Do the Accountants oppose a Fair Tax system in fear of losing their jobs?

Answer 1

No way. Tax returns would still have to be lodged with a bit of luck they would be simpler but nonetheless very few individuals would bother to do their own even with a simpler taxation system becasue they either dont have the time or dont trust themselves to get it right. Few qualified (senior) accountants do the returns -if only people knew it they are generally done by least skilled staff under limited supervision. I have even seen students in their first year of Uni working full time and do returns without even having done a tax subject!. Honestly though tax returns are not difficult stuff its the audit work, tax planning, consolidations, financial management and a host of other business matters are where the real work comes in and the much more qualified staff have to step up to the plate so to speak. Accountants are responsible for everything in a business that has money attached to it- that includes the business profit margins, finacial reports, performance monitoring and reports, shareholdings, asset purchases, salary & wages, salary packaging, shares, debt transactions, product pricing, costing of new products, tenders, proposed projects, international transactions and money markets, the list is endless so dont ever think that accountants would be out of a job- not even if the tax system dissapeared!

Answer 2

No. What is a "Fair Tax system"? A flat tax, a national sales tax?

As long as there are political parties, campaigning and elections, special interest groups, there will be a complex tax system.

We live in a complex world. What one person considers fair, another will try to manipulate or feel they are at a disadvantage.

How many billions or trillions of $$$ is invested in retirement plans that have yet to be taxed to recipients. Why would we take that money off the table when the baby boomers are getting ready to retire?

Answer 3

While many accountants make a significant portion of their income from tax preparation, many rarely touch a tax return. Many specialize in audits and due-dillience work and their workload would probably increase under the so-called "Fair Tax" system.

Tax returns would still have to be filed under the "Fair Tax" system. Lots of them. Much like payroll tax returns and deposit procedures. While John Q. Taxpayer wouldn't be filing Form 1040 anymore, business reporting requirements would sky-rocket.

The "Fair Tax" system would only replace one burdensome system with another one with even greater opportunities for fraud. Think of un-taxed black market goods. There's a thriving market for that with alcohol and tobacco. Now throw TVs, DVDs, and Cheerios into the black market -- often run by organized crime, by the way -- and the "Fair Tax" system starts to smell about as bad as the current income tax system.