US Senator Warren Introduces Bill to Simplify Tax Filing

Re:US Senator Warren Introduces Bill to Simplify Tax Filing by bpodgursky on Wednesday April 13, 2016 @05:40PM (#11492459)

A lot of fairly high income people pay for TurboTax. Billionaires of course have tax preparers -- but TurboTax moves the bar a LOT higher.

> This bill would save them the $200.

First, most people pay turbotax $50-100. $200 would be deluxe + 3 states, which is highly uncommon.

And it's highly likely it would cost them MORE than $200 in credits they are not automatically given by the IRS. The IRS does not know what you donated to charity, properties you own which get credits for, educational tax credits etc.

It will spit out a number with a refund, sure. But this change will take more from the lower-income and middle-income proportionately than from the wealthy.

[ Parent | on HN ]

Re:US Senator Warren Introduces Bill to Simplify Tax Filing by toomuchtodo on Wednesday April 13, 2016 @05:48PM (#11492536)

> The IRS does not know what you donated to charity, properties you own which get credits for, educational tax credits etc.

But it could if provided with the data.

[ Parent | on HN ]

Re:US Senator Warren Introduces Bill to Simplify Tax Filing by Natsu on Wednesday April 13, 2016 @05:43PM (#11492485)

I thought the charities reported donations over $X to the IRS. Am I mistaken?

[ Parent | on HN ]