as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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describe the purpose of the u.s. income tax system.
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the u.s. income tax system is designed to raise revenue to support the federal government as well as to create incentives for certain kinds of economic and social behavior. the income tax is levied on the taxable income of individuals and corporations, which is generated from their business or investment activities. the income tax system also includes provisions for deductions, credits, and exemptions, which serve to reduce the overall tax burden for certain taxpayers.
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