Effects of tax overhaul remain unclear
(WorldNews Business)

Few issues generate more discussion and debate than taxes. One reason taxes generate such interest is they take a significant amount of money. All taxes in the country — federal, state and local — collect almost 30 percent of every dollar earned in the economy. By far the single biggest tax is the federal income tax applied to both individuals and businesses. This tax currently takes 13 cents from every dollar earned. With Congress moving to make major changes to federal income taxes, there are already debates over the potential impacts before a final compromise plan is worked out between the competing Senate and House tax overhaul bills. Here I’ll look at some...