The Tax Equity Act refers to a legislative act or law that aims to promote fairness and equality in the taxation system of a country. This act typically addresses various aspects of tax policy and aims to create a more balanced and just tax structure.
The Tax Equity Act often includes provisions that seek to eliminate or reduce tax loopholes, exemptions, or deductions that disproportionately benefit certain individuals or corporations. It may also seek to close any gaps that allow for tax evasion or avoidance. The act may introduce measures like minimum taxes, progressive tax rates, or alternative minimum tax (AMT) to ensure that high-income earners or wealthy individuals pay a fair share of taxes.
Furthermore, the Tax Equity Act may introduce tax credits, allowances, or incentives that are specifically designed to benefit low-income individuals, families, or marginalized communities. These provisions aim to reduce income or wealth disparities by providing targeted tax relief or support to those who need it the most.
The Tax Equity Act can also encompass provisions aimed at promoting social and economic equity. This may include measures to support affordable housing initiatives, renewable energy projects, or contributions to education and healthcare sectors, thereby fostering a more inclusive and balanced society.
In summary, the Tax Equity Act seeks to create a more equitable tax system by addressing disparities in taxation and implementing measures to ensure that the burden of taxes is shared fairly among individuals, businesses, and other entities.
