| The tax imposed by the U.S. government on
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| | funds.
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| the taxable incomes of individuals,
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| | Several specific taxes, in addition to
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| corporations, trusts and estates is known
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| | the general income tax, are also
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| as federal income tax. Personal income
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| | collected by the federal government. For
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| taxes are payable on the total income of
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| | example, the social support programs such
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| the individual (after some permissible
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| | as social security and Medicare are
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| deductions). Corporate income taxes are
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| | funded by taxes on personal earned
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| payable on the gross profit, the
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| | income. Estate taxes are also levied on
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| difference between the total receipts and
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| | inheritances.
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| total direct and indirect expenses.
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| | It is income tax that forms the bulk of
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| Federal income tax was imposed for the
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| | the taxes collected by the U.S.
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| first time by the U.S. government in 1861
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| | government. Personal income tax rates
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| to finance the Civil War. A tax of 3
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| | range from 0 to 35 percent, depending
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| percent was levied on incomes above $600,
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| | upon the individual's total income.
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| which rose to 5 percent for incomes above
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| | Income tax is called a progressive tax
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| $10,000. These rates were raised in 1864.
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| | because its levy is based on the total
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| A new income tax act was enacted in the
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| | income of individuals: the higher the
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| late 1800s. After the Civil War, income
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| | income, the more the tax. Corporate tax
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| tax was rescinded in 1872.
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| | rates also range from 0 to 35%. A
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| In the present scenario, the revenues of
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| | corporation pays taxes on its profits and
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| the federal government mainly accrue from
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| | may choose to distribute its profits
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| personal and corporate income taxes.
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| | after tax as dividend to its
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| Earlier, tariffs on imported goods
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| | shareholders. Despite the fact that the
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| constituted a large chunk of the
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| | money paid as dividend has been taxed at
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| government?s revenues, but, at present
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| | the corporate level, it is taxed again in
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| tariffs represent only a minor portion of
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| | the hands of the shareholder at the
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| federal revenues. Other non-tax fees are
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| | personal level. This is known as double
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| also levied, which recompense agencies
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| | taxation. The tax paid on the dividends
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| for services or fill specific trust
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| | by an individual is called dividend tax.
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