The United States initiated its biggest overhaul of the federal income tax system–the first major reform in 30 years–when it passed Tax Cuts and Jobs Act (“TCJA”) on December 15, 2017.1 The TCJA included substantial changes to the taxation of both individuals and businesses across all industries in the United States.2 The bill, much like…
Tag: Tax Reform
Proposal for a Flat Tax Rate Falls Flat
Anyone currently following the Republican primaries may not have noticed Rand Paul’s plan to abolish the tax code as we know it among the many controversial proposals. Paul is calling for the entire IRS tax code (comprising more than 70,000 pages) to be repealed and replaced with a 14.5% flat tax on individuals and businesses.1…