The government income tax system was established to fund our government. No one enjoys having to pay the government any of our hard earned money, if however we are going to protect our country and fork out all the entitlement programs created by our government we need to. However perhaps you have considered if the tax system we use is really a fair system? Let us take a look at how the method is setup.
Originally when the constitution was written the founding father had stipulated that any tax must be based and equally divided one of the each state’s population. However this pitted the greater states and smaller states against one another and none of them could choose what was a reasonable amount. Therefore the congress amended the constitution so they could remove the state’s population when figuring the best way taxes from individuals.
Now you must an up to date tax code that will require a mathematical degree to be able to figure your taxes correctly. The congress makes the tax laws so complex so the inexperienced has to go to a tax preparer when filing their taxes annually. Currently the US tax returns singapore within our country works in this way. You work as well as the government takes your “fair” share of taxes straight from your paycheck which means you never even start to see the money. This is actually a brilliant move from the government if there is a constant have the cash you then don’t miss it.
Before it was taken directly from the paycheck you were required to write the federal government an inspection after the entire year. When you have the amount of money you miss it once you write the check which kept the politician’s spending in check since the complaints were heard loudly once the checks were written. Now we have a tiered income tax system that says the harder you make the more you are going to pay in taxes.
The “working poor” within our country don’t pay any federal taxes. At the end of the season if you fall into that class you receive every dime you paid in back by means of a refund check for the internal revenue service. If you are considered middle-class then you’re planning to pay 15% to 35% in your income once you have removed your allowed deductions. These deductions are suitable for yourself, your spouse, as well as your children. You may also be able to itemize lowering the income level you have to pay taxes on.
Statistics reveal that 75% of the country’s revenue from income taxes arises from only 1% of the population. This area of the population makes over $200,000 each year either through their own personal income or if you are the person who owns an S corporation (small business) that produces a big profit. So whether our federal tax product is fair or not is going to be debated for a long time and also, since our country needs money to run, it’ll never be eliminated.
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