Amount
over
35%
Bracket
Note that tax rates and tax brackets apply only to taxable income . In the United States, people can claim the standard deduction or itemized deductions and other deductions, which lowers taxable income. Therefore, marginal tax rates apply only to income exceeding that amount. Tax bracket limits also only apply to taxable income, not gross income . For instance, if a single taxpayer had $20,000 of deductions, then that $20,000 is not taxed at all. If this taxpayer earned a total $30,000 in 2022, then only $10,000 of that income is subject to the 10% bracket. Without the deductions, the 1 st $10,275 would be in the 10% bracket and the remaining income would in the 12% bracket, resulting in a much higher tax.
Some nontaxable income, such as the home sale exclusion and inheritances, are excluded from income , so not only do tax rates not apply to that income, but their exclusion could allow taxpayers to claim tax credits designed for low-income people, such as the earned income credit , that cannot be achieved with deductions, since many tax credits depend on modified adjusted gross income, which adds back some deductible items.
Because of marginal tax rates and nontaxable income, the tax rate that one actually pays is not knowable just from their tax bracket, so another rate, called the effective tax rate (aka average tax rate ), is calculated by dividing the actual taxes paid by the gross income of the taxpayer. If all income is taxable, then the total tax calculated by multiplying earned income times the effective tax rate will equal the same tax calculated by multiplying the amount of income in each tax bracket by the respective marginal tax rate and summing them all up. So in example 2, since Jane earned $100,000 and paid $15,000 in taxes, her effective tax rate is 15% (= $15,000 ÷ $100,000) .
The federal income tax and many state taxes are progressive. Although the federal income tax itself is progressive, the effective tax rate based on all taxes collected by the federal government is progressive only until the Social Security limit is reached. Thereafter, the effective tax rate either declines or levels off with increasing income, since people who make more than the Social Security limit do not have to pay the 12.4% tax on any income exceeding the limit, as can be seen from the following table for a single person who is not a head of the household (Note: For a self-employed person, the tax code allows the deduction of the employer's half of the payroll tax, which results in a net self-employment tax of 14.13% . The tax code also allows the deduction of the employer's portion of the tax, the value of which depends on the taxpayer's marginal tax bracket, but since this does not change the effective tax rate very much, it is ignored in the table below. The following table assumes that a single person with no dependents pays the entire payroll tax, which is true for the self-employed, but also applies to employees. Even though employees technically only pay ½ of the payroll tax, most economists agree that most employees pay the other half through lower wages or through higher unemployment. For more info, see Tax Incidence: How The Tax Burden Is Shared Between Buyers And Sellers ) :
Earned Income | Income Tax | Payroll Tax | Total Tax | Effective Tax Rate | SE Tax | SE Effective Tax Rate | Effective Marginal Rate | Capital Gains Tax | Effective Capital Gains Rate | Inheritance |
$20,000 | $745 | $2,913 | $3,658 | 18.29% | $4,599 | 26.72% | 3.73% | $0 | 0.00% | 0.00% |
$40,000 | $3,095 | $4,703 | $7,798 | 19.50% | $7,425 | 26.30% | 7.74% | $0 | 0.00% | 0.00% |
$60,000 | $6,188 | $6,493 | $12,681 | 21.13% | $10,251 | 27.40% | 10.31% | $1,058 | 1.76% | 0.00% |
$80,000 | $10,588 | $8,283 | $18,871 | 23.59% | $13,077 | 29.58% | 13.23% | $4,058 | 5.07% | 0.00% |
$100,000 | $15,009 | $10,073 | $25,082 | 25.08% | $15,903 | 30.91% | 15.01% | $7,058 | 7.06% | 0.00% |
$120,000 | $19,809 | $11,863 | $31,672 | 26.39% | $18,729 | 32.12% | 16.51% | $10,058 | 8.38% | 0.00% |
$140,000 | $24,609 | $13,653 | $38,262 | 27.33% | $21,555 | 32.97% | 17.58% | $13,058 | 9.33% | 0.00% |
$160,000 | $29,409 | $13,212 | $42,621 | 26.64% | $22,329 | 32.34% | 18.38% | $16,058 | 10.04% | 0.00% |
$180,000 | $34,411 | $13,502 | $47,913 | 26.62% | $22,865 | 31.82% | 19.12% | $19,058 | 10.59% | 0.00% |
$200,000 | $40,811 | $13,792 | $54,603 | 27.30% | $23,514 | 32.16% | 20.41% | $22,058 | 11.03% | 0.00% |
$220,000 | $47,211 | $14,082 | $61,473 | 27.94% | $24,230 | 32.47% | 21.46% | $25,341 | 11.52% | 0.00% |
$240,000 | $54,152 | $14,372 | $68,884 | 28.70% | $24,946 | 32.96% | 22.56% | $29,101 | 12.13% | 0.00% |
$260,000 | $61,152 | $14,662 | $76,354 | 29.37% | $25,662 | 33.39% | 23.52% | $32,861 | 12.64% | 0.00% |
$280,000 | $68,152 | $14,952 | $83,824 | 29.94% | $26,378 | 33.76% | 24.34% | $36,621 | 13.08% | 0.00% |
$300,000 | $75,152 | $15,242 | $91,294 | 30.43% | $27,094 | 34.08% | 25.05% | $40,381 | 13.46% | 0.00% |
$320,000 | $82,152 | $15,532 | $98,764 | 30.86% | $27,810 | 34.36% | 25.67% | $44,141 | 13.79% | 0.00% |
$340,000 | $89,152 | $15,822 | $106,234 | 31.25% | $28,526 | 34.61% | 26.22% | $47,901 | 14.09% | 0.00% |
$360,000 | $96,152 | $16,112 | $113,704 | 31.58% | $29,242 | 34.83% | 26.71% | $51,661 | 14.35% | 0.00% |
$380,000 | $103,152 | $16,402 | $121,174 | 31.89% | $29,958 | 35.03% | 27.15% | $55,421 | 14.58% | 0.00% |
$400,000 | $110,152 | $16,692 | $128,644 | 32.16% | $30,674 | 35.21% | 27.54% | $59,181 | 14.80% | 0.00% |
$420,000 | $117,152 | $16,982 | $136,114 | 32.41% | $31,390 | 35.37% | 27.89% | $62,941 | 14.99% | 0.00% |
$440,000 | $124,152 | $17,272 | $143,584 | 32.63% | $32,106 | 35.51% | 28.22% | $66,701 | 15.16% | 0.00% |
$460,000 | $131,152 | $17,562 | $151,054 | 32.84% | $32,822 | 35.65% | 28.51% | $70,541 | 15.33% | 0.00% |
$480,000 | $138,152 | $17,852 | $158,524 | 33.03% | $33,538 | 35.77% | 28.78% | $75,301 | 15.69% | 0.00% |
$500,000 | $145,152 | $18,142 | $165,994 | 33.20% | $34,254 | 35.88% | 29.03% | $80,061 | 16.01% | 0.00% |
$520,000 | $152,152 | $18,432 | $173,464 | 33.36% | $34,970 | 35.99% | 29.26% | $84,821 | 16.31% | 0.00% |
$540,000 | $159,229 | $18,722 | $181,011 | 33.52% | $35,686 | 36.10% | 29.49% | $89,581 | 16.59% | 0.00% |
$560,000 | $166,629 | $19,012 | $188,881 | 33.73% | $36,402 | 36.26% | 29.76% | $94,341 | 16.85% | 0.00% |
$580,000 | $174,029 | $19,302 | $196,751 | 33.92% | $37,118 | 36.40% | 30.00% | $99,101 | 17.09% | 0.00% |
$600,000 | $181,429 | $19,592 | $204,621 | 34.10% | $37,834 | 36.54% | 30.24% | $103,861 | 17.31% | 0.00% |
$620,000 | $188,829 | $19,882 | $212,491 | 34.27% | $38,550 | 36.67% | 30.46% | $108,621 | 17.52% | 0.00% |
$640,000 | $196,229 | $20,172 | $220,361 | 34.43% | $39,266 | 36.80% | 30.66% | $113,381 | 17.72% | 0.00% |
$660,000 | $203,629 | $20,462 | $228,231 | 34.58% | $39,982 | 36.91% | 30.85% | $118,141 | 17.90% | 0.00% |
$680,000 | $211,029 | $20,752 | $236,101 | 34.72% | $40,698 | 37.02% | 31.03% | $122,901 | 18.07% | 0.00% |
$700,000 | $218,429 | $21,042 | $243,971 | 34.85% | $41,414 | 37.12% | 31.20% | $127,661 | 18.24% | 0.00% |
$720,000 | $225,829 | $21,332 | $251,841 | 34.98% | $42,130 | 37.22% | 31.37% | $132,421 | 18.39% | 0.00% |
$740,000 | $233,229 | $21,622 | $259,711 | 35.10% | $42,846 | 37.31% | 31.52% | $137,181 | 18.54% | 0.00% |
$760,000 | $240,629 | $21,912 | $267,581 | 35.21% | $43,562 | 37.39% | 31.66% | $141,941 | 18.68% | 0.00% |
$780,000 | $248,029 | $22,202 | $275,451 | 35.31% | $44,278 | 37.48% | 31.80% | $146,701 | 18.81% | 0.00% |
$800,000 | $255,429 | $22,492 | $283,321 | 35.42% | $44,994 | 37.55% | 31.93% | $151,461 | 18.93% | 0.00% |
$820,000 | $262,829 | $22,782 | $291,191 | 35.51% | $45,710 | 37.63% | 32.05% | $156,221 | 19.05% | 0.00% |
$840,000 | $270,229 | $23,072 | $299,061 | 35.60% | $46,426 | 37.70% | 32.17% | $160,981 | 19.16% | 0.00% |
$860,000 | $277,629 | $23,362 | $306,931 | 35.69% | $47,142 | 37.76% | 32.28% | $165,741 | 19.27% | 0.00% |
$880,000 | $285,029 | $23,652 | $314,801 | 35.77% | $47,858 | 37.83% | 32.39% | $170,501 | 19.38% | 0.00% |
$900,000 | $292,429 | $23,942 | $322,671 | 35.85% | $48,574 | 37.89% | 32.49% | $175,261 | 19.47% | 0.00% |
$920,000 | $299,829 | $24,232 | $330,541 | 35.93% | $49,290 | 37.95% | 32.59% | $180,021 | 19.57% | 0.00% |
$940,000 | $307,229 | $24,522 | $338,411 | 36.00% | $50,006 | 38.00% | 32.68% | $184,781 | 19.66% | 0.00% |
$960,000 | $314,629 | $24,812 | $346,281 | 36.07% | $50,722 | 38.06% | 32.77% | $189,541 | 19.74% | 0.00% |
$980,000 | $322,029 | $25,102 | $354,151 | 36.14% | $51,438 | 38.11% | 32.86% | $194,301 | 19.83% | 0.00% |
$1,000,000 | $329,429 | $25,392 | $362,021 | 36.20% | $52,154 | 38.16% | 32.94% | $199,061 | 19.91% | 0.00% |
$1,020,000 | $336,829 | $25,682 | $369,891 | 36.26% | $52,870 | 38.21% | 33.02% | $203,821 | 19.98% | 0.00% |
$1,040,000 | $344,229 | $25,972 | $377,761 | 36.32% | $53,586 | 38.25% | 33.10% | $208,581 | 20.06% | 0.00% |
$1,060,000 | $351,629 | $26,262 | $385,631 | 36.38% | $54,302 | 38.30% | 33.17% | $213,341 | 20.13% | 0.00% |
$1,080,000 | $359,029 | $26,552 | $393,501 | 36.44% | $55,018 | 38.34% | 33.24% | $218,101 | 20.19% | 0.00% |
$1,100,000 | $366,429 | $26,842 | $401,371 | 36.49% | $55,734 | 38.38% | 33.31% | $222,861 | 20.26% | 0.00% |
$1,120,000 | $373,829 | $27,132 | $409,241 | 36.54% | $56,450 | 38.42% | 33.38% | $227,621 | 20.32% | 0.00% |
$1,140,000 | $381,229 | $27,422 | $417,111 | 36.59% | $57,166 | 38.46% | 33.44% | $232,381 | 20.38% | 0.00% |
$1,160,000 | $388,629 | $27,712 | $424,981 | 36.64% | $57,882 | 38.49% | 33.50% | $237,141 | 20.44% | 0.00% |
$1,180,000 | $396,029 | $28,002 | $432,851 | 36.68% | $58,598 | 38.53% | 33.56% | $241,901 | 20.50% | 0.00% |
$1,200,000 | $403,429 | $28,292 | $440,721 | 36.73% | $59,314 | 38.56% | 33.62% | $246,661 | 20.56% | 0.00% |
The 2021 standard deduction of $12,550 for a single taxpayer was deducted from the earned income to calculate the income tax in the above table. However, payroll taxes applies to all earned income. As you can see from the chart below, the federal tax on earned income is not nearly as progressive as it might seem by just looking at marginal tax rates. It is also obvious that work is the most highly taxed form of income. Investment income subject only to the short-term capital gains rate is subject only to the marginal tax rate, which is also listed in 1 of the columns above; employment taxes do not apply. Investors receiving all their income as long-term capital gains or from qualified dividends pay a much lower tax rate. These rates also do not include the many deductions that higher income taxpayers can take advantage of, so these are the maximum rates that would apply, based on income.
The above table suggests that the wealthy pay a higher effective tax rate on their income than poorer people. However, because of favorable tax treatment for investment income and, especially for capital gains , and because large amounts of wealth can be transferred through gifts and inheritance (collectively, gratuitous transfers ) tax-free, the wealthy actually pay a far lower effective tax rate if the taxes that they paid is divided by all their income, including investment income and inherited wealth.
For instance, IRS statistics frequently show that the top 400 taxpayers of the United States pay about 18% of their income in taxes, including payroll taxes that they may have paid. If you look at the above table again, you will note that a self-employed person who makes a mere $20,000 per year pays an effective tax rate of almost 18% — even after subtracting the standard deduction ! Furthermore, hedge fund managers, some who make more than $1 billion per year, are exempted from paying any payroll taxes on their performance fee, which is usually most of their compensation if they are profitable, thanks to their Republican friends in Congress.
The largest single factor creating this inequity in taxation is the fact that earned income is the most highly taxed income, even though, for maximum economic growth, earned income should be the least taxed, because the higher price of wages due to these income taxes decreases the demand for labor while the lower amount received by the suppliers of this labor reduces supply — reducing economic growth through the deadweight loss of taxation . Indeed, only work increases the economic wealth of any society. Even investments cannot create true economic wealth unless it is used to put people to work, and transferred wealth actually reduces economic wealth because the recipients have a reduced incentive to work. Hence, the prudent economic policy of any government should be to tax work the least and gratuitous transfers the most.
“The hardest thing in the world to understand is the income tax,”
…said Albert Einstein.
So, what are the chances of understanding for the rest of us mortals then?
With the right guide, a bit better!
So, stay with us and learn all you need to know about:
Tax is a compulsory financial contribution of any individual, association, or institution that supports government projects and public expenditures . These payments are imposed and supervised by the official authorities.
And so, any failure to fulfill this legal obligation, including tax evasion and resistance, leads to strict law punishments.
Although new types of tax seem to be appearing every day, taxes are, in fact, nothing new.
The first confirmed example of taxation dates all the way back to ancient Egypt , somewhere around 3000 BC . Although, the chances are some older civilizations probably had different forms of tax collection even before that. Claims exist that Mesopotamian people paid taxes in the form of livestock starting from 4500 BC.
In the US, Abraham Lincoln was the first to introduce the income tax within the Revenue Act of 1861 . The income tax collection was supposed to help the Civil War efforts . And so, as soon as the war ended in 1872, the practice became unjustified, and it got aborted.
Tax in independent America got overturned a couple of more times after that and was, in general, hard to establish. Mainly because the nation still suffered the consequences of heavy Great Britain tax demands from colonial times.
Finally, at the beginning of 1913 , the idea of tax system implementation received the needed support and became a part of the Sixteenth Amendment .
Since then, the system evolved dramatically, and different types of taxes emerged. The latest Federal tax reform happened in 2020.
If you’d look at the world’s tax map or chart, you’d get to see a very colorful picture.
Tax collection works differently around the world. Also, tax rates differ significantly by country , from Aruba and Chad with close to 60% individual income tax rate to the Cayman Islands and Qatar with 0%.
The US stands somewhere in between with its seven different income tax brackets . The lowest being 10% and the highest 37% .
But before you pack your bags and start looking for your passport, let’s see how taxes work in the US and why they are necessary.
There are three ways in which one can make their tax payment. These are:
Direct taxes — as the name suggests, these are the taxes that a person or association pays directly to the government entity that levies it. Individual income tax, corporate taxes, and property taxes are all examples of direct tax.
Indirect taxes — are all taxes we pay on goods and services, including those of importing gas, alcohol, and tobacco. They are named indirect because you’re not directly paying them to the government or any of its entities. Instead, you give a set amount of tax money to a merchant who then settles tax with the government. Indirect taxes include sales taxes, value-added taxes, tariffs, and excise taxes .
Tax expenditures — Whenever you donate to charity or buy a house, you’re, sort of, helping your government. To repay you, the government then forgoes a chunk of your tax. These are tax expenditures in simplest terms. Or in other words, tax expenditures are the activities that you can perform to benefit the community. And, the government promotes these activities by offering tax deductions and tax credits in exchange.
How you pay your tax will define the tax rate.
The United States collects taxes on three different levels.
The biggest chunk of the total tax amount goes to the federal government that collects income tax, excise taxes, custom duty taxes, tariffs, and similar. All these add to over two-thirds of the total tax deduction in the US.
Precisely, who collects income tax for the US government?
Governments typically hire different agencies or commissions to collect their income taxes. In the US, the Internal Revenue Service (IRS) is in charge of this formal duty .
State governments collect around 20% of all tax, mainly through sales and some excise taxes.
Local governments collect the rest. Most of the time, they impose taxes on property, land value taxes, and a part of taxes from sales.
Unfortunately, very often, tax collection jurisdictions are not clear-cut . Same property, income, or service can sometimes be taxed at a few different government levels without the taxes offsetting each other.
So far, it seems like taxes are just a lot of expenses. But in reality, they are designed to support the society.
Various types of taxes exist to improve different segments of life. Those usually include healthcare, infrastructure, social security funds, and similar.
Also, by sparing a fragment of your salary, sales, or possession for tax purposes, you’re helping gross domestic product (GDP) rise. And this, in turn, promotes the economic growth of your country. Finally, new job opportunities appear, salaries increase, and an altogether better standard of life generates.
All in all, wisely used government taxes can create a ripple effect with numerous social and economic benefits.
All this being said, let’s now see how your tax money gets spent in the States.
You know that feeling of thrill when the salary arrives?
And then the disappointment when you realize that the government gets to spend over one-third of it…
Would it make you feel any better if you’d known that, at least, that money ends up well-spent?
Well, let’s see if that’s the case.
Did you know that about 18% of your tax bill goes to funding leading national health programs?
Medicaid, Medicare, and the Children’s Health Insurance Program (CHIP) all receive support from different types of taxes and taxpayers around the country.
Not too bad, right?
Social security has been one of the principal motives for tax collection since the beginning of the practice. Retirements, survivors’ benefits, and disability support all make a return from the social security treasury.
You work and contribute to the national budget through different tax types while you are young and healthy so that you don’t have to work when you reach the greater age.
With almost 23% of federal budget investments , social security is a mandatory segment of tax expenditures.
National security presents one of the major concerns of the government.
Then, it doesn’t surprise that the government reserves almost 16% of the federal budget to support the Department of Defense and Homeland Security Agency.
And so you follow and respect the long list of taxes daily.
But at least you sleep peacefully at night.
Why do we pay taxes if not to help those in need?
Not everyone is in a position to enjoy different health programs and social security benefits. Unemployed citizens, low-income and some mid-income families, as well as underprivileged kids, often need additional assistance.
This aid is ensured by the government, with:
Around 9% of all federal taxes reach those who need help the most, one way or another.
But this is not all.
Taxing in America ultimately serves many other purposes.
It helps take care of the interest on the national debt, benefits for federal retirees and veterans, and similar.
Furthermore, most infrastructural, educational, and scientific projects wouldn’t be possible without the government’s financial support.
So what makes the USA the way it is — it’s all of us!
For a while in US history, the only taxes that the government collected were import taxes or tariffs.
Imagine living in those times!
Instead, we have a quite complex tax structure — that even the brightest among us can’t follow at times without professional advisors or tax software.
Still, the better our understanding of that structure and our obligations as US citizens, the lesser the chances of unintended tax breaches and evasions.
So let’s now see — what are the different types of tax currently in force in the USA?
Income tax statistics show that over 70% of US citizens don’t pay taxes on, at least, a portion of their income.
Some taxpayers accidentally forget to file it. Others do intentional evasions or are not fully aware of how it works.
To lessen this confusion, let’s first dig into what income taxes are and how they are categorized.
As their name suggests, income taxes are taxes that each individual or corporation needs to pay on their earnings or income . Different rules and regulations apply to each type of income tax. However, the common thing for most of these taxes is that they are marginal and progressive.
Marginal — means that there are different tax brackets or categories based on one’s taxable income amount. They are expressed in percentages.
Progressive — means that as your income increases, your taxes will increase too.
The two main types of income tax are the following:
This is a tax that each citizen pays on their individual or household income that comes from wages, salaries, or investments.
Currently there are seven tax brackets for personal income in the States. They are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
Here’s an income tax example:
If your taxable annual income is between $0 and $9,950 and you are a single person filing individually, your tax bracket is the lowest one of 10%. The same goes for married couples filing individually. Married couples filing together will fall under the same bracket with a combined income of up to $19,900.
As your single earnings rise above $9,951 to up to $40,525 or combined ones exceed $19,901 but not $81,051, you will move to the next tax bracket (22%), and so on.
However, as we work on understanding tax brackets, you should remember the following:
Moving to the next tax bracket doesn’t mean that all your taxable income will undergo that bracket. Instead, for your first $9,950, you will still have to pay only 10% of tax. And then, for the remaining of your total income between $9,951 and $40,525, the tax will rise to 12%.
The trend will continue until some of your income, currently above $523,601, reaches the 37% tax bracket.
A corporate income tax is usually a federally or state-imposed tax on all corporate revenues , excluding the costs of managing and executing the business .
Currently, more and more countries around the globe are lowering their corporate income taxes to support their corporations.
In the US, the federal corporate tax rate got lowered to 21%. That is thanks to the Tax Cuts and Jobs Act of 2017.
However, in some US states, some additional corporate tax rates by state apply.
These are also types of taxes deducted from your salary. However, they have the specific purpose of covering your social security and medical insurance expenses .
In some cases, your employer will take care of your payroll taxation, and in others, you will have to do it yourself.
And then, we have payroll taxes under the Federal Insurance Contribution Act, or FICA taxes — shared between the employer and the employee.
In any case, the combined payroll taxes in the USA rarely exceed 15%.
Once your investments pay off, the earnings become taxable. These types of taxes we pay on profit from investments are known as capital gains taxes.
Capital gains taxes, therefore, apply to dividends and interests. Likewise, they’re imposed on stocks and bonds earnings but only once realized.
The rate of the tax you’ll have to pay will depend on several factors, but mostly on your tax bracket and the duration of your investment.
And so, in the US, short-term capital gains taxes match the regular income taxes. However, the long-term ones have much more favorable rates.
To have a nice house in a good neighborhood is pretty much everyone’s dream.
Until they get the property taxes explained.
Basically, the more valuable your house and the better its area — the higher your taxes will be . And if you don’t have the adequate income or savings to support that, your unpaid property taxes could diminish your house value and sale chances.
Your property tax debt could turn into a tax lien and your dream into a nightmare.
But, how do you pay property taxes?
You pay property taxes to your local government. To calculate your tax rate, they multiply the fair market price of your property and the tax rate of your area. The results are the taxes that typically range from 0.50% to 4% of the property value.
As an owner, you have the right to declare the property value, which then a professional tax assessor may accept or alter.
In simplest terms, the sales tax is what you see at the bottom of your receipt every time you visit a store. It’s a tax on things you buy .
Sales tax falls under the category of consumption tax . Unlike income or capital gain tax, consumption tax is imposed on people’s spendings and not on their earnings.
It is also an indirect tax because the consumer pays for it, but the merchant is responsible for money reaching the government.
The two main types of sales taxes are:
Each of the US states applies the general sales taxes. To calculate them, one should multiply the purchase value with the effective tax rate in that state.
Usually, it’s the state government that imposes the official tax rates. Alaska, Delaware, Montana, New Hampshire, and Oregon are exemptions here since they entrust this responsibility to their local governments.
Sometimes the state and the city taxes both apply, leading to higher total sales tax.
You must’ve heard of another type of compulsory taxation called sin taxes.
Sin or excise taxes are also consumption taxes which, most of the time, consumers settle indirectly.
The name itself suggests that these are the taxes that apply to specific, often harmful, goods. These include tobacco, alcohol, cigarettes, casino gains , and similar.
The taxes, usually, get levied on both federal and state levels. Besides, the rates of these taxes are among the highest, with the obvious intention of discouraging consumers. Sin taxes are either charged as:
People often mix up and interchange these two different kinds of taxes. And although they share the settlement of taxes on assets inherited from a deceased person , this is how they differ:
Estate taxes — are covered by the estate itself before its assets even reach the heirs. Inheritance taxes — are left for heirs to settle upon the inheritance receipt.
Both of these types of taxation could be difficult to implement and complex to administer. On top of that, they often lead to unsatisfactory economic outcomes such as poor estate planning or altogether abandonment.
As a consequence, more and more states are dropping the estate and inheritance taxes.
Yes, you read it well.
You need to pay taxes on gifts too!
Or, to be precise, if you’re the donor of the gift, you will need to report it and settle the gift tax. The recipients usually don’t pay for these types of taxes in the USA.
Gift taxes have been created on a federal level to minimize income and capital gains tax avoidance . Namely, taxpayers realized, at some point, that by transferring some of their profit to their friends or relatives, they can steer clear of paying most of their income taxes.
By introducing gift taxes, the country got a better insight into its investors’ actions.
Gifts, in this case, are only the contributions of financial value that the receiver doesn’t cover in total. Partial payments are allowed for the contribution to remain a gift.
Although these types of federal tax can turn out to be quite high, 18% to 40%, they are usually still lower than capital gains taxes. Besides, there are a few tax gift exemptions that make gifting away some of your assets worth considering.
Also known as import duty, custom duty, or import tax , these types of taxes in the US have the following aims:
In the USA, Congress determines the tariff rates.
Most often, these rates are based on:
Special rates for underdeveloped countries apply. The same goes for the countries that are under the international trade program.
To sum everything up:
Federal taxes are the money that the government collects from individuals and companies to invest in healthcare, social security, infrastructure, education, and similar. Examples of federal taxes are income taxes, property taxes, and sale taxes.
Taxes in the US are collected on federal, state, and local levels. The government hires trusted professional agencies to do the tax collection. On a federal level, that is the IRS.
We pay different types of taxes on most of our earnings, our purchases, and our property. The list goes on, but these are the main segments of our tax obligations.
Yes, paying taxes is everyone’s law obligation. Failing to do so may lead to severe financial penalties or even jail time.
The main difference is that tax evasion is an illegal practice of concealing tax obligations and information from the authorities, while tax avoidance is completely legal. Tax avoidance merely represents one’s righteous methods for taxable income reduction.
A direct tax is every tax that you pay directly to a government body. And indirect taxes are those you pay to a merchant or service provider as a mediator between you and the government.
The main types of taxes are: income taxes, capital gains taxes, property taxes, sales taxes, estate taxes, gift taxes, payroll taxes, and tariff taxes.
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Let us study about the Canons of Taxation. After reading this article you will learn about: 1. Meaning of Canons of Taxation 2. Types of Canons of Taxation 3. Characteristics.
By canons of taxation we simply mean the characteristics or qualities which a good tax system should possess. In fact, canons of taxation are related to the administrative part of a tax. Adam Smith first devised the principles or canons of taxation in 1776.
Even in the 21st century, Smithian canons of taxation are applied by the modern governments while imposing and collecting taxes.
In this sense, his canons of taxation are, indeed, ‘classic’. His four canons of taxation are:
ADVERTISEMENTS:
(i) Canon of equality or equity
(ii) Canon of certainty
(iii) Canon of economy
(iv) Canon of convenience.
Modern economists have added more in the list of canons of taxation.
(v) Canon of productivity
(vi) Canon of elasticity
(vii) Canon of simplicity
(viii) Canon of diversity.
Now we explain all these canons of taxation:
i. Canon of Equality:
Canon of equality states that the burden of taxation must be distributed equally or equitably among the taxpayers. However, this sort of equality robs of justice because not all taxpayers have the same ability to pay taxes. Rich people are capable of paying more taxes than poor people. Thus, justice demands that a person having greater ability to pay must pay large taxes.
If everyone is asked to pay taxes according to his ability, then sacrifices of all taxpayers become equal. This is the essence of canon of equality (of sacrifice). To establish equality in sacrifice, taxes are to be imposed in accordance with the principle of ability to pay. In view of this, canon of equality and canon of ability are the two sides of the same coin.
ii. Canon of Certainty:
The tax which an individual has to pay should be certain and not arbitrary. According to A. Smith, the time of payment, the manner of payment, the quantity to be paid, i.e., tax liability, ought all to be clear and plain to the contributor and to everyone. Thus, canon of certainty embraces a lot of things. It must be certain to the taxpayer as well as to the tax-levying authority.
Not only taxpayers should know when, where and how much taxes are to be paid. In other words, the certainty of liability must be known beforehand. Similarly, there must also be certainty of revenue that the government intends to collect over the given time period. Any amount of uncertainty in these respects may invite a lot of trouble.
iii. Canon of Economy:
This canon implies that the cost of collecting a tax should be as minimum as possible. Any tax that involves high administrative cost and unusual delay in assessment and high collection of taxes should be avoided altogether.
According to A. Smith: “Every tax ought to be contrived as both to take out and to keep out of the pockets of the people as little as possible, over and above what it brings into the public treasury of the State.”
iv. Canon of Convenience:
Taxes should be levied and collected in such a manner that it provides the greatest convenience not only to the taxpayer but also to the government.
Thus, it should be painless and trouble-free as far as practicable. “Every tax” , stresses A. Smith: “ought to be levied at time or the manner in which it is most likely to be convenient for the contributor to pay it.” That is why, after the harvest, agricultural income tax is collected. Salaried people are taxed at source at the time of receiving salaries.
These canons of taxation are observed, of course, not always faithfully, by modern governments. Hence these are basic and classic canons of taxation.
We now present other canons of taxation:
i. Canon of Productivity:
According to a well-known classical economist in the field of public finance, Charles F. Bastable, taxes must be productive or cost-effective. This implies that the revenue yield from any tax must be a sizable one. Further, this canon states that only those taxes should be imposed that do not hamper productive effort of the community. A tax is said to be a productive one only when it acts as an incentive to production.
ii. Canon of Elasticity:
Modern economists attach great importance to the canon of elasticity. This canon implies that a tax should be flexible or elastic in yield.
It should be levied in such a way that the rate of taxes can be changed according to exigencies of the situation. Whenever the government needs money, it must be able to extract as much income as possible without generating any harmful consequences through raising tax rates. Income tax satisfies this canon.
iii. Canon of Simplicity:
Every tax must be simple and intelligible to the people so that the taxpayer is able to calculate it without taking the help of tax consultants. A complex as well as a complicated tax is bound to yield undesirable side-effects. It may encourage taxpayers to evade taxes if the tax system is found to be complicated.
A complicated tax system is expensive in the sense that even the most honest educated taxpayers will have to seek advice of the tax consultants. Ultimately, such a tax system has the potentiality of breeding corruption in the society.
iv. Canon of Diversity:
Taxation must be dynamic. This means that a country’s tax structure ought to be dynamic or diverse in nature rather than having a single or two taxes. Diversification in a tax structure will demand involvement of the majority of the sectors of the population.
If a single tax system is introduced, only a particular sector will be asked to pay to the national exchequer leaving a large number of population untouched. Obviously, incidence of such a tax system will be greatest on certain taxpayers. A dynamic or a diversified tax structure will result in the allocation of burden of taxes among the vast population resulting in a low degree of incidence of a tax in the aggregate.
The above canons of taxation are considered to be essential requirements of a good tax policy. Unfortunately, such an ideal tax system is rarely observed in the real world. But a tax authority must go on maintaining relentlessly the above canons of taxation so that a near- ideal tax structure can be built-up.
A good (may be a near-ideal) tax system has to fulfil the following characteristics:
i. The distribution of tax burden should be equitable such that every person is made to pay his ‘fair share’ .
This is known as the ‘fairness’ criterion which focuses on two principles:
Horizontal equity— equals should pay equal taxes; and vertical equity—un-equals should pay unequal taxes. That is to say, rich people should pay more taxes.
ii. But equity must not hamper productive efficiency such that burdens should be provided to correct inefficiencies. This ‘efficiency’ criterion says that it should raise revenue with the least costs to the taxpayers so that tax system can allocate resources without distortion.
iii. The two other criteria are: ‘flexibility’ and ‘transparency’.
A good tax system demands changes in tax rates whenever circumstances change the system. Further, a good tax must be transparent in the sense that taxpayers should know what they are paying for the services they are getting.
iv. A good tax system is expected to facilitate the use of fiscal policy to achieve the goals of
(a) stability
(b) economic growth.
For the attainment of these goals, there must be built-in-flexibility in the tax structure.
From the above discussion, it follows that taxation serves the following purposes:
(i) To raise revenue for the government
(ii) To redistribute income and wealth from the rich to the poor people
(iii) To protect domestic industries from foreign competition
(iv) To promote social welfare.
Related Articles:
Taxation refers to the mandatory financial charge or levy imposed upon a taxpayer by a governmental organization to fund public expenditures. Essays on tax could discuss various taxation systems, their impacts on economies, debates around tax policies, and the ethical considerations of taxation. The role of taxation in income redistribution and public services could also be explored. A substantial compilation of free essay instances related to Tax you can find in Papersowl database. You can use our samples for inspiration to write your own essay, research paper, or just to explore a new topic for yourself.
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Published on September 4, 2020 by Jack Caulfield . Revised on July 23, 2023.
An essay is a focused piece of writing designed to inform or persuade. There are many different types of essay, but they are often defined in four categories: argumentative, expository, narrative, and descriptive essays.
Argumentative and expository essays are focused on conveying information and making clear points, while narrative and descriptive essays are about exercising creativity and writing in an interesting way. At university level, argumentative essays are the most common type.
Essay type | Skills tested | Example prompt |
---|---|---|
Has the rise of the internet had a positive or negative impact on education? | ||
Explain how the invention of the printing press changed European society in the 15th century. | ||
Write about an experience where you learned something about yourself. | ||
Describe an object that has sentimental value for you. |
In high school and college, you will also often have to write textual analysis essays, which test your skills in close reading and interpretation.
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Argumentative essays, expository essays, narrative essays, descriptive essays, textual analysis essays, other interesting articles, frequently asked questions about types of essays.
An argumentative essay presents an extended, evidence-based argument. It requires a strong thesis statement —a clearly defined stance on your topic. Your aim is to convince the reader of your thesis using evidence (such as quotations ) and analysis.
Argumentative essays test your ability to research and present your own position on a topic. This is the most common type of essay at college level—most papers you write will involve some kind of argumentation.
The essay is divided into an introduction, body, and conclusion:
The example below is a paragraph from the body of an argumentative essay about the effects of the internet on education. Mouse over it to learn more.
A common frustration for teachers is students’ use of Wikipedia as a source in their writing. Its prevalence among students is not exaggerated; a survey found that the vast majority of the students surveyed used Wikipedia (Head & Eisenberg, 2010). An article in The Guardian stresses a common objection to its use: “a reliance on Wikipedia can discourage students from engaging with genuine academic writing” (Coomer, 2013). Teachers are clearly not mistaken in viewing Wikipedia usage as ubiquitous among their students; but the claim that it discourages engagement with academic sources requires further investigation. This point is treated as self-evident by many teachers, but Wikipedia itself explicitly encourages students to look into other sources. Its articles often provide references to academic publications and include warning notes where citations are missing; the site’s own guidelines for research make clear that it should be used as a starting point, emphasizing that users should always “read the references and check whether they really do support what the article says” (“Wikipedia:Researching with Wikipedia,” 2020). Indeed, for many students, Wikipedia is their first encounter with the concepts of citation and referencing. The use of Wikipedia therefore has a positive side that merits deeper consideration than it often receives.
An expository essay provides a clear, focused explanation of a topic. It doesn’t require an original argument, just a balanced and well-organized view of the topic.
Expository essays test your familiarity with a topic and your ability to organize and convey information. They are commonly assigned at high school or in exam questions at college level.
The introduction of an expository essay states your topic and provides some general background, the body presents the details, and the conclusion summarizes the information presented.
A typical body paragraph from an expository essay about the invention of the printing press is shown below. Mouse over it to learn more.
The invention of the printing press in 1440 changed this situation dramatically. Johannes Gutenberg, who had worked as a goldsmith, used his knowledge of metals in the design of the press. He made his type from an alloy of lead, tin, and antimony, whose durability allowed for the reliable production of high-quality books. This new technology allowed texts to be reproduced and disseminated on a much larger scale than was previously possible. The Gutenberg Bible appeared in the 1450s, and a large number of printing presses sprang up across the continent in the following decades. Gutenberg’s invention rapidly transformed cultural production in Europe; among other things, it would lead to the Protestant Reformation.
A narrative essay is one that tells a story. This is usually a story about a personal experience you had, but it may also be an imaginative exploration of something you have not experienced.
Narrative essays test your ability to build up a narrative in an engaging, well-structured way. They are much more personal and creative than other kinds of academic writing . Writing a personal statement for an application requires the same skills as a narrative essay.
A narrative essay isn’t strictly divided into introduction, body, and conclusion, but it should still begin by setting up the narrative and finish by expressing the point of the story—what you learned from your experience, or why it made an impression on you.
Mouse over the example below, a short narrative essay responding to the prompt “Write about an experience where you learned something about yourself,” to explore its structure.
Since elementary school, I have always favored subjects like science and math over the humanities. My instinct was always to think of these subjects as more solid and serious than classes like English. If there was no right answer, I thought, why bother? But recently I had an experience that taught me my academic interests are more flexible than I had thought: I took my first philosophy class.
Before I entered the classroom, I was skeptical. I waited outside with the other students and wondered what exactly philosophy would involve—I really had no idea. I imagined something pretty abstract: long, stilted conversations pondering the meaning of life. But what I got was something quite different.
A young man in jeans, Mr. Jones—“but you can call me Rob”—was far from the white-haired, buttoned-up old man I had half-expected. And rather than pulling us into pedantic arguments about obscure philosophical points, Rob engaged us on our level. To talk free will, we looked at our own choices. To talk ethics, we looked at dilemmas we had faced ourselves. By the end of class, I’d discovered that questions with no right answer can turn out to be the most interesting ones.
The experience has taught me to look at things a little more “philosophically”—and not just because it was a philosophy class! I learned that if I let go of my preconceptions, I can actually get a lot out of subjects I was previously dismissive of. The class taught me—in more ways than one—to look at things with an open mind.
A descriptive essay provides a detailed sensory description of something. Like narrative essays, they allow you to be more creative than most academic writing, but they are more tightly focused than narrative essays. You might describe a specific place or object, rather than telling a whole story.
Descriptive essays test your ability to use language creatively, making striking word choices to convey a memorable picture of what you’re describing.
A descriptive essay can be quite loosely structured, though it should usually begin by introducing the object of your description and end by drawing an overall picture of it. The important thing is to use careful word choices and figurative language to create an original description of your object.
Mouse over the example below, a response to the prompt “Describe a place you love to spend time in,” to learn more about descriptive essays.
On Sunday afternoons I like to spend my time in the garden behind my house. The garden is narrow but long, a corridor of green extending from the back of the house, and I sit on a lawn chair at the far end to read and relax. I am in my small peaceful paradise: the shade of the tree, the feel of the grass on my feet, the gentle activity of the fish in the pond beside me.
My cat crosses the garden nimbly and leaps onto the fence to survey it from above. From his perch he can watch over his little kingdom and keep an eye on the neighbours. He does this until the barking of next door’s dog scares him from his post and he bolts for the cat flap to govern from the safety of the kitchen.
With that, I am left alone with the fish, whose whole world is the pond by my feet. The fish explore the pond every day as if for the first time, prodding and inspecting every stone. I sometimes feel the same about sitting here in the garden; I know the place better than anyone, but whenever I return I still feel compelled to pay attention to all its details and novelties—a new bird perched in the tree, the growth of the grass, and the movement of the insects it shelters…
Sitting out in the garden, I feel serene. I feel at home. And yet I always feel there is more to discover. The bounds of my garden may be small, but there is a whole world contained within it, and it is one I will never get tired of inhabiting.
Though every essay type tests your writing skills, some essays also test your ability to read carefully and critically. In a textual analysis essay, you don’t just present information on a topic, but closely analyze a text to explain how it achieves certain effects.
A rhetorical analysis looks at a persuasive text (e.g. a speech, an essay, a political cartoon) in terms of the rhetorical devices it uses, and evaluates their effectiveness.
The goal is not to state whether you agree with the author’s argument but to look at how they have constructed it.
The introduction of a rhetorical analysis presents the text, some background information, and your thesis statement; the body comprises the analysis itself; and the conclusion wraps up your analysis of the text, emphasizing its relevance to broader concerns.
The example below is from a rhetorical analysis of Martin Luther King Jr.’s “I Have a Dream” speech . Mouse over it to learn more.
King’s speech is infused with prophetic language throughout. Even before the famous “dream” part of the speech, King’s language consistently strikes a prophetic tone. He refers to the Lincoln Memorial as a “hallowed spot” and speaks of rising “from the dark and desolate valley of segregation” to “make justice a reality for all of God’s children.” The assumption of this prophetic voice constitutes the text’s strongest ethical appeal; after linking himself with political figures like Lincoln and the Founding Fathers, King’s ethos adopts a distinctly religious tone, recalling Biblical prophets and preachers of change from across history. This adds significant force to his words; standing before an audience of hundreds of thousands, he states not just what the future should be, but what it will be: “The whirlwinds of revolt will continue to shake the foundations of our nation until the bright day of justice emerges.” This warning is almost apocalyptic in tone, though it concludes with the positive image of the “bright day of justice.” The power of King’s rhetoric thus stems not only from the pathos of his vision of a brighter future, but from the ethos of the prophetic voice he adopts in expressing this vision.
A literary analysis essay presents a close reading of a work of literature—e.g. a poem or novel—to explore the choices made by the author and how they help to convey the text’s theme. It is not simply a book report or a review, but an in-depth interpretation of the text.
Literary analysis looks at things like setting, characters, themes, and figurative language. The goal is to closely analyze what the author conveys and how.
The introduction of a literary analysis essay presents the text and background, and provides your thesis statement; the body consists of close readings of the text with quotations and analysis in support of your argument; and the conclusion emphasizes what your approach tells us about the text.
Mouse over the example below, the introduction to a literary analysis essay on Frankenstein , to learn more.
Mary Shelley’s Frankenstein is often read as a crude cautionary tale about the dangers of scientific advancement unrestrained by ethical considerations. In this reading, protagonist Victor Frankenstein is a stable representation of the callous ambition of modern science throughout the novel. This essay, however, argues that far from providing a stable image of the character, Shelley uses shifting narrative perspectives to portray Frankenstein in an increasingly negative light as the novel goes on. While he initially appears to be a naive but sympathetic idealist, after the creature’s narrative Frankenstein begins to resemble—even in his own telling—the thoughtlessly cruel figure the creature represents him as. This essay begins by exploring the positive portrayal of Frankenstein in the first volume, then moves on to the creature’s perception of him, and finally discusses the third volume’s narrative shift toward viewing Frankenstein as the creature views him.
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At high school and in composition classes at university, you’ll often be told to write a specific type of essay , but you might also just be given prompts.
Look for keywords in these prompts that suggest a certain approach: The word “explain” suggests you should write an expository essay , while the word “describe” implies a descriptive essay . An argumentative essay might be prompted with the word “assess” or “argue.”
The vast majority of essays written at university are some sort of argumentative essay . Almost all academic writing involves building up an argument, though other types of essay might be assigned in composition classes.
Essays can present arguments about all kinds of different topics. For example:
An argumentative essay tends to be a longer essay involving independent research, and aims to make an original argument about a topic. Its thesis statement makes a contentious claim that must be supported in an objective, evidence-based way.
An expository essay also aims to be objective, but it doesn’t have to make an original argument. Rather, it aims to explain something (e.g., a process or idea) in a clear, concise way. Expository essays are often shorter assignments and rely less on research.
The key difference is that a narrative essay is designed to tell a complete story, while a descriptive essay is meant to convey an intense description of a particular place, object, or concept.
Narrative and descriptive essays both allow you to write more personally and creatively than other kinds of essays , and similar writing skills can apply to both.
If you want to cite this source, you can copy and paste the citation or click the “Cite this Scribbr article” button to automatically add the citation to our free Citation Generator.
Caulfield, J. (2023, July 23). The Four Main Types of Essay | Quick Guide with Examples. Scribbr. Retrieved August 6, 2024, from https://www.scribbr.com/academic-essay/essay-types/
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Importance of tax.
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Tax is one of the ways for authorities in the public sector to raise revenue to run their projects. Public administrations are charged with the development of sufficient revenue to finance programs that benefit the society; hence, they have to either raise the money through investments or apply levies on various commodities to generate the funds. The government can also introduce taxes with the aim of aligning the behavior of various entities with a given policy.
For instance, carbon taxes are used to compel different entities to reduce the impact of their business processes on the environment 1 . In the case under analysis, authorities in Cook County, Chicago, introduced a controversial tax on sweetened beverages in the soft drink field. Taxes are meant to generate revenue or to regulate the behavior of different entities; hence, the actual purpose of a new tax should be communicated to the public.
Lawmakers in the county responded to the pressure from citizens and various lobbying groups that had reviewed the nature and effects of the proposed tax. It is apparent that the tax was meant to reduce the consumption of sweetened soft drinks with the hope that consumers would be discouraged by the increased prices of the products 2 . However, the tax was not effective in attaining the intended health promotion objective because consumers could easily drive to the nearby towns outside the county and shop for the drinks.
A critical view of the tax reveals that its intention was not to boost health outcomes for the citizens of Cook County, but to help the administration in raising about $1.8 billion annually to increase its budget 3 . The government has been facing challenges in raising the required funds for the budget, and it is apparent that the only option it has is the development of new taxes that help in raising the deficit. Economic principles reveal that whenever an administration is facing deficits in its annual budget, there are some options that it may pursue to raise the required money 4 .
Taxes directly involve citizens in contributing to public programs run by the government 5 . However, the government is always limited by various policies when it comes to the introduction of taxes 6 . The policies are meant to ensure that the administration does not introduce laws that exploit the public in an unfair manner. For instance, in Cook County, the local government observes laws that dictate against the development of additional sales taxes on commodities 7 . The associated lawmakers had to introduce the tax at the point of sale, which was quite a bad choice because it would exempt all consumers using food stamps as stipulated by the law.
This case reveals that while taxes are necessary for boosting the capabilities of the government in meeting its obligations and plans, they have to be introduced in a manner that shows legitimacy and appropriate reasoning on the part of the proponents 8 . The tax on sweetened fizzy drinks was banned because its legitimacy was questionable. First, the administration did not have a solid reason for introducing the tax. Secondly, the intentions of the tax were concealed through the claim that the tax was meant to enhance health outcomes for the citizens of Cook County.
The Cook County administration demonstrated that it is always necessary for the authorities to look into introducing legitimate taxes. By introducing the tax, the government intended to raise more money to boost its budget, rather than promote health outcomes as the leaders claimed. Taxes are normally applied to finance government projects by raising revenue or regulating certain behaviors on the part of various entities.
Auerbach, Alan, Raj Chetty, Martin Feldstein, and Emmanuel Saez, eds. Handbook of Public Economics . Vol. 5. Boston: Newnes, 2013.
“ Chicago’s Soda Tax Is Repealed. ” The Economist , 2017. Web.
Lawton, Amy. “Green Taxation Theory in Practice: The 2012 Reform of the Carbon Reduction Commitment.” Environmental Law Review 18, no. 2 (2016): 126-141.
Lu, Xiaobo, and Kenneth Scheve. “Self-Centered Inequity Aversion and the Mass Politics of Taxation.” Comparative Political Studies 49, no. 14 (2016): 1965-1997.
Rood, Deborah K. “The Importance of Tax Quality Control.” Journal of Accountancy 219, no. 4 (2015): 24.
Saad, Natrah. “Tax Knowledge, Tax Complexity and Tax Compliance: Taxpayers’ View.” Procedia-Social and Behavioral Sciences 109, no.1 (2014):1069-1075.
IvyPanda. (2020, October 31). The Importance of Tax in Our Life. https://ivypanda.com/essays/the-importance-of-tax-in-our-life/
"The Importance of Tax in Our Life." IvyPanda , 31 Oct. 2020, ivypanda.com/essays/the-importance-of-tax-in-our-life/.
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1. IvyPanda . "The Importance of Tax in Our Life." October 31, 2020. https://ivypanda.com/essays/the-importance-of-tax-in-our-life/.
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The Central Government and the State Governments each levy their different types of taxes in India under India’s system of taxation. Local governments like the Municipality and Local Governments also impose a few small levies.
Money is needed to handle a state’s business and administer its government. Therefore, the government levies taxes in many different ways on the revenues of people and businesses.
Let’s see what are the different types of taxes in India.
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The cost of some transactions, goods, and services is increased by types of tax in India, which the Indian government imposes on corporate profits and worker income in addition to other costs.
To raise money for commercial endeavors that would boost the nation’s economy and elevate citizens’ quality of living, the government levies taxes on its constituents.
The Indian Constitution, which gives the State and Central governments equal authority to impose different types of taxes in India, is the source of our nation’s right to taxation. Every tax levied within the nation must be supported by a law established by the State Legislature or the Parliament.
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Different types of taxes in India are broadly classified into two types:
A direct tax is imposed directly upon the taxpayer and is paid by individuals who are subject to it by the government. Levying and collecting direct taxes as well as developing other direct tax regulations fall within the purview of the Central Board of Direct Taxes.
A taxpayer may be required to pay a direct tax to the government for several different reasons, including real estate taxes, personal property taxes, income taxes, asset taxes, gift taxes, capital gains taxes, and others. One of the government’s two primary sources of income is direct taxation.
The other is indirect tax. Direct taxes generate around half of the government’s revenue each fiscal year. The government sets fiscal year-specific goals for direct tax collection to raise income.
Examples of direct tax include Income tax, corporation tax, minimum alternate tax, capital gain tax, securities transaction tax, commodities transaction tax, alternate minimum tax, estate duty, wealth tax, gift tax, and fringe benefit tax.
Note: Agricultural income is not subject to tax.
Examples of Indirect tax include customs duty, sales tax, excise duty, service tax, value-added tax, and dividend distribution tax.
Also read: Tax buoyancy
The Union Government imposes cess and surcharges as taxes to generate revenue for administrative costs. Even though cess and surcharge increase the government’s revenue, they differ in many ways.
A 10 percent surcharge on a 30 percent income tax rate, for example, brings the tax burden to 33 percent.
Different types of taxes in India are intended to give the government money for expenditure while preventing inflation. Various types of income, including wages, business profits, rental income from real estate, and others, are subject to taxation.
Wealth taxes, sales taxes, property taxes, payroll taxes, value-added taxes, service taxes, and so on are additional taxes.
Types of taxes in India are used by the government for several things, including:
Examples of public utilities include systems for managing garbage, water, electricity, and public health.
Different types of taxes in India therefore have both benefits and drawbacks, but there is no denying that they are necessary to raise money. While the wealthy can pay direct taxes, the poor have the chance to make a small contribution through indirect taxes.
There is a lot of potential to change things by controlling these tax systems. These factors make a nation’s taxation system crucial to its economy.
Read: Tax buoyancy
Article written by: Remya
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The taxation system in India is such that the taxes are levied by the Central Government and the State Governments. Some minor taxes are also levied by the local authorities such as the Municipality and the Local Governments.
To run the government and manage the affairs of a state, money is required. So the government imposes taxes in many forms on the incomes of individuals and companies.
Broadly taxes are divided into two categories:
Indirect taxes.
This is an important topic for IAS Exam . In this article, relevant details related to taxation in India have been provided.
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Taxation in India (UPSC Notes):- Download PDF Here
A direct tax can be defined as a tax that is paid directly by an individual or organization to the imposing entity (generally government). A direct tax cannot be shifted to another individual or entity. The individual or organization upon which the tax is levied is responsible for the fulfilment of the tax payment.
The Central Board of Direct Taxes deals with matters related to levying and collecting Direct Taxes and formulation of various policies related to direct taxes.
A taxpayer pays a direct tax to a government for different purposes, including real property tax, personal property tax, income tax or taxes on assets, FBT, Gift Tax, Capital Gains Tax, etc.
The term indirect tax has more than one meaning. In the colloquial sense, an indirect tax such as sales tax, a specific tax, a value-added tax (VAT), or goods and services tax (GST) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).
The intermediary later files a tax return and forwards the tax proceeds to the government with the return. In this sense, the term indirect tax is contrasted with a direct tax which is collected directly by the government from the persons (legal or natural) on which it is imposed.
To know about goods and service tax in detail, check the linked article.
Fringe Benefit Tax
To reduce the profit on booked entry, many companies started providing various benefits to their employees and maintaining them under their input cost. Thus reducing the profit which in turn leads to less taxation by the government.
Therefore government-imposed Fringe Benefits Tax (FBT) which is fundamentally a tax that an employer has to pay instead of the benefits that are given to his/her employees. It was an attempt to comprehensively levy a tax on those benefits, which evaded the tax.
The list of benefits encompassed a wide range of privileges, services, facilities, or amenities which were directly or indirectly given by an employer to current or former employees, be it something simple like telephone reimbursements, free or concessional tickets, or even contributions by the employer to a superannuation fund.
FBT was introduced as a part of the Finance Bill of 2005 and was set at 30% of the cost of the benefits given by the company. This tax needed to be paid by the employer in addition to the income tax, irrespective of whether the company had an income-tax liability or not.
The fringe benefits tax was abolished in the 2009 Union budget of India.
Minimum Alternate Tax
The concept of Minimum Alternate Tax (MAT) was introduced in the direct tax system to make sure that companies having large profits and declaring substantial dividends to shareholders but who were not contributing to the Government by way of corporate tax, by taking advantage of the various incentives and exemptions provided in the Income-tax Act, pay a fixed percentage of book profit as minimum alternate tax.
As per the Income Tax Act, if a company’s taxable income is less than a certain percentage of the booked profits, then by default, that much of the book profits will be considered as taxable income and tax has to be paid on that.
It is called MAT and is a direct tax. It was introduced to deter some companies who managed their account in such a way that they end up paying zero or no tax to the government.
The current rate of MAT is 18.5%.
Alternate Minimum Tax
Under the existing provisions of the Income-tax Act, Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT) are levied on companies and limited liability partnerships (LLPs) respectively.
That means what is MAT to the companies, AMT is to the LLPs. However, no such tax is levied on the other form of business organizations such as partnership firms, sole proprietorships, an association of persons, etc.
To widen the tax base vis-à-vis profit linked deductions, it is proposed to amend provisions regarding AMT contained in the Income-tax Act to provide that a person other than a company, who has claimed deduction under any section (other than section 80P), shall be liable to pay AMT.
Under the proposed amendments, where the regular income-tax payable for a previous year by a person (other than a company) is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed to be the total income of such person and he shall be liable to pay income-tax on such total income at the rate of eighteen and one-half percent.
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Indirect taxes in India can be broadly classified into:
In India, generally, taxes on production or manufacturing (Excise) is levied by the centre, and taxes on sales (Sales Tax) is levied by the states.
Excise duties
Excise duty (Central VAT) is a tax on the manufacture of goods within the country. Excise duties are levied under the Central Excise and Salt Act, 1944, the Excise Tariff Act, 1985, and the Modified Value Added Tax (MODVAT) scheme or CENVAT.
The rates of excise duty levied vary depending inter alia on the nature of the item manufactured, the nature of the manufacturing concern, and the place of ultimate sale.
The duty rates are either ad valorem (i.e. a fixed percentage of the cost of production), specified (a fixed rate depending on the nature of the manufactured item, for example, length of product or count of product), or a combination of both.
The MODVAT scheme, introduced in 1986, on the recommendation of the L K Jha Committee, applies to certain specific items.
The objective of this scheme is to limit the cascading effect of duty incidence on several goods subject to excise which are further used as inputs for other excisable goods.
Under the scheme, MODVAT credit can be claimed on the purchase of raw materials on which excise has been paid.
This MODVAT credit can be used to set off excise duty payable on subsequent manufacture of goods.
Sales tax is levied on the sale of a commodity that is produced or imported and sold for the first time.
If the product is sold subsequently without being processed further, it is exempt from sales tax. Sales tax is levied by either the Central or the State Government, Central Sales tax, or 4% is generally levied on all inter-State sales.
State sales taxes that apply to sales made within a State have rates that range from 4 to 15%. However, exports and services are exempt from sales tax.
Service tax
Service tax is a part of Central Excise in India. It is a tax levied on services provided in India, except the State of Jammu and Kashmir.
The responsibility of collecting the tax lies with the Central Board of Excise and Customs (CBEC).
Q 1. what are the major state taxes in india, q 2. what is the goods and services tax, q 3. which are the major central taxes in india.
Ans. There are four major Central Taxes in India:
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Essay Writing Guide
Types Of Essay
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Ever felt overwhelmed by the sheer number of "essays" out there? Essays are fundamental tools in education and communication, designed to inform, persuade, and narrate experiences.
Understanding the different types of essays is important in academics. There are four primary categories: argumentative, expository, narrative, and descriptive and each type serves a distinct purpose.
This guide will explore each type and its subtypes with examples providing clear examples to improve your writing skills.
Let’s get started!
In academic years, essay writing develops essential skills. At the university level, argumentative essays are most common, honing critical thinking and persuasive writing.
In high school and college, textual analysis essays test close reading and interpretation, enhancing analytical thinking and clear articulation. Let's explore these essay types along with their descriptions and example prompts in the table below:
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|
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| Formulating arguments, critical thinking, persuasive writing. | Argue for or against the implementation of stricter gun control laws in the United States. |
| Sensory Description, Imagery, Figurative Language | Describe a place you visited recently and explain why it left a lasting impression on you. |
| Informative Writing, Research, Clarity | Explain the causes and effects of climate change, and discuss its impact on the environment and society. |
| Storytelling, Narrative Structure, Engagement | Describe a memorable childhood event that had a significant impact on your life. |
Please note that the length of these essays depends on academic level, assignment requirements, and topic complexity. University essays are usually longer due to deeper analysis, while high school essays are shorter and more focused on foundational skills. Argumentative essays often require more length than narrative or descriptive essays to support thorough argumentation.
Let’s take a look at these types of essays in detail, along with examples to further your understanding.
An argumentative essay is an essay type that presents a well-structured argument supported by evidence and reasoning. The primary goal is to engage the reader in a discussion, provide evidence, and logically demonstrate why a particular viewpoint is more valid.
In simple terms, the writer must provide evidence and stay consistent with their viewpoint, focusing on a specific type of argument . While argumentative essays discuss both sides of an issue, they clearly advocate for one perspective.
The argumentative essay outline follows the same basic structure as other essays but includes an additional section for the counterargument.
Argumentative Essay Example
Before beginning the writing process, it is better to go through some expertly crafted argumentative essay examples .
Here is a sample argumentative essay example for you to get an idea.
A descriptive essay is a form of writing that aims to immerse readers in a sensory-rich experience. Unlike informational or persuasive essays, its primary goal is to vividly depict a person, place, object, event, or experience.
The descriptive essay must stimulate the senses and emotions of the reader. To put it simply, the reader should see what you saw and feel what you felt. To make it better, you can use several literary devices like;
All of them help in making the experience and your essay better.
A descriptive essay outline typically follows a 5-paragraph essay format, consisting of the following basic components:
Descriptive Essay Example
Writing a perfect descriptive essay for an assignment is not difficult if you go through some expert descriptive essay examples first.
Here, we have provided a well-written descriptive essay for you to get inspired from and start the writing process confidently.
An expository essay is a type of writing that provides clear and objective explanations of a topic without expressing personal opinions. It aims to inform and educate by presenting factual information and analysis.
There are various types of expository writing :
Like other types of essays, an expository essay outline also follows the standard essay format :
Expository Essay Example
Here is an expository essay example from one of our expert writers to understand the basics. For more samples visit our dedicated blog on Expository Essay Examples !
A narrative essay is a type of academic writing that tells a story or recounts a personal experience. Unlike other essays, its primary purpose is to engage and entertain the reader through storytelling.
Narrative Essay Example
Wondering how to get your story into an interesting narrative? Learn the best way to write a perfect narrative essay with the help of narrative essay examples .
Besides the main types of essays, there are other specialized types for specific audiences. These essays offer various ways for writers to communicate their ideas.
We will go through these essay types here.
A persuasive essay is another type of academic essay. In this essay type, the writer utilizes logic and reasoning to show one’s idea is more convincing than another idea.
In writing a persuasive essay, the main aim is to persuade the reader to accept a certain point of view. The presented argument or claim must use solid evidence and sound reasoning by stating facts, examples, and quotes. It uses persuasive techniques like ethos, pathos, and logos to persuade the audience.
Persuasive Essay Example
Since persuasive essays are the most common type of essay, it is essential to get familiar with their writing style. For that, make sure to read the persuasive essay examples for better understanding.
Here is a sample in PDF format:
An analytical essay is a type of academic essay in which the writer analyzes a topic bit by bit. Writing an analytical essay is not about convincing readers of your point of view. But wanting readers to agree with what you have written.
So, there is no need to use strong persuasive language in an analytical essay. Rather you should aim to provide enough analysis to make sure your argument is clear to the readers.
Analytical Essay Example
Let’s take a look at a sample analytical essay:
Read our analytical essay examples blog if you are looking for more sample essays!
A reflective essay requires you to examine your personal experiences through self-reflection. In the process of writing a reflective essay, you provide insight into what you have gained from those experiences.
What makes reflective essays different from other essay types is the fact that they examine the past experience from the present. Reflective essays take the reader through a journey of self-growth.
Reflective Essay Example
The following reflective essay example will help you get a clear idea of how to structure your analytical essay.
It is a form of a textual analysis essay in which the student examines and analyzes a persuasive text. It is like an essay, speech, or visual art and analyzes the rhetorical devices used in it. Writing a rhetorical analysis essay is different from writing other essays because it will be more than adding facts only.
Rhetorical Analysis Essay Example
Here is a rhetorical analysis essay example that will help you learn better. For more examples check out our rhetorical analysis essay examples blog for more samples!
Literary Analysis Essay
A literary analysis essay is based on close reading and analysis of a work of literature like poetry and novel. It identifies different literary factors like themes, setting, characters, setting, and the kind of language used in it. A literary analysis essay has the same 5 paragraphs as any other essay but the main subject and topic are different.
Need help with your literary analysis essay? Below is a sample essay to help you understand better.
Summing it Up! Now you know what are the different types of essays in academic writing that you are most likely to get assigned. However, if you still find it difficult to compose your essay, leave your piece of writing to our experts.
Whether you need an argumentative essay, narrative essay, descriptive essay, or expository essay we are here to help. Our expertise extends to all types of essays, ensuring that your academic writing needs are met with precision and excellence.
Request essay help today and let our experts assist you in writing A+ grade essays within your specified timeline!
What is the most important element in any essay.
The most important element in any essay is its thesis statement. The thesis statement presents the main idea or argument of the essay and sets the direction for the entire piece. It provides a clear, concise summary of what the essay will cover, helping to guide the reader and ensure that the content remains focused and coherent.
The most common type of essay at university is the argumentative essay Other common types include:
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That plan was for a 9% business transaction tax, a 9% personal income tax and a 9% federal sales tax. VAT or Ad Valorem Tax. The VAT tax is big in Europe but the U.S. has yet to adopt it. It's a tax on the "added value" of a product, the difference between the sales price and the cost of producing a good or service.
Taxation refers to compulsory or coercive money collection by a levying authority, usually a government. The term "taxation" applies to all types of involuntary levies, from income to capital ...
Updated: Mar 1st, 2024. 24 min. Welcome to our list of the most interesting tax topics! Here, you will find trending corporate tax research paper topics, taxes essay ideas, and bonus examples. Check them out! Table of Contents. We will write a custom essay specifically for you by our professional experts.
Tax is a way for the government to receive money from their people. There are plenty types of tax in different categories that many people do not know about. The most important types of tax are income, sales, sin, and hotel tax. A person pays tax differently depending on the situation. For example, income tax is when the government collects ...
For example, if the income tax threshold is £5,000 - this means you don't pay any income tax on the first £5,000. If the basic rate of income tax is 20%. It means someone earning £6,000 only pays tax on the £1,000 above the threshold. They will pay £200 or 3.3% of their income in tax. Income tax rates explained. Different Types of Tax
- Opinion essay: My thoughts on taxation reform, the fairness of property taxation, the role of taxation in addressing social issues, the impact of taxation on personal finance, the importance of tax compliance. - Informative essay: The history of taxation, the different types of taxes and how they work, the impact of taxation on different ...
Review of Taxes: Definition, History and Different Kinds. The government uses the money it gets from taxes to pay for things. For example, taxes are used to pay for people who work for the government, such as the military and police, provide services such as education and health care, and to maintain or build things like roads, bridges and sewers.
205 samples. Writing an essay on taxes can be a chore. Yet, it will seem much more manageable once you sort out the details. So, let's explore some definitions: Taxation refers to the situation when an authority, such as the government, imposes a financial charge on individuals or businesses. In exchange, it delivers various public provisions.
So if the tax base equals $100 and the tax rate is 9%, then the tax will be $9 (=100 × 0.09). Proportional taxes (aka flat-rate taxes) apply the same tax rate to any income level, or for any size tax base. So if Bill earns $50,000 and Jane earns $100,000, and the tax rate is 10%, then Bill will owe $5,000 in taxes while Jane will owe $10,000.
Type the response to the above questions here: There are several types of taxes but two are most well known, that is the Income Tax and Sales Tax. Income Taxes require people to pay on both federal and state levels once they have earned $6,750; each state being different.
The two main types of income tax are the following: Personal income tax. This is a tax that each citizen pays on their individual or household income that comes from wages, salaries, or investments. Currently there are seven tax brackets for personal income in the States. They are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Here's an income tax ...
Let us study about the Canons of Taxation. After reading this article you will learn about: 1. Meaning of Canons of Taxation 2. Types of Canons of Taxation 3. Characteristics. Meaning of Canons of Taxation: By canons of taxation we simply mean the characteristics or qualities which a good tax system should possess. In fact, canons of taxation are related to the administrative part of a tax ...
Free essay examples about Tax ️ Proficient writing team ️ High-quality of every essay ️ Largest database of free samples on PapersOwl ... and in 2016 the government collected 3.9 trillion dollars in taxes to spend. There are many different types of taxes like income tax, federal income tax, sales tax, property tax, estate tax, and more ...
In this essay, we will explore the arguments on both sides of the debate and ultimately argue that there is a strong case for the rich paying more taxes. I. The Case for Progressive Taxation. A. Fairness and Equity. One of the primary arguments in favor of the rich paying more taxes is the principle of fairness and equity.
An essay is a focused piece of writing designed to inform or persuade. There are many different types of essay, but they are often defined in four categories: argumentative, expository, narrative, and descriptive essays. Argumentative and expository essays are focused on conveying information and making clear points, while narrative and ...
The government can also introduce taxes with the aim of aligning the behavior of various entities with a given policy. Get a custom critical writing on The Importance of Tax in Our Life. For instance, carbon taxes are used to compel different entities to reduce the impact of their business processes on the environment 1. In the case under ...
The findings from table 5 reveal that both states record increase in per capital tax revenue at the end of the fiscal years 2009 to 2010. In the New York, the government realizes ratio of $2,880 per person in 2009. However, the par capital tax revenue increased to $2,995 per person in 2010.
Wealth taxes, sales taxes, property taxes, payroll taxes, value-added taxes, service taxes, and so on are additional taxes. Types of taxes in India are used by the government for several things, including: Public sector investment for infrastructure. projects for welfare and development. Defense budget.
This essay is all about taxes. The information below is affirmative and comes with a deep and thorough understanding of the topic. which among the types of. Skip to document. University; ... Which among the types of taxes (national or local) do you think can be reduced, removed, or revised to the benefit of both the government and the common ...
Writing 101: The 8 Common Types of Essays. Whether you're a first-time high school essay writer or a professional writer about to tackle another research paper, you'll need to understand the fundamentals of essay writing before you put pen to paper and write your first sentence.
Direct Taxes. A direct tax can be defined as a tax that is paid directly by an individual or organization to the imposing entity (generally government). A direct tax cannot be shifted to another individual or entity. The individual or organization upon which the tax is levied is responsible for the fulfilment of the tax payment.
We will go through these essay types here. Persuasive Essay. A persuasive essay is another type of academic essay. In this essay type, the writer utilizes logic and reasoning to show one's idea is more convincing than another idea. In writing a persuasive essay, the main aim is to persuade the reader to accept a certain point of view.