Welcome to Taxes Guide
House Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
A Brief Assessment of Income Taxes
from:Income taxes are the obligatory financial contribution levied against the annual earnings of both individuals and companies. Every year, income taxes are collected by the federal government via the filing of income tax returns. Every individual and company is responsible for truthfully and accurately reporting all of their income to the government in order for the correct amount of tax liability to be applied. The collection of this revenue pays for a number of federal programs, facilities and services that a large part of the population depends on every day. Federal income tax returns and state income tax returns are often filed together.
The three most common tax systems currently in use are progressive, regressive and proportional. A large majority of countries use the progressive model to collect income taxes. In this form of collection the higher the income, the higher the tax rate. Individuals are grouped into certain tax brackets based on income. To help reduce their tax burden, individuals are allowed certain deductions that can be subtracted from their gross income. These deductions can be anything from educational expenses to certain medical care expenses. A deduction is not the same as a tax credit. Tax credits reduce what an individual owes in total income taxes.
While both individuals and companies are required to pay income taxes, the tax return for a business has a number of characteristics that non business returns do not. With corporate taxes, the net income is taxed instead of the gross income. This is because businesses often have many more deductions and expenses than the average individual. These expenses can be anything from advertising to office supplies and equipment. Accurate accounting is a must for businesses in order for the appropriate corporate tax codes to be applied. To avoid penalties and fines, businesses often rely on professional tax preparers to astutely organize their financial information at tax time.
The long history of organized civilization has seen many tax collection systems come and go. While they have all faced much criticism, taxes are nonetheless very necessary to keep a country viable for its citizens. For the United States, the issue of income tax arose several times before being permanently instated in 1913. Except for the dozen or so countries that do not levy a personal income tax, nearly every nation has some debate about their tax system. In the United States, one of the most common complaints is the long and confusing tax codes; however, the preparation of income taxes has recently become much easier with the advent of online filing.
House Taxes Specific Links
House Taxes News
Pa. ends moratorium on parole for violent felons - WHEC TV-10
(AP) HARRISBURG, Pa. - Gov. Ed Rendell lifted Pennsylvania’s three-month moratorium on paroling violent felons Monday after a review found the state’s evaluation and supervision of parolees were largely effective. The review, though, recommended ...
Read more...Schedule for public hearings on tolls, taxes, aiding Turnpike - Boston Globe
House and Senate leaders yesterday announced a series of public hearings on tolls, taxes, and other methods of raising money for the state's troubled transportation system, as they launched what will probably be the most intense debate of the ...
Read more...Black Conservatives Call for Rangel’s Removal as House Ways and ... - CNS News
Rep. Charles Rangel (D-N.Y.), the chairman of the House Ways and Means Committee (CNSNews.com) – Project 21, a prominent group of black conservative leaders, is the latest to call on Speaker Nancy Pelosi to remove Rep. Charles Rangel (D-N.Y.) as ...
Read more...Rangel Wrangles with New York Times - ABC News Blogs
ABC News’ Rick Klein Reports: House Ways and Means Chairman Charles Rangel is firing back at his critics, lashing out at The New York Times in the wake of the latest in a series of politically damaging revelations. “The New York Times is ...
Read more...Key legislators: ‘Everything’ on table - Providence Business News
PROVIDENCE – House Speaker William J. Murphy and Senate President-elect M. Teresa Paiva Weed warned business leaders last night that legislative leaders cannot pledge to refrain from increasing broad-based taxes in the upcoming legislative session ...
Read more...