Simplifying the tax code is about tax prep. The simpler the tax code, the simpler to file. Though what you say about him wanting to lower taxes is possibly true, none of those posts are about that.
How so? You don't pay TurboTax per regulation. You pay them a flat fee to file your taxes.
I might buy that line of thinking for a corporation but the direct file program was about individuals. Elon gleefully tweeted about how that had been deleted. That's a direct give away to TurboTax and H&R Block.
The 1040 is already really easy to fill out for most people. But you can't just go on the IRS website e-file using the W2 that the IRS already received.
Thought experiment: taxes for everyone are $1 but you have to climb to the top of an icy glacier to place a single dollar bill in a collection box. Is it easy to file these taxes?
Not relevant because you exclude Elon Musk from the "they" who "have interest in keeping tax filing difficult and unapproachable"? Because he is clearly not one of them: "Simplifying the tax code will increase productivity", "Crazy idea: let’s simplify the tax code", "The tax code needs drastic simplification!", etc. And he seems to have quite a bit of influence in the Trump administration.
The people with complicated taxes are rich. Most people have dead simple taxes tax-code wise. W2, standard deduction, dependents, maybe some interest deductions. You’re just being obtuse now. Removing random capital loss carryover loopholes or what have you has nothing to do with mainstream tax prep.
None of those tweets are about tax prep. They are about him personally wanting to pay less taxes.
If Elon wanted he could fund an opensouce alternative to Turbotax.
I am willing to bet 1k that Intuit's 2024 TurboTax Online and other Consumer Group revenue of $4.4 billion will remain above 4B in 2025.
Simplifying the tax code is about tax prep. The simpler the tax code, the simpler to file. Though what you say about him wanting to lower taxes is possibly true, none of those posts are about that.
How so? You don't pay TurboTax per regulation. You pay them a flat fee to file your taxes.
I might buy that line of thinking for a corporation but the direct file program was about individuals. Elon gleefully tweeted about how that had been deleted. That's a direct give away to TurboTax and H&R Block.
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Reforming the tax code and eliminating loopholes is orthogonal to making it easier to file. Closing loopholes doesn't hurt Intuit and H&R Block.
Simplifying the tax code makes it easier to file.
The 1040 is already really easy to fill out for most people. But you can't just go on the IRS website e-file using the W2 that the IRS already received.
Thought experiment: taxes for everyone are $1 but you have to climb to the top of an icy glacier to place a single dollar bill in a collection box. Is it easy to file these taxes?
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I’m not and these tweets aren’t relevant to what I wrote.
Not relevant because you exclude Elon Musk from the "they" who "have interest in keeping tax filing difficult and unapproachable"? Because he is clearly not one of them: "Simplifying the tax code will increase productivity", "Crazy idea: let’s simplify the tax code", "The tax code needs drastic simplification!", etc. And he seems to have quite a bit of influence in the Trump administration.
The people with complicated taxes are rich. Most people have dead simple taxes tax-code wise. W2, standard deduction, dependents, maybe some interest deductions. You’re just being obtuse now. Removing random capital loss carryover loopholes or what have you has nothing to do with mainstream tax prep.
4 replies →