The first attempt to impose an income tax on America happened during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled the rates of its major source of revenue, customs duties on imports, which obstructed trade and ended up yielding less revenue than the prior lower rates.
And to think that the Revolution was began because of Tea Taxes in Boston?
Excise taxes were enforced on goods and commodities, and housing, slaves and land were taxed during the war. After the war ended in 1816, these taxes had been repealed and instead high customs duties had been passed to retire the accumulated war debt.
What's Taxable Income?
The amount of income used to arrive at your income tax. Taxable income is your gross income less all your adjustments, deductions, and exemptions.
Some specific taxes:
Estate Taxes:
One of the oldest and most typical forms of taxation is the taxation of property held by a person at the time of death.
The US still has Estate Taxes, although you will find proposals to do away with them.
Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the deceased's whole estate, irrespective of how it is disbursed. An option type of death tax is an inheritance tax (a tax levied on beneficiaries receiving property from the estate). Taxes imposed upon death provide incentive to transfer assets prior to death.
Canada no longer has Estate Taxes.
The majority of European countries have Estate Taxes, one prime example is Great Britain that has such high Estate Taxes that it has just about wrecked the monetary well-being of most of Britain's Nobility which has been forced to sell vast Real Estate holdings over time.
Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it's disbursed. An alternative form of death tax is an inheritance tax (a tax levied on individuals receiving property from the estate). Taxes imposed upon death offer incentive to transfer assets prior to death.
Capital Gains Taxes
Capital Gains are the increases in value of anything (such as investments or real estate) that makes it worth much more than the purchase cost. The gain may not be noticed or taxed until the asset is sold.
Capital gains are normally taxed at a lower rate than normal income to promote business or entrepreneurship during good and bad economic times.
And to think that the Revolution was began because of Tea Taxes in Boston?
Excise taxes were enforced on goods and commodities, and housing, slaves and land were taxed during the war. After the war ended in 1816, these taxes had been repealed and instead high customs duties had been passed to retire the accumulated war debt.
What's Taxable Income?
The amount of income used to arrive at your income tax. Taxable income is your gross income less all your adjustments, deductions, and exemptions.
Some specific taxes:
Estate Taxes:
One of the oldest and most typical forms of taxation is the taxation of property held by a person at the time of death.
The US still has Estate Taxes, although you will find proposals to do away with them.
Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the deceased's whole estate, irrespective of how it is disbursed. An option type of death tax is an inheritance tax (a tax levied on beneficiaries receiving property from the estate). Taxes imposed upon death provide incentive to transfer assets prior to death.
Canada no longer has Estate Taxes.
The majority of European countries have Estate Taxes, one prime example is Great Britain that has such high Estate Taxes that it has just about wrecked the monetary well-being of most of Britain's Nobility which has been forced to sell vast Real Estate holdings over time.
Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it's disbursed. An alternative form of death tax is an inheritance tax (a tax levied on individuals receiving property from the estate). Taxes imposed upon death offer incentive to transfer assets prior to death.
Capital Gains Taxes
Capital Gains are the increases in value of anything (such as investments or real estate) that makes it worth much more than the purchase cost. The gain may not be noticed or taxed until the asset is sold.
Capital gains are normally taxed at a lower rate than normal income to promote business or entrepreneurship during good and bad economic times.
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