Download or read book Income Tax Illustrated written by and published by . This book was released on 2015-10-29 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Every year, as April approches, Americans spend hours filing their income tax returns. As a result, most adult Americans are somewhat familiar with how the individual income tax works. In fact, the income tax code is one of the only parts of federal law that almost every American has dealt with personally.But filling out a tax return offers only a small glimpse of the entire federal income tax system. The individual income tax creates economic and fiscal consequences larger than any single tax return can reflect.