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IRS Computer Problems Shut Down Tax Return E-file System (foxnews.com)
Mr.Intel writes: The IRS stopped accepting electronically filed tax returns Wednesday because of problems with some of its computer systems. The outage could affect refunds, but the agency said it doesn't anticipate "major disruptions." A "hardware failure" forced the shutdown of several tax processing systems, including the e-file system, the IRS said in a statement. The IRS.gov website remains available, but "where's my refund" and other services are not working. Some systems will be out of service at least until Thursday, the agency said. "The IRS is currently in the process of making repairs and working to restore normal operations as soon as possible," the IRS said.
Just because it is fiat does not mean you want it worthless. Money still has value, under your plan it would not.
When you cant win, ad hominem.
That should read:
because the US government is NOT designed with efficiency as a top priority.
Bi-cameral legislature isn't efficient, it would be more efficient to have one body. In fact, debate isn't efficient, it would be more efficient to have all the decisions made by Kim Jong Obama. Public hearings certainly aren't efficient. It's not efficient to have courts examine the Constitutionality of federal laws. Obama once taught a course on the Constitution, it would be more efficient to just assume he knows what he's doing and all of his decisions are constitutional. But we've decided that when it comes to the federal government, some things are more important than efficiency.
A lot of people simply don't understand how the system works. One of my in-laws convinced her husband to put in 0 withholding allowances (or maybe 1; I forget) for years, ending up with a huge refund. Mind you, they had several children, so it was a relatively immense check. I think she thought somehow this was a hack that got them free money. Meanwhile, he had to borrow money from his own kids sometimes, because his cash flow was so bad.
Possibly, or it was a hack she used on her husband. It's hard to justify big expenses when you've got a little extra money coming in each month, but if you suddenly get a check for $8k...."honey, lets take that Caribbean cruise I've conveniently been planning since last April (when we 'unexpectedly' got that $8k tax refund and took our European tour)"
The $5 in interest I would have earned by depositing that wealth in a money market account isn't worth the risk of paying too little and being fined. Nor is it worth expending the time and effort required to ensure that I pay the minimum necessary to avoid the penalty.
It doesn't have to hit 100% for the effect to be largely the same.
Ronald Reagan once said in support of lower top tax rates that the old 91% rates from the 50s were pointless and counterproductive, because people would work for 3 months, then when they hit that rate, just stop working for the rest of the year (or work overseas or for cash) because no one was going to labor only to keep just 9% of their income.