If you like the big ideas, here’s a read you’ll love. Thomas Frey, executive director and senior futurist with the DaVinci Institute writes about “The Coming Collapse of Income Tax� on the Impact Lab Web site.
Frey’s arguments are that the current system is too complex and that technology and a global economy will force an overhaul of the tax system. He lists “the top ten reasons why the income tax system is on the verge of self-destruction, and possible trigger points which will force the change to happen.�
It’s a great article, especially as our W-2s are being delivered and we look forward to filing taxes. Here’s a snip from the first reason for the coming collapse -- the exponential nature of complexity.
Modern technology has given us the ability to manage systems that are far more complex. And following a similar curve to Moore’s Law, our ability to automate has kept up with our ability to complicate. However, the breaking point will not be the automated systems. Rather, the breaking point will be the human interface and the exacting toll that the income tax system has placed on people to comply.
In our government we have failed to create a checks-and-balance system to mitigate complexity.
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