Federal Tax Code (U.S.)

The Federal Tax Code is a comprehensive set of laws created by the U.S. government that outlines how individuals and businesses are taxed. It covers various taxes, including income, estate, and sales taxes. The code specifies tax rates, deductions, credits, and filing requirements, impacting how much taxpayers owe each year. Managed by the Internal Revenue Service (IRS), the Tax Code aims to generate revenue for government operations while providing rules to ensure fairness and compliance in the tax system. Changes occur regularly to address economic needs and policy goals.