![]() ![]() Since the signing of the Tax Cuts and Jobs Act (TCJA), Forbes found that the U.S tax code has become over 75,000 pages long. Tax day is a date that many dread as the U.S tax code is a heavily complicated document and the average American will take 13 hours to complete and file their returns. The main drawbacks of the progressive system are the high cost of compliance and a disincentive for those who want to make more money. Alternatively, in a system with a flat tax, everyone pays the same percentage of their income in taxes (which is normally lower). ![]() In a progressive income tax system rates climb as you make more money. ![]() America and other countries like Canada have a progressive income tax. Since the release of President Trump’s alleged tax returns where the New York Times claimed he paid $750 in federal income tax there has been a lot of talk about how the rich get around paying taxes with legal deductions. ![]()
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