A history of Taxation in the United States including the recent IRC revision? Taxation in the...

A history of Taxation in the United States including the recent IRC revision?

Taxation in the European Union?

Solutions

Expert Solution

History of Taxation in the United States

a) history of taxation in the United States begins with the colonial protest against British taxation policy in the 1760s.

b) resulting in American Revolution.

c) During this period there were saparate tax act for the specifice goods.

d) State and federal inheritance taxes began after 1900, but started collecting tax after 1930s.

e) and from then till now 16th amendment has been passed.

Recent IRC revision

1. Standard Deduction -

Those who are married and filing jointly will have an increased standard deduction of $24,000 from the $13,000. Single taxpayers and those who are married and file separately now have a $12,000 standard deduction earlier the same was $6,500.

2. Personal exemption - The personal exemption has been removed in the revised IRC.

3. Top income tax rate - A new 37% top rate will affect individuals with incomes of $500,000 and higher. The top rate kicks in for married taxpayers who file jointly at $600,000 and up.

ekkarill92 answered 1 year ago

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