With any new administration come new policies: the Trump administration and the rest of Washington is currently embattled in a high stakes debate over tax reform.
Reshaping the tax code is no easy task. Democrats and Republicans disagree on fundamental differences when it comes to how the tax code should treat the different income brackets.
The big question here is: what do the wealthiest Americans pay in taxes, and is it fair?
First, we need to understand how taxes work at a basic level.
We have enlisted the Wall Street Journal and a bag of gummy bears to help us better understand the tax code and the tax reform the Trump administration is pushing for.
While this debate is far from over, everyone should understand where our tax code is currently and what reform could mean for them. Check out the video below.
If you have any questions about how the current tax code affects you, or what tax reform could mean for you, contact a tax professional at Boxelder Consulting.