Corporate Tax Return Trivia

I don’t think most people get the scope of this:†

• 28,000 hours of work
• 133 people in the U.S. spending part of their work year on the project
• 200 more people outside the U.S. doing the same
• A $9,000,000 final bill

This is the annual tax job of one particular U.S. corporation.

Anyone for reforming the tax code?

† This figure came from a presentation Vince Rosdahl –alumnus, and partner with Deloitte Tax LLP – made for our students.

Technorati Tags: tax,corporate

Comments

[mike shupp]

Old story. And being an old man, I've concluded we'll get the tax code revised substantially only after a shipwreck -- a 1929-style depression, rather than the toe stumble recession of the present.

My thought is, revising taxes normally is difficult since both political parties must agree to get the change enacted; this will generally not happen, since the parties are generally happy with being partisan, and interested businessmen are always offering campaign contributions to politicians who see matters as they do, and businessmen can generally be found on both sides of any tax deal. Taxation's a zero sum game, in other words, and after all tghe deals have been made and all the bribes paid, "reform" pretty much leaves things as they were.

Of course, in a really terrifying catastrophe, like depression or invasion by The Red Chinese, conventional rules can be set aside and a President can hope to impose new rules. Which is splendid, if one can ignore the war or depression or whatever.

I have fantasies, of course, in which bold, active, imperious leaders stride boldly and actively across history and newspaper pages while placid accountants and imperturbable attorneys in the White House basements revise the tax code in some sane fashion, throwing out three-fourths of it or more, to create something welcomed with true bipartisan pleasure in Congress and across a despairing land.....

... but I have fantasies about demure young blonds as well, which are at least as entertaining, and just as likely to be realized in this world.

[Dave Tufte]

Agreed on all points.

So tell me ... do "bold, active, imperious" bloggers help at all?

No wait ... don't answer that. ;)

[mike shupp]

Beats me; I pay more attention to economic profs these days than I did as a student, that's for sure.

Seriously, there seems to be a need for reputable economics and politics authorities in the current culture, if only to diminish the influence of right and left-wing idiots. I doubt if any blogger is really having as much impact as he or she might like, but you aren't doing any harm as bloggers I can see, and maybe some good. (Granted, I have seen economic bloggers jump up and down figuratively over the misdeeds of others, but it is usually for statements in print publications or websites like NRO or Cato Institute, not for they say in routine blogs.)

So you've nothing to feel Guilty for...

[Dave Tufte]

:) I don't feel guilty ... and I'll continue being bold and active. I don't really think I can be very imperious in blog. ;)