This demand could seem a little weird considering it comes from an organization specializing in tax preparation and earning by way of filing millions of tax returns. Still, H&R Block’s CEO (Bill Cobb) gave a statement Tuesday saying he supports making the 74,000 pages of tax code substantially less intimidating.
On CNBC Cobb told ‘Squawk Box’ that there are indeed several ways of making the tax code a lot simpler. He also added that be believes it’s nonsense to break up a code that is so long just because it seems too complex.
While all of that was going on, the GOP front-runner that everybody knows well, Mr. Donald Trump, stated that he’d like to put H&R Block totally out of business. He wants to streamline our tax system by putting in revenue neutral proposals.
Cobb, however, is proposing that rather than change the rules of the tax code, that we need to figure out how to administer the social programs. H&R Block’s CEO explained the tax credits have been designed for everything in there, ranging from the ‘Earned Income Tax Credits‘ to ‘Obamacare’. They are all run according to the tax code. He believes that it’s not the rate but it is the ‘refundable credits’ that make the thing so complex.
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Cobb also noted that the bottom line for many taxpayers is how much they get from the government. He says that out refunds average around $3,000 and to most U.S. citizens it’s like their yearly bonus. He says our citizens enjoy two busy seasons, one when they’re having their taxes done and another when they’re getting the refunds back.
On Tuesday in New York, Cobb was on Wall Street to ring the opening bell. The goal of this visit was to draw attention to the newest service put out by ‘Block Advisors’ (new company that helps with highly complex tax returns, financial planning, and tax preparations for small businesses).