Your Savings Account Could Be Costing Thousands a Year
In episode 1, Bill discusses how the interest rate on your savings account isn't the full story. There's a real tax cost hiding behind it.
Episode 1 video
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Episode 1 Transcript
Bill Harris: What's the answer? The entire adult population of Los Angeles working full-time for an entire year. Okay, what's the question? And you'll die. How much manpower would it take to prepare all the taxes in the United States through April 15th in a single tax year?
The United States income tax is an unholy mess. Among tax systems, it's the most complex beast in the developed world—37 million words of rules and regulations. I ran TurboTax for 10 years and I've read less than 1% of those words.
But why? How did our tax system run so far out of control? Oh, um, sorry I didn't introduce myself. I'm Bill Harris and this is the Money Lab. We tackle questions that impact your money. Then we show you how to improve things and give you free online tools that help you figure it out.
So now back to our question. How did the tax code get so complex? Let me tell you a story.
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Your Savings Account Could Be Costing Thousands a Year
Episode 1: the interest rate on your savings account isn't the full story — there's a real tax cost hiding behind it.
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