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Tax and Tax Information - Income Tax

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Tax and Tax Information * Income Tax

Taxes Necessary Evil   
Frank Vanderlugt

Ah, taxes. We all pay them. And in contrast to the popular myth that the poor and middle class pay the bulk of the taxes in the United States, in actuality, the rich do.


According to the National Taxpayers Union, for 2004 the top 5% of American earners paid nearly 60% of all personal income tax. The other 95% of us made up the rest.

Article to continue below----------------------------------------------

N.Y.âs Paterson Shuns Wall Street Stock Transfer Tax (Update2) (BusinessWeek)
New York Governor David Paterson, facing at least a $9 billion budget deficit, rejected a call for a stock transfer tax on Wall Street.

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But that's just personal income tax. There are many other types of taxes. For instance, most states now levy a personal income tax on top of the amount taxed by the Federal government. Only six states do not. Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming don't charge a personal income tax, but most of them collect a state sales tax.


Then there are "sin" taxes collected by both the Federal, State and local governments. Tobacco and alcohol purchases are highly taxed in most areas, especially after the 1999 lawsuit against the tobacco companies, which actually went to trial in 2004.

Article to continue below----------------------------------------------

Rally To Push For Hike To Georgia Cigarette Tax (AP Via Yahoo! Finance)
Anti-smoking advocates say they know a way to help fill Georgia's $1 billion budget shortfall: hike the tax on cigarettes by $1.

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And let us not forget property taxes. If you own real property, and sometimes personal property, you're likely to be taxed on it. Some states collect an inheritance tax on money or property you receive from someone's estate. The Federal government, and some state governments, also collect an estate tax, which is a tax levied on the value of an estate before it's distributed to the heirs or recipients.


In general, taxes are America's very cost-efficient method of income redistribution. Income redistribution is a modern-day Robin Hood, taxing the wealthier portion of the populace and distributing it to the poorer segments. The aim is to make society a little more "equal", at least, income-wise.


Our system of capitalism results in unequal wealth distribution, and taxing people is one method of partially offsetting that. The wealthiest pay the highest taxes, yet do not receive aid in the form of welfare, food stamps, or other assistance. The poor, on the other hand, have very low income and so can qualify for many of the above types of aid, yet they pay little or no taxes. Assistance to the poorest segments of our society would not be available but for the income from taxes.


Taxes also pay for schools, roads, law enforcement, our armed forces, public services, and a host of other items. Most of us have become so used to seeing these items and services around us that we forget our taxes put them there in the first place.


Tax relief is sometimes legislated and can often be requested. For instance, after Hurricane Katrina, many people were allowed to file their Federal and State taxes well after the deadline, simply by stating that they were affected by the hurricane (on a form, of course). Most municipalities offer property tax relief to low-income, elderly or disabled residents within their jurisdictions.


Taxes really are a necessary part of American society. Without them, you'd have to pay for the streets and sidewalks outside where you live. What if your neighbor decided not to chip in? What if the kids came home with a bill for their portion of the teacher's salary each month? And their portion of the cost of the school building, the lights, heat, janitorial services. . . You get the idea.


Taxes are a part of a modern-day capitalistic society, and they help provide many of the items that make life here comfortable. While not always perceived as fair, they are often changed, and sometimes at the demand of the taxpayers themselves, so taxes can be responsive to your demands.



frank j vanderlugt owns and operates http://www.tax-attorney.biz Tax Attorney

What Other Authors say about Taxes

Reduce Your Taxes by Martin Lukac

When it comes to taxes, we all want to reduce the amount we have to pay in. There are three basic ways to minimize your taxes: reduce your income, increase your deductions and take advantage of tax credits.Your...

Social Security Tax by Hans Hasselfors

You should be able to find several indispensable facts about social security tax in the following paragraphs. If there's at least one fact you didn't know before, imagine the difference it might make....

Self Employment Registration And The Self Assessment Tax Return Form by Terry Cartwright

There is no strict definition of self employment as opposed to not being self employed however the basic rule is if you have income other than is taxed under the paye system then you may be self employed....

Options For Filing And Reporting Small Business Taxes by Gary Ruplinger

Large and small businesses all around the United States are required to file and pay taxes. Small business taxes are applied and determined differently than those of larger corporations. To accurately...

Use Child Tax Credit for Tax Savings by Keith Hoyng

Now, here's a real tax savings to the individual taxpayer with dependents. The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal...

Most Frequently Asked Paye Questions And Answers by Terry Cartwright

<p>What is an income tax code?<p>An income tax code is a reference number which may also include letters or be entirely letters which determines the amount of gross pay which is free of income...

Is The RRSP The Most Effective Plan For Your Retirement? by Yvonne Finn

For many years Canadians have been relying on the income from their RRSP, which was instituted in 1957, to fund their retirement years.Now, however, the small rates of return, taxes and inflation are threatening...

Income Tax Software - The Best Ones On The Market by Mike Singh

There are several income tax software programs available on the market to help you complete your yearly taxes. These programs offer tax tips, checklists, and error checking messages to ensure that required...


Who are the CPA Moms?      Your Tax Professional Forever!!!!

“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon.

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Index of Articles about Taxes

What Other Authors say about Taxes

Reduce Your Taxes by Martin Lukac

When it comes to taxes, we all want to reduce the amount we have to pay in. There are three basic ways to minimize your taxes: reduce your income, increase your deductions and take advantage of tax credits.Your...

Social Security Tax by Hans Hasselfors

You should be able to find several indispensable facts about social security tax in the following paragraphs. If there's at least one fact you didn't know before, imagine the difference it might make....

Self Employment Registration And The Self Assessment Tax Return Form by Terry Cartwright

There is no strict definition of self employment as opposed to not being self employed however the basic rule is if you have income other than is taxed under the paye system then you may be self employed....

Options For Filing And Reporting Small Business Taxes by Gary Ruplinger

Large and small businesses all around the United States are required to file and pay taxes. Small business taxes are applied and determined differently than those of larger corporations. To accurately...

Use Child Tax Credit for Tax Savings by Keith Hoyng

Now, here's a real tax savings to the individual taxpayer with dependents. The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal...

Most Frequently Asked Paye Questions And Answers by Terry Cartwright

<p>What is an income tax code?<p>An income tax code is a reference number which may also include letters or be entirely letters which determines the amount of gross pay which is free of income...

Is The RRSP The Most Effective Plan For Your Retirement? by Yvonne Finn

For many years Canadians have been relying on the income from their RRSP, which was instituted in 1957, to fund their retirement years.Now, however, the small rates of return, taxes and inflation are threatening...

Income Tax Software - The Best Ones On The Market by Mike Singh

There are several income tax software programs available on the market to help you complete your yearly taxes. These programs offer tax tips, checklists, and error checking messages to ensure that required...