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April 08, 2007
Now this is a good idea
RALEIGH, N.C. (AP) — Democratic presidential candidate John Edwards wants the Internal Revenue Service to calculate and complete the income tax returns of up to 50 million taxpayers annually.In a podcast the campaign will post on its Web site on Saturday, Edwards says the U.S. tax code is unnecessarily complicated and full of loopholes that favor the wealthy over the working class.
Under his plan, the IRS would gather tax information for 50 million taxpayers with relatively simple returns, including those who don't need to file itemized deductions to record charitable contributions or capital gains.
The IRS would calculate their tax bill or refund, and mail a final report to the taxpayer. That person would be able to just sign and return the form. Edwards' campaign estimates the process would save taxpayers about 225 million hours each year.
For those with more complex tax needs, Edwards wants the IRS to allow taxpayers to file their returns online for free.
The IRS would also directly inform taxpayers if they are eligible for the Earned Income Tax Credit — a credit for low-income working families. Edwards says the tax credit is so complex that up to 25 percent of eligible families don't apply for it.
Posted by Mike at April 8, 2007 12:47 AM
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