Get An Introduction To Taxation And

Taxation is a term for when a taxing authority, usually a government, levies or imposes a financial obligation on its citizens or residents. Paying taxes to governments or officials has been a mainstay of civilization since ancient times.

QUESTION 9 The first rule of taxation is that they should be levied “justly.” Just taxes are ones that are: Redistributional: those who have more resources pay the most, and those most in need receive the most.

Taxes are money collected by the government to fund government operations. Before the income tax, the US government mostly funded its operations with import taxes known as tariffs. These days, Americans pay many types of taxes.

All taxes can be divided into three basic types: taxes on what you buy, taxes on what you earn, and taxes on what you own. Sales taxes are paid by the consumer when buying most goods and services.

Two principles of taxation relate to equal treatment in tax matters: benefits received and the ability to pay. Benefits received: ing to this principle, those who receive or benefit from public service should pay for it.

Why Do We Pay Taxes? Taxes are the primary source of revenue for most governments. Among other things, this money is spent to improve and maintain public infrastructure, including the roads we travel on, and fund public services, such as schools, emergency services, and welfare programs.

Taxes For Dummies is the antidote to the annual headache that is the U.S. tax system. This book paves the way for you to file a return that maximizes all the deductions and credits available to you. It also provides insight on making smart financial decisions that help minimize your tax burden.

What Are Taxes? Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional, or national. Tax revenues finance government activities, including public works and services such as roads and schools, or programs such as Social Security and Medicare.