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A poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. It is an example of the concept of fixed tax. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11–16) was a form of the poll tax. Poll taxes are administratively cheap because ...
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income.
Taxes fall much more heavily on labor income than on capital income. Divergent taxes and subsidies for different forms of income and spending can also constitute a form of indirect taxation of some activities over others. Taxes are imposed on net income of individuals and corporations by the federal, most state, and some local governments ...
Lawyers in Wisconsin are fighting over $200 million that was withdrawn from a medical malpractice fund and spent on an unrelated government program. On one side of the debate are the lawyers who ...
The definition of net taxable income for most sub-federal jurisdictions mostly follows the federal definition. [6] The rate of tax at the federal level is graduated; that is, the tax rates on higher amounts of income are higher than on lower amounts. Federal individual tax rates vary from 10% to 37%. [7]
Taxes may not be the first thing on your mind following the presidential election, but there’s no doubt that tax policy will play a key role in the year ahead, given that the 2017 Tax Cuts and ...
Generally, a direct tax is subject to the apportionment rule, meaning taxes must be imposed among the states in proportion to each state's population in respect to that state's share of the whole national population. For example: As of the 2000 Census, nearly 34 million people populated California (CA). At the same time, the national population ...
In essence, contributions to tax-deferred accounts such as a traditional IRA or traditional 401(k) allow you to postpone paying taxes until you begin making withdrawals. At that point, the ...