1812
The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled the rates of its major source of revenue, customs duties on imports, which obstructed trade and ended up yielding less revenue than the previous lower rates.
And to think that the Revolution was started because of Tea Taxes in Boston?
Excise taxes were imposed on goods and commodities, and housing, slaves and land were taxed during the war. After the war ended in 1816, these taxes were repealed and instead high customs duties were passed to retire the accumulated war debt.
What is Taxable Income?
The amount of income used to arrive at your income tax. Taxable income is your gross income minus all your adjustments, deductions, and exemptions.
Some specific taxes:
Estate Taxes:
One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of death.
The US still has Estate Taxes, although there are proposals to do away with them.
Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the deceased's entire estate, regardless of how it is disbursed. An alternative form of death tax is an inheritance tax (a tax levied on beneficiaries receiving property from the estate). Taxes imposed upon death provide incentive to transfer assets before death.
Canada no longer has Estate Taxes.
Most European countries have Estate Taxes, one prime example is Great Britain which has such high Estate Taxes that it has just about ruined the financial well-being of most of Britain's Nobility which has been forced to sell vast Real Estate holdings over time.
. Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed. An alternative form of death tax is an inheritance tax (a tax levied on individuals receiving property from the estate). Taxes imposed upon death provide incentive to transfer assets before death.
Capital Gains Taxes
Capital Gains are the increases in value of anything (including investments or real estate) that makes it worth more than the purchase price. The gain may not be realized or taxed until the asset is sold.
Capital gains are normally taxed at a lower rate than regular income to promote business or entrepreneurship during good and bad economic times.
Frank Vanderlugt
Accountant
http://www.tax-attorney.biz
"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More
Employers often ask employees to designate the amount of tax... Read More
Many taxpayers are confused about how long they should keep... Read More
Anyone who is closely related to an accountant knows that... Read More
Donating your used car to charity is a win-win situation;... Read More
You've been feeling uneasy (perhaps even guilty) because you've failed... Read More
How about a Tax Tip?As we all know Taxes are... Read More
Does your incorporated business pay alternative minimum tax ["AMT]? If... Read More
Running a home based business reaps many wonderful tax deductions... Read More
As a sole proprietor, it's wise to familiarize yourself with... Read More
Have you been thinking about incorporating your small business or... Read More
Small Businesses Filing Amended Federal Tax Returns to... Read More
The knock on the door from a Tax Inspector is... Read More
In the largest criminal tax case ever filed, KMPG has... Read More
Are you in the middle of a disagreement with the... Read More
The Internal Revenue Service has certified the 2006 Toyota Highlander... Read More
Deduction of Refinance PointsAny points that you pay in the... Read More
Let's assume that you would like to begin saving for... Read More
All tax authorities to e-commerce transactions should investigate the record... Read More
Estate taxes. It's not enough to simply know they exist,... Read More
Each year, the IRS lists various scams taxpayers get caught... Read More
At the present time a company incorporated in the Isle... Read More
Just image, you are a small manufacturing company, business has... Read More
Hit a big one? With more and more gambling establishments,... Read More
As your business grows, you are going to need help.... Read More
Western Springs shuttle limo ..The knock on the door from a Tax Inspector is... Read More
"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More
"Depreciation." For business owners, this word is the one most... Read More
Once a year Canadian taxpayers are required, by law, to... Read More
Someone once remarked, "Next to being shot at and missed,... Read More
Taxpayers have two easy and convenient options for getting copies... Read More
Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This... Read More
For many business owners the answer to this quandary is... Read More
Beware of advertisements that claim to settle tax debts for... Read More
You've been feeling uneasy (perhaps even guilty) because you've failed... Read More
In elementary school, kids come up with creative excuses why... Read More
On June 3, 2005, the IRS released guidance on charitable... Read More
Hit a big one? With more and more gambling establishments,... Read More
If your identity is stolen, your finances can quickly become... Read More
Practically every small business has receivables that it cannot obtain... Read More
Running a home based business reaps many wonderful tax deductions... Read More
The U.S. Department of Agriculture estimates that it costs nearly... Read More
Donating your used car to charity is a win-win situation;... Read More
It's a major fear for most Americans: A notice from... Read More
Should I take wages or dividends from my privately owned... Read More
In the latest Star Wars episode, the evil empire executes... Read More
Choosing the right tax preparer for your business is a... Read More
At the present time a company incorporated in the Isle... Read More
Recently, I stumbled across a concept that could change your... Read More
As teachers and students head back to school following a... Read More
Tax |