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What is a major concern regarding modernizing the tax system during tax filing season?

According to financial expert Elizabeth Scholzley, while there is broad bipartisan agreement that modernizing the tax system to make returns more efficient is good policy, there's a significant risk in implementing changes too quickly. The "move fast and break things" approach, especially during tax filing season, could adversely affect those who depend most on their tax returns. This concern is particularly relevant given that the top 1% of taxpayers are responsible for one-quarter of all missing tax revenue. Rushed modernization efforts might disrupt the processing system, potentially delaying refunds for vulnerable taxpayers who rely heavily on timely returns.

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03:37

From

Tax Revenue Insights and Reform Needs

ABC News·8 months ago

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