"Am I taking advantage of the right deductions?"
"Am I paying too much in taxes?"
"Do secretaries really pay a higher percentage of their income in taxes than millionaires?"
"What are loopholes and how are corporations able to get away with them?"
"Will new policy changes in Washington make my business taxes go up?"
These are just a few questions that ring through the ears of Americans when they think of our federal tax system. Few of us hear the word "taxes" without automatically thinking of complexity, confusion, and frustration. Our federal tax code is a vast system of numbers, equations, deductions, credits, loopholes, forms, and publications. Beyond the federal tax code itself, there are complicated policy issues regarding taxes that need to be addressed.
I have put together this background and issue primer on taxes in America to help break down our current federal tax code and shed light on some current issues surrounding our tax system. This document does not touch on every complexity of our tax system; there are volumes of works published with the purpose of providing detailed explanations of any one of the topics addressed in this primer. However, it is my hope that this background and issue primer will provide helpful information and begin a discussion about taxes in America.
In this document, you will find:
AN OVERVIEW of the FEDERAL TAX CODE
STATE and LOCAL TAXES EXPLAINED
FEDERAL TAXES in PERSPECTIVE
WHERE I STAND
LEGISLATION I SUPPORT
BREAK IN TRANSCRIPT