PPT-WHY MOST AMERICANS DO NOT OWE FEDERAL INCOME TAXES – PART 1 OF 2

The income tax is and always has been an excise on gains from certain federallyconnected activities in which most Americans do not engage at all In fact the tax code is only applicable to a very select few because as noted above the territorial restrictions of the US Congress prevent that. Managing Taxes. Objectives. Describe the two ways of paying taxes: payroll withholding and estimated taxes.. Identify the three steps involved in calculating federal income taxes.. Understand planning strategies to legally avoid overpayment of income taxes.. A Tax is required payment to local, state, or national government. Government uses taxes to:. To fund public goods and . services—Taxes are the main sources of income for the government. Most of the Federal Government’s revenues come from your taxes. . 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.. A Brief History of Wealth Distribution in the United States. . There are three highly influential philosophers in the direction of current policy. Since 1981, t. here has been a significant decline in tax rates on upper incomes at the same time there has been a tremendous increase in their wealth. . 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. Increasing the Diversity and Complementarity of its Revenue Streams. Darien Shanske & David . Gamage. *. Presented at UC Center Sacramento. April 7. th. , 2016. dshanske@ucdavis.edu. *All shortcomings of this presentation are . Liberalism. Government regulates economy to protect people from big business and wealthy elites. Government plays active role in helping disadvantaged Americans. Social Programs. Tax burden on wealthier people. 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. 2018 Income Taxes: Federal & Oklahoma The difference between death and taxes is death doesn’t get worse every time Congress meets . – Will Rogers J C. Hobbs Associate Extension Specialist Agricultural Economics Department 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 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.. Ta2014 Tax Fairness Briefing Booklet19OverviewThe federal income tax is designed to be progressive tax rates increase in steps as income rises For decades this helped restrain disparities in income an Introduction to Microeconomics. Udayan Roy. What’s in this chapter?. How does the US government raise money and what does it do with it?. Is our tax system efficient? That is, does it raise money for the government in a way that minimizes ‘collateral damage’?.