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The federal government has imposed an income tax since the ratification of the Sixteenth Amendment to the United States Constitution was ratified in 1913, and 42 US states impose state income taxes. Income taxes are levied on wages as well as on capital gains, and fund federal and state governments.
With respect to the federal income tax on individuals, the 1954 Code imposed a progressive tax with 24 income brackets applying to tax rates ranging from 20% to 91%. For example, the following is a schedule showing the federal marginal income tax rate imposed on each level of taxable income of a single (unmarried) individual under the 1954 Code:
In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. [1] It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.
In a 5–4 decision on April 8, 1895, the Court ruled that the unapportioned income tax on income from land was unconstitutional. On May 20, 1895, the Court expanded its holding to rule that the unapportioned income tax on income from personal property (such as interest income and dividend income) was also unconstitutional. [2]
The first federal income tax was adopted as part of the Revenue Act of 1861. [153] The tax lapsed after the American Civil War. Subsequently enacted income taxes were held to be unconstitutional by the Supreme Court in Pollock v. Farmers' Loan & Trust Co. because they did not apportion taxes on property by state population. [154]
Withheld income taxes are treated by employees as a payment on account of tax due for the year, [7] which is determined on the annual income tax return filed after the end of the year (federal Form 1040 series, and appropriate state forms). Withholdings in excess of tax so determined are refunded.
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