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In this video segment, the discussion revolves around the complexities of the American tax system, highlighting the often-overlooked "time tax." This refers to the significant effort and time Americans invest in tax preparation, averaging 11 hours annually, alongside a collective expense of approximately $12 billion for related services and software. The term, coined by journalist Annie Lowrey, emphasizes that this burden is not just financial but also involves considerable paperwork and mental strain. The video points out that this tax is imposed by various entities, including the government, health insurers, phone companies, and employers, who all take a share of citizens' time.