Taxation in the United States

Real estate and personal property holders have the several rights in common because they both can control and manage their assets, they can use it or discard it. Both owners can sell or give it away as gifts. They can withdraw or discard it as well. Although, a real property owner could be more complicated in several ways than a personal property. Real estate might be a heritage with different successors with a life estate. Whereas, private property is different because a realty has two…

Prolonged Regulatory Uncertainty There are potential ramifications for ‘prolonged regulatory uncertainty’ that often starts weighing on the project itself. For instance, in United States, issuers of ICOs are ill benefitted as close to 40% (effective tax rate) raised through ICOs go to the govt.’s coffers, which wouldn’t have happened in the case of PE-VC investments or an IPO stake sale. This is because regulators are not certain on considering tokens as securities, and thereby consider the…

Married taxpayers often file a joint tax return than filing separately since joint filing provides several benefits including tax savings. This is true especially if one spouse earns more income than the other spouse. But when a tax return is jointly filed, both individuals are equally responsible for the payment of taxes. If one of you underpays your taxes, the IRS can come after both spouses to collect the entire tax dues. Under joint and several liability rules, joint tax return filers remain…

prior years). The Trump campaign’s response said nothing about whether the candidate has ever paid income taxes. It only claimed that he “paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes.” Leaked excerpts of Trump’s 1995 tax returns showed huge losses that the real estate mogul could have used to offset other income and zero out his income tax liability for many years. Presumably,…

Column A. This column is the monthly premium amount for the policy in which Jeff enrolled. Column B. This column is the monthly premium amount for the Second Lowest Cost Silver Plan (SLCSP) that the Marketplace has determined applies to members of Jeff’s family enrolled in the coverage. The premium for the applicable SLCSP is used to compute his monthly advance credit payments and the premium tax credit Jeff claims on his return. Note that in order to calculate his subsidy amount correctly,…

• Is federal income tax a direct or indirect tax? Explain your response. Federal income tax is a direct tax. This is because it is paid straight to the government. • What are the main differences between the flat, regressive, and progressive tax plans? Flat tax is a set or fixed rate. The tax percentage stays the same no matter the income or price of the product. In regressive the tax rate decreases as the price of the product increases. In this if you have less of an income you have a higher…

All Americans should not be entitled to healthcare because it could be harmful to our nation’s future. If everyone was entitled to healthcare, it will increase debt more than it already has, cause socialism, raise taxes, have doctor shortage, and over usage/ abuse of health care. If everyone was given the right to health care, it would increase debt. We are already in debt. Obamacare already caused us to go into debt, the increase of federal deficit could be a larger cost than Obama care…

Are you one of those people that every once a year you have the obligation to do taxes? Whether you like it or not this is a duty that must be accomplished in order to not get into a dilemma with the government. In order to do your taxes you must know the history and how they came to be. If not, you are just doing paperwork for the government without knowing what you're getting yourself into. It all dates back to the summer of 1861, we are in the verge of the commencement of the Civil War. The…

Oprah’s audience would be subject to federal taxation. According to treasury regulations, it states that: “Section 74(a) requires the inclusion in gross income of all amounts received as prizes and awards, unless such prizes or awards qualify as an exclusion from gross income under subsection (b), or unless such prize or award is a scholarship or fellowship grant excluded from gross income by section 117 (Reg § 1.74-1(a)(1)).” The regulation clearly states that all amounts received as a prize or…

constitutional amendment that is designed to increase the tax percentage on individuals residing in the state that have a yearly income of one million dollars and above. The tax proposal is heavily surrounded by the use of numbers as it would raise the current percentage four points from 5.15% to 9.15%. Currently in the state as of 2014, data has indicated that approximately 15,000 people resided in the state with annual earnings of one million dollars or above, which is a 22% increase from…