As the discussion goes on in Washington about revising the federal tax code, “Need to Know” profiles four New Jersey residents with dramatically different incomes to demonstrate how current tax regulations disproportionately benefit some Americans more than others.
Their returns not only look very different because of their wildly different incomes. They also offer a glimpse into the enormously complicated U.S. tax code where a set of very particular and personal circumstances – from having kids, to owning a home, to living in a state with high taxes, to the way they earn their money – can change the tax rate paid by multiple percentage points. Need to Know’s Megan Thompson reports.
Taking on the tax system: