Essential Characteristics Of Taxation

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     Any interest that you receive or that is credited into your account and can be withdrawn is termed as taxable interest. This interest is treated as taxable income and you have to report it on your tax return. Interests you receive from bank accounts, loans you make out to other, or interest from any other source is considered to be taxable interest. More...





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Essential Characteristics Of Taxation 

        Taxation is there to ensure that the government has steady stream of revenue for all its operations. If you check the IRS headquarters in Washington, D.C., you will find the following inscription: “Taxes are what we pay for a civilized society.” This quote is from Supreme Court Justice Oliver Wendell Holmes, Jr (1841-1935).

       Knowing the essential characteristics of taxation allows us to view taxation objectively and makes us feel okay about paying taxes. Taxes are often used in a society to influence behavior of individuals and businesses. Individuals and businesses are encouraged either to do something or not to do.

       The current taxation system in the US came about after the Sixteenth Amendment in the US Constitution was passed in 1913. The tax system has not stayed the same and it is changed and modified to a certain extent each year. Tax system has been taken to court on many occasions but the system has been proven to be constitutional.

       Although many people might think that just federal income tax is paid but there are types of taxes that many people and businesses pay. Other federal taxes include payroll taxes; excise taxes on gasoline, telephone usage, tobacco and alcohol products; and estate taxes. At state level people pay sales tax, property tax, income tax and excise tax on gasoline, tobacco and alcohol, and telecommunications tax. Then there are city taxes that need to be paid and property taxes, sales tax, utility user taxes, business license tax and income tax.

       Tax laws are made by the legislature at state and county level while the Congress makes the laws at federal level. The IRS does not make the laws and it is just an administrative branch of the government.

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Essential Characteristics Of Taxation

 

 

 

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