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Pretax income has no independent moral significance. Standards of justice should be applied not to the distribution of tax burdens but to the operation and results of the entire framework of economic institutions. [7] Another justification of taxation is contained in social contract theory. Proponents argue that the public has democratically ...
The bill cut the state's individual income tax rates and cut the number of individual income tax brackets from three to two. [5] Specifically, the top income tax rates were cut from 6.45% and 6.25% to 4.9%, allowing higher earning taxpayers to pay the same marginal rate as the middle class; [23] the bottom rate was reduced from 3.5% to 3% ...
The logic behind this is based on the concept of rational choice - that every criminal will assess the situation of a potential crime, weigh up how much they may gain, balance it against how much they may lose and the probability of failing and then act accordingly. Situational Crime prevention can be applied using twenty-five opportunity ...
Taxation of illegal income in the United States arises from the provisions of the Internal Revenue Code, enacted by the U.S. Congress in part for the purpose of taxing net income. [1] As such, a person's taxable income will generally be subject to the same federal income tax rules, regardless of whether the income was obtained legally or illegally.
The tax special session later in the year saw just as many historic changes. the central change in the tax code was a reduction of the state income tax rate to a flat 3% for all residents earning ...
The Economic Growth and Tax Relief Reconciliation Act of 2001 was a major piece of tax legislation passed by the 107th United States Congress and signed by President George W. Bush. It is also known by its abbreviation EGTRRA (often pronounced "egg-tra" or "egg-terra"), and is often referred to as one of the two "Bush tax cuts".
At the top of the tax bracket range, those with taxable income over $539,900 ($647,850 for joint filers) will pay a 37% tax on each extra dollar of income that they earn above those levels.
As a result, the progressivity of the tax system could reduce; thus income inequality is possible. [31] A biased tax system is one that systematically favors or disadvantages certain groups, activities, or assets over others in the distribution of tax burdens or benefits. This can lead to inefficiencies, inequities, and distortions in economic ...