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Overview Of The Federal Tax System As In Effect For 2007
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Book Synopsis Overview of the Federal Tax System as in Effect for 2007 by :
Download or read book Overview of the Federal Tax System as in Effect for 2007 written by and published by . This book was released on 2007 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Overview of the Federal Tax System by : United States. Congress. House. Committee on Ways and Means
Download or read book Overview of the Federal Tax System written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1990 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Overview of the Federal Tax System as in Effect for 2008 by : United States. Congress. Senate. Committee on Finance
Download or read book Overview of the Federal Tax System as in Effect for 2008 written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2008 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Congressional Research Congressional Research Service Publisher :Createspace Independent Publishing Platform ISBN 13 :9781505204421 Total Pages :0 pages Book Rating :4.2/5 (44 download)
Book Synopsis Overview of the Federal Tax System by : Congressional Research Congressional Research Service
Download or read book Overview of the Federal Tax System written by Congressional Research Congressional Research Service and published by Createspace Independent Publishing Platform. This book was released on 2014-11-21 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The major sources of federal tax revenue are individual income taxes, Social Security and other payroll taxes, corporate income taxes, excise taxes, and estate and gift taxes. This report describes the federal tax structure, provides some statistics on the tax system as a whole, and presents analysis of selected tax concepts. The federal income tax is levied on an individual's taxable income, which is adjusted gross income (AGI) less deductions and exemptions. Tax rates, based on filing status (e.g., married filing jointly or single individual) determine the level of tax liability. Tax rates in the United States are progressive, such that higher levels of income are taxed at higher rates. Once tax liability is calculated, tax credits can be used to reduce tax liability. Tax deductions and tax credits are tools available to policymakers to increase or decrease the after-tax price of undertaking specific activities. Individuals with high levels of exemptions, deductions, and credits relative to income may be required to file under the alternative minimum tax (AMT). Corporate taxable income is also subject to varying rates, where those with higher levels of income pay higher levels of taxes. Social Security and Medicare tax rates are, respectively, 12.4% and 2.9%. In 2014, Social Security taxes are levied on the first $117,000 of wages. In 2015, the Social Security wage base is inflation-adjusted to $118,500, reflecting increases in average wages in the economy. Medicare taxes are assessed against all wage income. Federal excise taxes are levied on specific goods, such as transportation fuels, alcohol, tobacco, and telephones. In FY2013, individual income taxes accounted for 47% of total federal revenue. Social Security taxes accounted for 34%. Corporate income taxes accounted for 10% while excise taxes accounted for 3%. Estate and gift, customs, and miscellaneous taxes accounted for the remaining 6% of total revenue. Over time, the corporate income tax has become much less important as a revenue source while Social Security taxes have provided a larger share of total revenues. Analysis of tax statistics from the federal tax system as a whole leads to three conclusions: (1) federal revenue as a percentage of GDP is in line with historical trends; (2) the U.S. fiscal position is in line with the fiscal position of other industrialized nations (revenues and expenditures as a percentage of GDP are relatively low); and (3) over the past decade, average tax rates have fallen for individuals at all income levels, but have fallen more for lower-income individuals, reducing their share of overall tax liabilities. The final sections of this report analyze a number of tax concepts. Tax expenditures are revenue losses from special tax deductions, credits, and other benefits. Capital gains warrant special attention, as there is debate about their being taxed at a lower rate. Marriage tax penalties and bonuses, while reduced following legislation enacted in 2001 and 2003, still pose an inequity in the tax system. Tax deferral, or the timing of taxes, poses problems related to the timing of taxation, specifically with respect to capital gains. Depreciation is important, as accelerated depreciation schemes or expensing can influence firm behavior. Tax liability also depends on form of business organization. Finally, the issue of whether taxes can influence firms' competitiveness is reviewed.
Book Synopsis Overview of the Federal Tax System as in Effect for 2012 by : United States. Congress. Joint Committee on Taxation
Download or read book Overview of the Federal Tax System as in Effect for 2012 written by United States. Congress. Joint Committee on Taxation and published by . This book was released on 2012 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Overview of the Federal Tax System as in Effect for 2008 by :
Download or read book Overview of the Federal Tax System as in Effect for 2008 written by and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Federal Tax System by : United States. Congress. Joint Economic Committee
Download or read book The Federal Tax System written by United States. Congress. Joint Economic Committee and published by . This book was released on 1964 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Federal Tax Policy by : Joseph A. Pechman
Download or read book Federal Tax Policy written by Joseph A. Pechman and published by Brookings Institution Press. This book was released on 1983 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fifth edition of Federal Tax Policy, like its predecessors, is intended to explain such issues so that the interested citizen may better understand and contribute to public discussion of tax policy. This edition reflects tax developments between 1983 and 1987 and emphasizes the newer issues: comprehensive income taxation, the effects of taxation on economic incentives, inflation adjustments for income tax purposes, the relative merits of graduated income taxes and expenditure taxes, and changes in the fiscal relations between the federal and the state and local governments.
Book Synopsis Overview of the Federal Tax System as in Effect for 2013 by : United States. Congress. Joint Committee on Taxation
Download or read book Overview of the Federal Tax System as in Effect for 2013 written by United States. Congress. Joint Committee on Taxation and published by . This book was released on 2013 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Overview of the Federal Tax System as in Effect for 2014 by : United States. Congress. Joint Committee on Taxation
Download or read book Overview of the Federal Tax System as in Effect for 2014 written by United States. Congress. Joint Committee on Taxation and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Overview of the Federal Tax System as in Effect for 2018 by : United States. Congress. Joint Committee on Taxation
Download or read book Overview of the Federal Tax System as in Effect for 2018 written by United States. Congress. Joint Committee on Taxation and published by . This book was released on 2018 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Flat Tax written by Robert E. Hall and published by Hoover Press. This book was released on 2013-09-01 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new and updated edition of The Flat Tax—called "the bible of the flat tax movement" by Forbes—explains what's wrong with our present tax system and offers a practical alternative. Hall and Rabushka set forth what many believe is the most fair, efficient, simple, and workable tax reform plan on the table: tax all income, once only, at a uniform rate of 19 percent.
Book Synopsis Overview of the Federal Tax System as in Effect for 2018 by : United States. Congress. Joint Committee on Taxation
Download or read book Overview of the Federal Tax System as in Effect for 2018 written by United States. Congress. Joint Committee on Taxation and published by . This book was released on 2018 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Overview of the Federal Tax System as in Effect for 2016 by :
Download or read book Overview of the Federal Tax System as in Effect for 2016 written by and published by . This book was released on 2015 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Overview of the Federal Tax System as in Effect for 2015 by :
Download or read book Overview of the Federal Tax System as in Effect for 2015 written by and published by . This book was released on 2015 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Our Federal Tax System written by and published by . This book was released on 1971 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Present Law and Historical Overview of the Federal Tax System by : United States. Congress. Joint Committee on Taxation
Download or read book Present Law and Historical Overview of the Federal Tax System written by United States. Congress. Joint Committee on Taxation and published by . This book was released on 2011 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: