Last edited on Wed Oct 29th, 2008 05:04 pm by Bambi

Last edited on Mon Oct 27th, 2008 11:10 pm by Bambi

Last edited on Mon Oct 27th, 2008 10:21 pm by Bambi

"To take from one, because it is thought his own industry and that of his father has acquired too much, in order to spare to others who (or whose fathers) have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, "to guarantee to everyone a free exercise of his industry and the fruits acquired by it."

Thomas Jefferson

If you're interested in the true history of our tax system, one need only go to the department of treasury.

Last edited on Mon Oct 27th, 2008 07:08 pm by Bambi

• End Tax Breaks for Companies That

Ship Jobs Overseas. Would reverse the

• New Tax Breaks for Companies That

Create Jobs in America. For companies

• Voted to retain tax breaks for

• Nearly $200 billion in tax cuts to

o $4bn for large oil companies

o $2bn for health insurance

• Eliminate Capital Gains for Small

Businesses. Obama would cut capital

Last edited on Sun Oct 26th, 2008 06:56 pm by Bambi

Last edited on Sun Oct 26th, 2008 05:36 pm by Bambi

Internal Revenue Code of 1986

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Taxation in the United States



This article is part of a series on
Taxation
                                                                                       
                                                                                       
Year 2008 income brackets and tax rates
Before deductions.


Marginal Tax Rate
Single
Married Filing Jointly or Qualified Widow(er)
Married Filing Separately
Head of Household

10%       Marginal Tax Rate
$0 – $8,025       Single
$0 – $16,050     Married, filing jointly       
$0 – $8,025       Married, filing separately
$0 – $11,450     Head of Household

15%      Marginal Tax Rate
$8,026 – $32,550         Single
$16,051 – $65,100       Married, filing jointly
$8,026 – $32,550         Married, filing separately
$11,451 – $43,650       Head of Household

25%       Marginal Tax rate 
$32,551 – $78,850        S.
$65,101 – $131,450      M
$32,551 – $65,725        M
$43,651 – $112,650      H

28%   Marginal tax rate
$78,851 – $164,550      S
$131,451 – $200,300    M
$65,726 – $100,150      M
$112,651 – $182,400    H 

33%   Marginal tax rate
$164,551 – $357,700    S
$200,301 – $357,700    M
$100,151 – $178,850    M
$182,401 – $357,700    H

35%    Marginal Tax Rate
$357,701+        S
$357,701+        M
$178,851+        M
$357,701+        H
The effective tax rates corresponding to the definitions above are shown in the accompanying graph.

 

Schedule X — Single





If taxable income is over--
But not over--
The tax is:

$0     If taxable income is over
$7,825   But not over
10% of the amount over $0 would be your tax.

$7,825  If taxable income is over
$31,850   But not over
$782.50 plus 15% of the amount over 7,825 will be your tax

$31,850
$77,100
$4,386.25 plus 25% of the amount over 31,850  will be your tax

$77,100
$160,850
$15,698.75 plus 28% of the amount over 77,100  will be your tax

$160,850
$349,700
$39,148.75 plus 33% of the amount over 160,850  will be your tax

$349,700
no limit
$101,469.25 plus 35% of the amount over 349,700  will be your tax.

Effective income tax rate in 2008 as function of taxable income. The two most common filing statuses are shown, single (black curve) and married filing jointly (red curve). The dashed green line represents the maximum tax rate. This graph should not be interpreted as bearing on the so-called marriage penalty.
Short-term capital gains are taxed as ordinary income rates as listed above. Long-term capital gains have lower rates corresponding to an individual’s marginal ordinary income tax rate, with special rates for a variety of capital goods.
   
Federal taxation

Authority · History
Internal Revenue Service
Court • Forms • Code • Revenue

Income tax · Payroll tax
Alternative Minimum Tax
Estate tax · Excise tax · Gift tax
Corporate tax · Capital gains tax

State & local taxation

State income tax · State tax levels
Sales tax · Use tax · Property tax



Federal tax reform[show]

Automated payment transaction tax
Competitive Tax Plan
Efficient Taxation of Income
Hall-Rabushka flat tax
Real Property Use Tax
Taxpayer Choice Act
USA Tax · Value Added Tax
FairTax · Flat tax



Tax protesting[show]

History
America: Freedom to Fascism
The Law that Never Was
Cheek v. United States

Notable tax protesters
Irwin Schiff
Richard Michael Simkanin
Robert Clarkson · Tom Cryer
Vivien Kellems
Wayne C. Bentson
Wesley Snipes


Tax protester arguments:
Constitutional · 16th Amendment
Statutory · Conspiracy



Taxation by country[show]

 

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Tax rates around the world
Tax revenue as % of GDP



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The Tax Reform Act of 1986 redesignated the Internal Revenue Code of 1954 as the Internal Revenue Code of 1986 and made numerous other amendments. The '86 Act, however, did not change the overall structure of the Code. See Internal Revenue Code.

edit] Internal Revenue Code of 1954
The 1954 Code was enacted by the United States Congress as Chapter 736, Pub.L. 83-591, and became law on August 16, 1954, succeeding the Internal Revenue Code of 1939. As enacted, the 1954 Code was published as Volume 68A of the United States Statutes at Large. The 1954 Code temporarily extended the Revenue Act of 1951's 5 percentage point increase in corporate tax rates through March 31, 1955, increased depreciation deductions by providing additional depreciation schedules, and created a 4 percent dividend tax credit for individuals.

References to the Internal Revenue Code in the United States Code and other statutes of Congress subsequent to 1954 generally mean Title 26 of the Code as amended. The basic structure of the Title 26 remained the same until the enactment of the comprehensive revision contained in Tax Reform Act of 1986, although of course individual provisions of the law were changed on a regular basis.

edit] Online versions of 1986 Code
An online version of the Internal Revenue Code of 1986 is maintained by the U.S. Government Printing Office at [1]. Another online version is maintained by the Legal Information Institute at Cornell University Law School, at [2].

edit] The 1954 Code and progressivity

20%

$2,000.01 - $4,000.00
22%

$4,000.01 - $6,000.00
26%

$6,000.01 - $8,000.00
30%

$8,000.01 - $10,000.00
34%

$10,000.01 - $12,000.00
38%

$12,000.01 - $14,000.00
43%

$14,000.01 - $16,000.00
47%

$16,000.01 - $18,000.00
50%

$18,000.01 - $20,000.00
53%

$20,000.01 - $22,000.00
56%

$22,000.01 - $26,000.00
59%

$26,000.01 - $32,000.00
62%

$32,000.01 - $38,000.00
65%

$38,000.01 - $44,000.00
69%

$44,000.01 - $50,000.00
72%

$50,000.01 - $60,000.00
75%

$60,000.01 - $70,000.00
78%

$70,000.01 - $80,000.00
81%

$80,000.01 - $90,000.00
84%

$90,000.01 - $100,000.00
87%

$100,000.01 - $150,000.00
89%

$150,000.01 - $ 200,000.00
90%

$200,000.01 or more
91%
Source: Internal Revenue Code of 1954, Pub.L. 83-591, 68A Stat. 5, enacted August 16, 1954 (modified from text of the statute).

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Internal
Revenue

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Last edited on Sun Oct 26th, 2008 06:35 pm by Bambi