Investors in India often fret over inconsistencies in the Income Tax Act and its various nuances. The US is no better. Fund manager Lakshmi Iyer recently tweeted about the growing size of the American law: “Fun fact: during the first 26 years of its existence, the US income tax code grew by 104 pages. Over the past 30 years, it has grown by 50,000 pages.” As the tweet got shared in the investment community, someone replied: “No wonder it creates employment for CAs and helps tax evaders. Time to rewrite the tax code.”
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