income tax reform

Income tax reform involves changing the rules that determine how much individuals and businesses owe in taxes. It can include adjusting tax rates, modifying deductions and credits, and simplifying the tax code to make filing easier. The goal is often to create a fairer system, boost economic growth, and ensure sufficient government revenue. Reforms can benefit taxpayers by lowering rates or increasing deductions, but they also aim to balance government funding needs. Overall, tax reform seeks to make the tax system more efficient, transparent, and equitable for all stakeholders.