Taxes and Different Types
Taxes: The process whereby charges are imposed on individuals or property by the legislative branch of the federal government and by many state governments to raise funds for public purposes.
Excise Taxes: An excise tax is directly imposed by the law-making body of a government on merchandise, products, or certain types of transactions, including carrying on a profession or business, obtaining a license, or transferring property. It is a fixed and absolute charge that does not depend upon the taxpayer's financial status or the value that the taxed property has to the taxpayer. An estate tax is a tax that is placed on, and paid by, the estate of a decedent prior to the distribution of the property among the heirs in exchange for the privilege of transferring the property. Individuals who inherit property may be required to pay an inheritance tax on the value of the particular property received. Gift taxes are incurred by an individual who gives another a valuable gift. Another type of excise tax is a sales tax, which is placed on certain goods and services. Precisely what goods and services are taxed is determined by the individual state legislatures. In some instances, a sales tax placed upon expensive items that are considered luxuries is known as a luxury tax. A corporate tax is an excise tax imposed upon the privilege of ...Federal Taxes: The Constitution and laws passed by Congress have given the U.S. government authorization to collect various taxes. For example, duties are taxes imposed upon imports and can be either advalorem (a percentage of the value of the property) or specific (a fixed amount). An impost is another name for an import tax. Congress may not, however, tax exports. The Sixteenth Amendment to the Constitution gives Congress the power to impose a federal income tax. Congress has also enacted laws that allow the federal government to tax estates remaining after people die and gifts made while people are alive.
State Taxes: States possess the inherent power to levy both property and excise taxes. The Tenth Amendment to the Constitution, which reserves to the states powers that have neither been granted to the United States nor proscribed to the
Andrew Marich Dr. Hosmer/Mika AP US History 10 August 2014 Articles of Confederation – Essay From 1777 to 1789, the Articles of Confederation provided the United States with an ineffective government – though it was essential to the creation of the Constitution – that simply did not resolve the economic issues being faced post-Revolution. Two challenges the nations faced under the Articles were the inability of Congress to levy taxes as well as the lack of power to regulate commerce. These two…
David Stokes U.S. History 121 The “Seven Year War”, also known as the French and Indian War, was a war where the main agenda was to take control of the continent of North America. This war lasted from 1754 to 1765. Land acquisition was the biggest focus of the French and Indian War. The French and Indian War differed from other wars in history because it was conducted on American soil. A few things that altered the relationship between British and the American colonies and those items included…
Courtney Rogers HWH1 3515 Many things from history, lives on to the modern society we live in today; which is why we study history. We study history so things in history don’t repeat, and to show where everything we know of today, originated. What has helped influence modern society that we live in today? Mesopotamia has made modern western civilization the most impact and was the most successful River Valley Civilization, in my opinion. Mesopotamia was our “cradle of civilization” because it was the first place where…
Aida Krafess Rosie Branciforte ENC 1101 April 8, 2013 Democrats and Republicans The United States of America is known to have two major political parties. The Republican party and the democratic one. Both parties are based on views and principles being completely opposites of each other. The Republican party is known to be a conservative party, while the democratic party is known to be liberal. Two concepts that are opposites to each other. The democratic party will most certainly convince the…
along with it. A very important form of civil responsibility is paying taxes. In a democracy taxes are required to be paid by every citizen. The money from taxes is then administered to federal programs like social security and free education. It is a responsibility to pay taxes to your country. Paying taxes is a practice which keeps government funded programs up and running. With the responsibility to become educated and pay taxes, there is an allocation of rights. One of these rights is the right…
Economics/Section 2 Chapter 16 Outline May 13, 2014 Section 1: The Federal Reserve System I. Banking History A. The Federal Reserve in American History 1. The central bank of the U.S is the Federal Reserve Sysytem who’s most important task is to be a main spokespersom for this country’s monetary policy. 2. The actions that the Fed takes to influence the level…
Boston were being asked by a government who refused to represent America to pay for the government’s taxes. The people affected by these taxes understood that the system was being very hypocritical: why would the people in America pay taxes for a government that could, in any given time, abandon them in times of need? Similarly, Thoreau’s government was also requiring his society to pay for unnecessary taxes, however the funds would be used to aid the Mexican-American War which was an event that Thoreau…
Reagan Analysis Paper Michael Jakubowski History/145 January 19, 2015 James Green The Reagan years were they overrated or was he underrated as the 40th President of the United States. This report will cover the agendas and accomplishments of Reagan during his tenure as President. Starting from the Hostages coming home to the supply side economy and how he was able to conclude the cold war. Were the actions of President Reagan underappreciated or was he glorified for actions taken while performing…
taxation. At first, the taxes were minimal and did not really attract much attention. They were not liked, but they were abided by. As taxes mounted from various Prime Ministers such as Grenville, who attempted to boost his popularity by lowering British taxes and raising American ones, and “Champagne Charlie,” who attempted to tax Americans without much “squawking.” Men like Benjamin Franklin opposed the Stamp Act in particular. It raised the most rage out of all the taxes imposed. They demanded…
History and culture of many nations and societies have been affected by political systems. In the 1600s-1700s two political systems, absolute monarchy of France and the constitutional monarchy of England, have affected Europe. Absolute monarchy is when a ruler rules with absolute, or total, power. A constitutional monarchy is when laws limit the power of the monarch so they cannot rule absolutely. These two political systems affected not only their own country, but the whole of Europe as well. Mainly…