PDF-A Potted History Of U.S. Income Taxes

From the beginning of civilisation itself taxes have been a part of peoples lives with perhaps the earliest tax known to have been implemented in Mesopotamia more than 4000 years ago This early tax used livestock as currency and others throughout ancient history have imposed taxes on estates and even death. Presented by Robert . Schwarzmann. and Adam . Polakov. . 1. Agenda. Tax Landscape. Accounting for Income Taxes. Basics of Accruing Income Tax Expense. Deferred Taxes (ASC 740). Footnote Disclosures and Valuation Allowance. Three Types of Taxes. Progressive Tax. Regressive Tax. Proportional Tax. Progressive Tax. A progressive tax is a tax for which the percentage of income paid in taxes increases as income increases.. Our Federal Taxes System is Progressive. Introduction. It has been proven that 18-25 year olds are historically the most likely age group to forfeit their tax refund by not filing a tax return.. What does this mean?. They paid MORE taxes than they needed to and didn’t file to get their money back.. Falling Behind. Staying Even. My income is going up faster than cost of living. Source: AFL-CIO Election Night Survey. 54%. 33%. 8%. . Public’s Agenda For Congress. Support for Proposals Next Congress Might Consider. PNW-MAA . NExT. 2010. Quantitative Literacy. Is Necessary For:. Personal welfare and quality of life. Health,. Safety. Financial Planning. Our collective well being. Social . decission. making. Functioning of democratic society. . Understanding Federal Income Tax Principles. . Internal Revenue Service (IRS). responsible for administration and enforcement of federal tax laws. The truth about federal income tax is hidden in the wording of the statutes themselves. As I said in my last newsletter, the Congress could have made the tax code clear by stating that all Americans are required to pay tax on everything they earn. Learning Objectives. Describe the primary types of state and local taxes.. Determine whether a business has sales and use tax nexus and calculate its sales tax withholding responsibilities.. Identify whether a business has income tax nexus and determine its state income tax liabilities.. DETROIT . TEI. CONFERENCE. JUNE 5, 2013. Notice. ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN BY KPMG TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (. Preparing Taxes Personal Income Facts in the U.S. The U.S. tax code contains more than 3.7 million words and is more than 70,000 pages in length. Americans spend 7.6 billion hours every year preparing taxes – an average of about 25 hours per person. Taxes. Frustration over taxes is what led American colonists to go to war against and declare independence. As citizens of the US, we authorize the government, through the Constitution and our elected representatives in Congress, to raise money in the form of taxes. Learning Objectives. Describe the primary types of state and local taxes.. Determine whether a business has sales and use tax nexus and calculate its sales tax withholding responsibilities.. Identify whether a business has income tax nexus and determine its state income tax liabilities.. “. Taxes are what we pay for a civilized society.. ”. Justice Oliver Wendell Holmes. “. People want just (or fair) taxes more than they want lower taxes. They want to know that every man is paying his proportionate share according to his wealth.. AAE 320 . Paul D. Mitchell. Agricultural & Applied Economics. Learning Goal. Understand from a practical perspective how major types of taxes work for farmers. Taxes Commonly Paid by Farmers. Property (real estate) taxes.