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.

[1]