Income tax in the United States

The Congress passed the Sixteenth Amendment to impose a Federal income tax. Income tax gives the opportunity for the federal government to build bridges and roads, army, and also enforce laws and carry out other essential duties. The reason for the Sixteenth Amendment because after the Civil War, the industrial and financial markets increased of the eastern United States. Although the farmers of the west and south suffered from low prices for their farm products, due to the fact they were obligated to pay expensive prices for manufactured goods. “The Amendment provides that taxes on incomes should be apportioned among the states on the basis of population, as would be required for direct taxes. An apportioned income tax would be an absurdity,…

Income Gap Inequality: A Dividing Problem - Literature Review Introduction Income inequality is a pressing issue for many economists, researchers, and politicians. The gap between the top 1% and the other 99% of Americans has increased for the past three decades (DeSilver; Cobb; Milanovic; Hatch, Ribgy; Jacobs, Dirlam; Cooper, Palumbo, Lutz). Income inequality is defined as the uneven distribution of income in the population, and the gap between the wealthy and everyone else (Priester,…

statements that has aroused the American people with its ability to grant the government to control your financial state and also disable you to do certain things when they need money to use for no good reason. Do you want your money in someone else 's hands? Or do you want your own money to be able to control? The money that is given to the government through taxes is supposed to be used to support foreign affairs and have the federal government assemble a decent society to be…

(IRS) in 1862. President Lincoln and Congress created the Internal Revenue Service (IRS) because they wanted to create a source of revenue from income taxes to pay for the war expenses from the Civil War. Ten years later, the income tax law was revoked, but was eventually revived by congress in 1894. The next year, “the Supreme Court ruled that the income tax was unconstitutional. In 1913, the 16th Amendment was ratified, meaning that Congress had the authority to enact income taxes”…

Additionally, America has one of the biggest gaps between the poor and the rich of any nation in the developed world. According to Allianz’s Global Wealth Report comparing 55 different countries America ranks the highest in wealth inequality in 2015. The study which compared countries using the Gini coefficient for wealth inequality, which is a measure of a nation’s wealth inequality where a low score of zero represents perfect equality and a score of 100 equals complete inequality, found that…

the organization fulfills its mission with knowledge of applicable federal, state, and local laws and statutes (Legal Duties of the Nonprofit Board). As I mentioned above, a not-for-profit organization does not have an intention of profit, so there are not many regulations for not-for-profit organizations, even though the United States has a long history of the not-for-profit organization. Not-for-profit organizations may want to have charitable status. Under section 501(c)(3) of the Internal…

distributed to the hungers (“Ways to Give.”). With just a dollar, Feeding America manages to turn that into 11 meals. Also, according to the article “Why Feeding America?”, it states, “98 % of all donations raised go directly into programs and services for people in need” (“Why Feeding America?”). This means only two percents of all the fund go to advertisements like television commercials, radio,... and member fees. For example, if a person donates a dollar, ninety-eight cents would go to the…

Retirement Analysis Article 1 The issue of income tax planning has long been a problem for many Americans and more so for retirees. After working for a major part of their lives, prospective retirees would like to ensure that they get the most out of every dollar they saved for their retirement. In her article “Retirement Relocation: State Taxes Matter More Than You Might Think” Rebecca Barsch observes that states with minimal or no income taxes are proving to be popular destinations for many…

TCO D: Barney and his 16-year-old son BamBam are riding in Fred's car. Fred had taken some prescription medication that morning that stated on the bottle, "Warning, may cause drowsiness." The truck in front of them suffers a blow-out, and swerves uncontrollably. The tire remnants fly into the road, Fred swerves and hits a car to his left. He avoids hitting the truck with the blow-out but suffers damage to the left side of his car. BamBam hits his head on the side of the car, getting a…

In the NFL, an individual incentive may include “statistical accomplishments, e.g. touchdowns scored, touchdowns caught, physical conditioning benchmarks including weight limits, and rankings compared to other position players” (Mondello and Moxcy, pg.6). Professional athletes have multiple opportunities to earn more income for themselves. If they play up to their highest potential, athletes can get compensated for. A team incentive may include “winning games, conference championships, or the…