“President George W. Bush said he would press ahead with the war on terrorism and his goals for the U.S. economy such as changing the tax code during his second term,” Bloomberg News reports. In “Simplifying Federal Taxes: The Advantages of Consumption-Based Taxation,” Chris Edwards, Cato director of tax policy studies, writes: “Minor simplification reforms will not be enough. The tax system is caught in a spiral of continual change and nonstop growth in rules. Since the mid-1980s there have been 7,000 federal tax code changes and a 74 percent increase in the number of pages of tax rules. Complying with federal tax requirements wastes 6 billion hours each year as families and businesses fill out tax forms, keep records, and learn tax rules.”
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