What would be cool is adopting the system they use in the Faroe Islands - it’s an incredibly efficient system. Neither individuals nor corporations handle taxes, instead corporations pay into a publicly owned automatic tax withholding system that does the taxes for you both and then forwards your income post-taxes into your bank account.
The Faroes haven’t just set up a centralized system that automatically collects tax revenue and disburses welfare payments; they also continuously monitor all of your labor income and adjust your withholding as necessary if you lose a job or get a new one. Ordinary businesses and employees never have to even think about TAKS—no tax return is required.
What’s more, the system almost automatically produces the best possible economic statistics—virtually an identical and contemporaneous picture of the whole economy, down to the last krone—instead of relying on the kinds of laborious and inaccurate surveys used in the U.S. That automation, in turn, has allowed TAKS to cut its budget and staffing while increasing audits on large, rich companies.
that second paragraph in the quote shouldnt be missed. such as system would bring powerful early indicators to help guide public policy at fine resolution and minimal lag
Absolutely this. For most individual filers, the government already knows what you owe and what, if anything, your refund should be. For these people, filing taxes should be no more difficult than logging in to an IRS portal, affirming no changes to the already prepared forms, and logging out. But Intuit and other companies spend a shitload of money to make sure this doesn’t happen.
Does this include tax filing? Please include tax filing…
It does not. Good for everyone else, but we seriously need to flip how we do taxes here.
Click bait article titles? I get it. Click bait lemmy post titles? Sorry but downvote.
Also my first thought was also the hope of removing tax filing. Oh well.
I also appreciate when they put the article text in the Lemmy post so I don’t have to go to any news sites.
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Isn’t this title just the title from the article?
Now I definitely feel like OP should have cleaned up the title before posting, but Reddit requires that users keep the source title, right?
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What would be cool is adopting the system they use in the Faroe Islands - it’s an incredibly efficient system. Neither individuals nor corporations handle taxes, instead corporations pay into a publicly owned automatic tax withholding system that does the taxes for you both and then forwards your income post-taxes into your bank account.
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that second paragraph in the quote shouldnt be missed. such as system would bring powerful early indicators to help guide public policy at fine resolution and minimal lag
Then we’d be all ready for our AI/alien/alien AI overlords.
Absolutely this. For most individual filers, the government already knows what you owe and what, if anything, your refund should be. For these people, filing taxes should be no more difficult than logging in to an IRS portal, affirming no changes to the already prepared forms, and logging out. But Intuit and other companies spend a shitload of money to make sure this doesn’t happen.
Nooo but Intuit bribed congress. Guiiis dey paid da bwibe we gotta hona it.