H&R Block At Home is profitable because most people don’t like to do their own taxes. So, it seems weird that the company is all in favor of making the 74,000 page tax code easier to understand. The CEO of H&R Block, Bill Cobb, supports deliberations that are underway to make this happen.
He spoke on CNBC’s “Squawk Box” and said that there are things that can be done to simply the code. But he also said that it doesn’t make sense splitting up the code just because it is too hard to understand.
But on the other hand, the Republican Presidential candidate, Donald Trump, says that he wants to make H&R Block go out of business by streamlining the whole tax system via neutral revenue options.
But Cobb thinks that before going for something that drastic, the government has to determine how social programs are going to be administered. He says that every social program under the sun is linked to the tax code. He claims that the rates are not the problem. Refundable credits are what make the code so complicated.
Cobb stressed that the amount of money taxpayers receive from the government is all that matters for a majority of the population. The average refund in the United States is around $3,000, and this is very important to the average person. It is considered a reward for working so hard during the year. Cobb says that there are two busy seasons in the United States. The first is during April when everyone is scrambling to file their taxes. The second is during the end of January when the refund period begins.
Recently Cobb rung the opening bell on Wall Street. He was also there to get exposure for H&R Block’s new service called Block Advisers. This branch of the company deals with tax prep for small companies, difficult tax returns and financial planning.