Staff Reports
The Republican National Committee is speaking out about President Biden’s plans for a massive tax hike, warning Americans to “brace for impact.” Jake Schneider from the committee suggests that the best way to prevent further tax hikes is to elect President Trump in the upcoming election.
In other news, the National Taxpayers Union Foundation has released a report on the complexities of the tax system in the United States. The study revealed that Americans spent a staggering 6.5 billion hours preparing their income tax returns, with an opportunity cost of over $280 billion for preparation alone. The average individual income tax return now takes 9 hours to complete, and the compliance burden rose in the most recent tax year data. Additionally, the tax code consists of 4.2 million words, with IRS regulations totaling more than 12 million more.
Trump's daughter-in-law says his poll numbers are rising amid trial https://t.co/1F62Nphj52
— The Washington Times (@WashTimes) April 15, 2024
The study also found that the economic burden imposed by tax code compliance reaches $414 billion, which is larger than the 2023 revenues of all but two U.S. companies. Demian Brady, the vice president of research for the foundation, suggested that taxpayers could have nearly tripled their time off with the money spent on tax compliance and that the cumulative 6.5 billion hours spent each year on taxes would stretch out to over 742.5 thousand years.
Furthermore, political advertising spending for this election year is expected to reach a record $15.9 billion. This is a significant increase from the previous election cycle. The National Association of Broadcasters has highlighted the growing tide of misinformation on social media, emphasizing the importance of broadcast television and radio in providing accurate information to voters during election season.
According to a recent Economist/YouGov poll, 44% of U.S. adults “strongly disapprove” of the way President Biden is handling his job as president. The poll also showed varying levels of approval and disapproval among Republicans, independents, and Democrats. These findings reflect the current sentiment among the American public regarding President Biden’s performance in office.
