School of Business
Income, Tax, Income Tax, Accounting, Reform, Legislation, FairTax, America, Consumption Tax, Sales Tax, Taxation, Tax System
Accounting | Taxation
Smith, Brendan O., "America's Tax System and How to Fix It" (2016). Senior Honors Theses. 605.
Abraham Lincoln signed into law the first national income tax on August 5, 1861. Since 1913, the content of the Internal Revenue Code has increased from the 27-page tax law of that year to over 5000 pages today. As time has passed and the length of this document has increased, so has the expense and complexity of abiding by its statutes. The inefficiencies of the current system indicate that something must be done about the United States tax system, but no one has agreed on what to do. Many proposals to correct the problem have been brought forward over the years, and those proposals need to be studied and analyzed to find the one that is best for America and its people. The results of the analysis indicate that the FairTax would best suit the needs of the United States government and its people.