Tax Law

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Facts - Books - News    U.S. Facts Of Law:


Federal Income Tax

Federal income tax accounts for the majority of the income collected by the federal government.  It is collected both from individuals, corporations and some other entities.  The federal income tax system is a progressive system of higher tax rates on higher income earners.

Income taxes are collected by employers through out the year through a mandated payroll withholding system.  The withheld taxes are deposited with the Internal Revenue Service (IRS) under the employee's name.  When the employee files his federal income tax return he is credited for the amount of taxes collected by his employer.  If the taxes collected were less than owed, the employee sends in the difference with his income tax return.  If he over paid, the government will issue a refund to the employee.  The IRS does not pay interest to the employee on the money it holds for him.

Over the years, Congress has fiddled with the tax code to provide incentives to make certain investments or for corporations to develop certain products.  Examples include the income deduction for interest paid on a mortgage and the income deferral on money placed in an approved retirement plan.

Congress has also made the federal income tax a progressive tax.  As an income earner's taxable income increases, so does the rate at which it is taxed.  Believing the wealthy should bear the burden of paying most of the taxes, Congress has skewed the tax code against them.  The IRS reports that the 2005 tax data shows:

Income Earners Pays This Percentage of All Personal Income Taxes
Top 1% 38.8%
Top 20% 86.3%
Top 40% 99.4%
Bottom 60% - 00.6%

It is obvious from this data that those making over $60,000 per year (approximately the top 40%) pay nearly the entire income tax burden.

 

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Federal Income Tax News
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The Facts About Who Pays The Most In Taxes In America Daily Signal
Daily Signal The Facts About Who Pays the Most in Taxes in America Daily Signal Thirty seven million tax filers have no tax obligation at all. The Tax Policy Center estimates that 45.5 percent of households will not pay federal income tax this year. There39s a severe political problem of so many Americans not having any skin in the National ReviewNational Review all 11 news articles raquo

Who Pays What In Taxes, And Do Rich Pay Aposfair Shareapos Columns The Win...
Who pays what in taxes, and do rich pay 39fair share39 Columns The Winchester Star Politicians exploit public ignorance. Few areas of public ignorance provide as many opportunities for political demagoguery as taxation. Today some politicians and more raquo

Rauneraposs Tax Returns: 91 Million In Taxable Income For Apos16 Chicago Tri...
Chicago Tribune Rauner39s tax returns: 91 million in taxable income for 3916 Chicago Tribune Bruce Rauner had more than 91 million in state taxable income in 2016, a significant drop from the 188 million he and wife Diana reported for 2015, according to tax returns the governor39s office released Tuesday. The Rauners paid 19.5 million in Gov. Rauner releases 2016 tax returnsKFVS Illinois Governor Bruce Rauner releases tax returns from 2016KWQC TV6 all 7 news articles raquo

A Closer Look At Who Does And Doesnapost Pay US Income Tax Pew Research Center
Pew Research Center A closer look at who does and doesn39t pay US income tax Pew Research Center Individual income taxes are the federal government39s single biggest revenue source. In fiscal year 2017, which ended Sept. 30, the individual income tax was expected to bring in nearly 1.66 trillion, or about 48 of all federal revenues, according to Does Trump39s tax plan do nothing for low income earnersPolitiFact Accountants Scrutinize Trump39s 2005 Federal Income TaxesIndo American News Poor Americans don39t fare well under Trump39s tax cut planSeattle Times all 265 news articles raquo

Michigan Gov. Rick Snyder Gave 42 Of His Income To Charity Last Year Detroit...
Detroit Free Press Michigan Gov. Rick Snyder gave 42 of his income to charity last year Detroit Free Press LANSING Gov. Rick Snyder stepped up his charitable giving in 2016, despite a drop in his overall income, according to tax return records released to the Free and more raquo

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Facts of Law about the federal income tax

Facts of Law - Federal Income Tax