human
Explain the major features of the US tax code.
assistant
The US tax code is a complex body of regulations and laws set by the US federal government that outlines how citizens and corporations should pay taxes. Generally, the US tax code consists of five major features. First, the US tax code specifies the types of taxes that must be paid including income, payroll, estate/gift, capital gains, and excise taxes. Second, the US tax code outlines who is required to pay taxes including individuals, corporations, estates, trusts, and certain other organizations. Third, the US tax code provides details on the taxes required, such as different tax rates based on income, deductions allowed, and credits available. Fourth, the US tax code describes the government’s authority to collect taxes and also outlines penalties for failure to comply with regulations. Finally, the US tax code provides for loopholes and exemptions that allow some citizens and organizations to pay fewer taxes than others.