The first attempt to impose an income tax on America occurred during the War of 1812. The federal government owed an unbelievable $100 million of debt after more than two years of war. 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.
Who would have thought that the Tea Taxes in Boston is the reason why the Revolution has started.
During the war, excise taxes were imposed on goods and commodities, and housing, slaves and land were taxed. After the war ended in 1816, these taxes were repealed and instead high customs duties were passed to retire the accumulated war debt.
All about Taxable Income
The amount of income used to arrive at your income tax is what this refers to. Your taxable income is your gross income minus all your adjustments, deductions, and exemptions.
Here are 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.
Although there are proposals to do away with them, the US still has Estate Taxes.
Taking the form, among others, of estate tax which is a tax levied on the estate before any transfers, is such a tax. An estate tax is a charge upon the deceased's entire estate, regardless of how it is disbursed. An inheritance tax, which is a tax levied on beneficiaries receiving property from the estate, is an alternative form of death tax. Providing incentive to transfer assets before death are the taxes imposed upon death.
Did you know that Canada no longer has Estate Taxes?
Estate Taxes are what most European countries have and 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 inheritance tax or a tax levied on individuals receiving property from the estate, is an alternative form of death tax. Taxes imposed upon death provide incentive to transfer assets before death.
Capital Gains Taxes
The increases in value of anything (including investments or real estate) that makes it worth more than the purchase price are called capital gains. It is likely that the gain may not be realized or taxed until the asset is sold.
Normally, capital gains are taxed at a lower rate than regular income to promote business or entrepreneurship during good and bad economic times.
Who would have thought that the Tea Taxes in Boston is the reason why the Revolution has started.
During the war, excise taxes were imposed on goods and commodities, and housing, slaves and land were taxed. After the war ended in 1816, these taxes were repealed and instead high customs duties were passed to retire the accumulated war debt.
All about Taxable Income
The amount of income used to arrive at your income tax is what this refers to. Your taxable income is your gross income minus all your adjustments, deductions, and exemptions.
Here are 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.
Although there are proposals to do away with them, the US still has Estate Taxes.
Taking the form, among others, of estate tax which is a tax levied on the estate before any transfers, is such a tax. An estate tax is a charge upon the deceased's entire estate, regardless of how it is disbursed. An inheritance tax, which is a tax levied on beneficiaries receiving property from the estate, is an alternative form of death tax. Providing incentive to transfer assets before death are the taxes imposed upon death.
Did you know that Canada no longer has Estate Taxes?
Estate Taxes are what most European countries have and 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 inheritance tax or a tax levied on individuals receiving property from the estate, is an alternative form of death tax. Taxes imposed upon death provide incentive to transfer assets before death.
Capital Gains Taxes
The increases in value of anything (including investments or real estate) that makes it worth more than the purchase price are called capital gains. It is likely that the gain may not be realized or taxed until the asset is sold.
Normally, capital gains are taxed at a lower rate than regular income to promote business or entrepreneurship during good and bad economic times.
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