Elon Musk and Donald Trump plan for a simplified tax code: What it means for your wallet

Elon Musk and Vivek Ramaswamy, potentially under a Trump administration, are considering simplifying the U.S. tax code, possibly implementing a flat tax system. This could streamline filing, but also eliminate deductions benefiting low and middle-income families. While potentially boosting take-home pay and incentivizing work, it could also exacerbate the wealth gap and impact government revenue.