History of Taxes in the United States
explanatory Essay
1318 words
Where Taxes Come From
There are four main sources of tax revenue in the United States. They are income tax, payroll tax, corporate tax, and “other” taxes. These taxes are collected by the Internal Revenue Service, or the IRS, which is a branch of the US Department of Treasury. The revenue generated from these taxes is used to fund government programs, both discretionary and mandatory.
Income tax is a tax on the income from an individual. This makes up the majority of the tax revenue generated. It is labelled as a progressive tax because as more income is generated, more taxes are paid. This means that individuals or families with higher incomes will pay a larger share.
The second largest portion of tax revenue comes from payroll taxes. Payroll taxes are the taxes taken from an individual’s paycheck. This type of tax is supposed to be split between both the employer and the employee. This includes things like Social Security, Medicare, and insurance. Payroll taxes are considered regressive because of the payroll tax cap that is in place for these programs.
Corporate tax is the same as income tax, except instead of an individual paying the tax it is a corporation. Other than the source, this tax is fundamentally the same, although it generates only a fraction of the revenue that individual income tax does. The tax is applied to the net profits for corporations operating in the country.
Finally, other tax sources estate taxes, excise taxes, and miscellaneous taxes. Estate taxes are reserved for assets, like real estate or stock. Excise tax is a form a sales tax used for things like gasoline, tobacco products, or alcohol. These taxes can be used to encourage people to avoid using these products while still generating re...
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...ited
"Center on Budget and Policy Priorities." Policy Basics: Where Do Federal Tax Revenues Come From? —. N.p., n.d. Web. 20 Apr. 2014.
"Federal Reserve Bank of San Francisco." SF Fed. N.p., n.d. Web. 20 Apr. 2014. < http://www.frbsf.org/education/publications/doctor-econ/2003/january/monetary-policy-1970s-1980s>
"Historical Highlights of the IRS." Historical Highlights of the IRS. Internal Revenue Service, 12 Feb. 2014. Web. 21 Mar. 2014.
"Almanac of Policy Issues." History of the US Tax System. U.S. Department of the Treasury, Aug. 2013. Web. 21 Mar. 2014.
"Congressional Budget Office." The Budget and Economic Outlook: 2014 to 2024. N.p., n.d. Web. 20 Apr. 2014. < http://cbo.gov/publication/45010>
In this essay, the author
- Explains that the economic recovery act of 1981 reduced taxes between 25 to 50 percent based on the tax bracket and took inflation into account.
- Explains the almanac of policy issues, history of the us tax system.
- Explains the congressional budget office's the budget and economic outlook: 2014 to 2024.
- Explains that the economic recovery act of 1981 reduced taxes between 25 to 50 percent based on the tax bracket and took inflation into account.
- Explains the almanac of policy issues, history of the us tax system.
- Explains the congressional budget office's the budget and economic outlook: 2014 to 2024.
- Explains the four main sources of tax revenue in the united states: income tax, payroll tax and corporate tax.
- Explains that the first income tax was signed into effect by president abraham lincoln in 1861 to raise revenue for the civil war.
- Explains that the bureau of internal revenue was reorganized to make collecting taxes easier. the irs functions became streamlined to reduce the cost needed to collect income taxes.
- Explains that in 1997, tax credits were introduced to help lower-income households. in 2000, the irs split itself into four divisions for better efficiency based on the needs of those paying taxes.
- Analyzes how the congressional budget office predicts that the future is grim due to the combination of the recession and tax reductions.
- Explains the center on budget and policy priorities' policy basics: where do federal tax revenues come from?
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1111 wordsRead More