Should You Pay Taxes Or Not

Should You Pay Taxes Or Not



Should you​ Pay Taxes Or Not?
The first attempt to​ impose an​ income tax on​ America occurred during the​ War of​ 1812 .​
After more than two years of​ war,​ the​ federal government owed an​ unbelievable $100 million of​ debt .​
To pay for this,​ the​ government doubled the​ rates of​ its major source of​ revenue,​ customs duties on​ imports,​ which obstructed trade and ended up yielding less revenue than the​ previous lower rates.
And to​ think that the​ Revolution was started because of​ Tea Taxes in​ Boston?
Excise taxes were imposed on​ goods and commodities,​ and housing,​ slaves and land were taxed during the​ war .​
After the​ war ended in​ 1816,​ these taxes were repealed and instead high customs duties were passed to​ retire the​ accumulated war debt.
What is​ Taxable Income?
The amount of​ income used to​ arrive at​ your income tax .​
Taxable income is​ your gross income minus all your adjustments,​ deductions,​ and exemptions.
Some specific taxes:
Estate Taxes:
One of​ the​ oldest and most common forms of​ taxation is​ the​ taxation of​ property held by an​ individual at​ the​ time of​ death.
The US still has Estate Taxes,​ although there are proposals to​ do away with them.
Such a​ tax can take the​ form,​ among others,​ of​ estate tax (a tax levied on​ the​ estate before any transfers) .​
An estate tax is​ a​ charge upon the​ deceased's entire estate,​ regardless of​ how it​ is​ disbursed .​
An alternative form of​ death tax is​ an​ inheritance tax (a tax levied on​ beneficiaries receiving property from the​ estate) .​
Taxes imposed upon death provide incentive to​ transfer assets before death.
Canada no longer has Estate Taxes.
Most European countries have Estate Taxes,​ one prime example is​ Great Britain which has such high Estate Taxes that it​ has just about ruined the​ financial well-being of​ most of​ Britain's Nobility which has been forced to​ sell vast Real Estate holdings over time.
.​
Such a​ tax can take the​ form,​ among others,​ of​ estate tax (a tax levied on​ the​ estate before any transfers) .​
An estate tax is​ a​ charge upon the​ decedent's entire estate,​ regardless of​ how it​ is​ disbursed .​
An alternative form of​ death tax is​ an​ inheritance tax (a tax levied on​ individuals receiving property from the​ estate) .​
Taxes imposed upon death provide incentive to​ transfer assets before death.
Capital Gains Taxes
Capital Gains are the​ increases in​ value of​ anything (including investments or​ real estate) that makes it​ worth more than the​ purchase price .​
The gain may not be realized or​ taxed until the​ asset is​ sold.
Capital gains are normally taxed at​ a​ lower rate than regular income to​ promote business or​ entrepreneurship during good and bad economic times.




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