Press "Enter" to skip to content

Will be the Federal Income Tax System Fair?

The government income tax system was created fund our government. None of us enjoys spending the federal government any of our money, however if we’re going to protect our country and pay out all the entitlement programs created by our government then we have to. However have you ever considered if the tax system we use is really a fair system? Let us take a look at the way the product is setup.

Originally once the constitution was written the founding father had stipulated that any taxes must be based and equally divided one of the each state’s population. However this pitted the bigger states and smaller states against each other and do not require could decide on the thing that was a fair amount. Therefore the congress amended the constitution so that they could get rid of the state’s population when figuring the best way taxes from individuals.

Now you must a modern tax code that requires a mathematical degree to even be in a position to figure your taxes correctly. The congress has made the tax laws so complex and so the person with average skills needs to search for a tax preparer when filing their taxes annually. Typically the Fatca Banks singapore in our country works by doing this. You work and the government takes your “fair” share of taxes directly from your paycheck which means you never even see the money. It was really a brilliant move from the government if create have the cash then you don’t miss it.

Before it was taken directly from your pay check you were necessary to write the government an inspection after the year. Once you actually have the money you miss it once you write the check and also this kept the politician’s spending under control since the complaints were heard loudly once the checks were written. Now we have a tiered taxes system which says the harder you’re making the more you are likely to pay in taxes.

The “working poor” inside our country don’t pay any federal income taxes. After the entire year should you fall into that class you obtain every dime you paid at the spine as your money back search for the government. If you’re considered middle class then you’re going to pay 15% to 35% in your income once you have applied for your allowed deductions. These deductions are for yourself, your partner, as well as your children. You may also be able to itemize reducing the income level you spend taxes on.

Statistics demonstrate that 75% of the country’s revenue from income taxes comes from only 1% of the population. This percentage of the population makes over $200,000 per year either through the income or if you would be the owner of an S corporation (small business) which makes a big profit. So whether our federal taxes system is fair or otherwise will be debated for a long time and since our country needs money to perform, it’s going to never be eliminated.
For more information about American Tax singapore see our web page

Be First to Comment

Leave a Reply