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Excise taxes for the Affordable Care Act (ACA) raised $16.3 billion in fiscal year 2015. $11.3 billion was an excise tax placed directly on health insurers based on their market share. The ACA was going to impose a 40% " Cadillac tax " on expensive Employer-sponsored health insurance , but that was postponed until 2018, and later further ...
Authorized sports betting has an excise tax of 0.25% of the amount wagered, while unauthorized betting has a 2% excise tax. Cigarettes have a federal excise tax of $0.50 to $6, depending on where ...
Federal income tax was thereupon reintroduced in the Revenue Act of 1913. In the case of Brushaber v. Union Pacific Railroad Company (1916), [3] the 1913 Act was ruled to be constitutional. A separate excise tax was also imposed on corporations. Subsequent legal actions were concerned with what should be counted as "income" under the 1913 Act ...
The United States Excise Tax Reduction Act of 1954 temporarily extended the 1951 excise tax increases (through March 31, 1955), but also reduced excise tax rates on, among other things, telephones, admissions, and jewelry.
Passage of the Tax Reform Act of 1969 [23] again granted a one-year extension (this time until December 31, 1970) of the telephone tax at the rate of 10 percent. With passage of the Excise, Estate and Gift Tax Adjustment Act of 1970 [24] the 10 percent rate was extended through calendar years 1971 and 1972. The tax was then to be reduced by 1 ...
For example, the city of Anchorage, Alaska charges a cigarette tax of $1.30 per pack, which is on top of the federal excise tax and the state excise tax. In 2011, the United States federal excise tax on gasoline was 18.4 cents per gallon (4.86 ¢/L) and 24.4 cents per gallon (6.45 ¢/L) for diesel fuel .
The Sixteenth Amendment to the United States Constitution, which permitted federal income taxation without apportionment, was enacted in 1913; and the Corporation Excise Tax Act, sometimes known as the Corporation Tax Act, was enacted on August 5, 1909 and taxed corporation income at 1%, with the first $5000 exempt. [3] [4] [5]
The United States Revenue Act of 1951 temporarily increased individual income tax rates through 1953, and temporarily raised corporate tax rates 5 percentage points through March 31, 1954. Excise taxes on alcohol, tobacco, gasoline, and automobiles were also temporarily increased through March 31, 1954. The 1951 Act added $5.4 billion to annual ...