American taxpayers spend 7.6 billion hours and roughly $140 billion a year to comply with the bewildering thicket of requirements in the federal tax code, according to a report released Friday by a White House advisory board. In an exhaustive 18-month review, the President’s Economic Recovery Advisory Board found that the complexity of the nation’s tax laws has increased dramatically in recent years. Lawmakers have changed the code more than 15,000 times since the last major overhaul in 1986. Meanwhile, instruction booklets for the standard Form 1040 have swelled from 14 pages to 44 pages last year. – WaPo
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