria. The government pays me for the privilege of being here. I'm the best.
Anyone who's seen the Federal and State "long" tax forms knows why it's so hard to file taxes--no thank you. We need to have a simple, flat tax system like what Steve Forbes proposed in 1996.
If you think paying taxes in US is complicated come to India we will show you how complicated and how many different types of taxes you have to pay, some even are monthly like GST
The free file system has been in place since 2003? I never heard of it until last year through an ad. I used it and it was great.
That was done by design
I still don't get why it has to be complex, other countries have the same goal to grant their people benefits and still have simple tax processes. Am I missing something?
The more complex it is, the more loopholes for the 1% to exploit and the easier it is to bend the code to one's will. It's a bit like priests of the ancient times, being the only ones who knew how to read, so they could bend the meanings and lessons of holy texts to fit their narrative and encourage the common folk to follow it.
Ah yes, the classic "create a problem to solve the problem".
It shouldn't be so hard to file taxes. It's ridiculous. If tax prep was easy there wouldn't be accountants.
Tax prep is easy though
Why can't the US just send a bill? Why do I have to work to pay a bill?
In Finland you just get a letter from the government that shows your taxes, is that easy. XD
and tax are automatically from your income.
Everywhere it is easier but in usa.F tax system .
It’s not hard if you don’t pay taxes in the 1st place 😁
🤣🤣🤣🤣
I bet your cellie loves you.
Well I don't want da man kicking my door off the hinges in the middle of the night.
These Videos should be called “why is Europe superior at this episode 98” thats how they always are USA does this wrong Europe good.
Its not Europe’s fault America actively does things harder than they have to be.
@@sarawarlestedt7242 I Don’t recall blaming Europe at all
@@Student0Toucher sorry, the “patriotic” part made me assume it was pro US. Like “why do they always make Europe look good and the US bad. ‘Murica!”. Sorry for misunderstanding.
@@sarawarlestedt7242 You can be patriotic and not be brainwashed yk being patriotic is a good thing it’s something the western civilization needs right now.
@@Student0Toucher not disagreeing with you. Just saying that’s why I judged the context wrong.
Many shysters mention the breadth of the Internal Revenue Code -- the number of pages, words, etc. -- to try to impress you Are they implying one has to read and fully comprehend all of it to properly prepare a tax return? Many issues are not directly addressed in the tax code. There are the regulations, rulings, court cases, committee reports, tax treaties, pronouncements, etc. Why stop at the code? Why don't we just read EVERYTHING about taxes.
I work for a large tax firm and I did my taxes for free on the Turbo Tax app. Took me 5 minutes
Turbo Tax ripped me off last year. I argued with them for over an hour on the phone. Nothing. All they want is MONEY (and they make huge profits on innocent people).
I guess my other thought for the US is discover, and utilize every tax break you can get. Real estate deprecation, donations, etc if you have more than just a straight forward W-2 it's worth the small amount of money to hire a tax accountant who can help you reduce your taxable income
Last week tonight with John Oliver
The corporation of America is a big business, tax laws protect the wealthy