United States Tax Code

The United States Tax Code is a set of laws that outlines how the federal government collects taxes. It defines various types of taxes, such as income, corporate, and estate taxes, and establishes rules for deductions, credits, and exemptions that taxpayers can use to reduce their taxable income. Administered by the Internal Revenue Service (IRS), the Tax Code also specifies reporting requirements and penalties for non-compliance. While complex, its purpose is to generate revenue for government services while aiming to ensure fairness and equity among taxpayers. Understanding it is essential for individuals and businesses alike.