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Facts - Books - News    U.S. Facts Of Law:

Federal Income Tax

Federal income tax accounts for the majority of the income collected by the federal government.  It is collected both from individuals, corporations and some other entities.  The federal income tax system is a progressive system of higher tax rates on higher income earners.

Income taxes are collected by employers through out the year through a mandated payroll withholding system.  The withheld taxes are deposited with the Internal Revenue Service (IRS) under the employee's name.  When the employee files his federal income tax return he is credited for the amount of taxes collected by his employer.  If the taxes collected were less than owed, the employee sends in the difference with his income tax return.  If he over paid, the government will issue a refund to the employee.  The IRS does not pay interest to the employee on the money it holds for him.

Over the years, Congress has fiddled with the tax code to provide incentives to make certain investments or for corporations to develop certain products.  Examples include the income deduction for interest paid on a mortgage and the income deferral on money placed in an approved retirement plan.

Congress has also made the federal income tax a progressive tax.  As an income earner's taxable income increases, so does the rate at which it is taxed.  Believing the wealthy should bear the burden of paying most of the taxes, Congress has skewed the tax code against them.  The IRS reports that the 2005 tax data shows:

Income Earners Pays This Percentage of All Personal Income Taxes
Top 1% 38.8%
Top 20% 86.3%
Top 40% 99.4%
Bottom 60% - 00.6%

It is obvious from this data that those making over $60,000 per year (approximately the top 40%) pay nearly the entire income tax burden.


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Excounty Commissioner Sentenced For Under Reporting Federal Income Taxes Chr...
Ex county commissioner sentenced for under reporting federal income taxes A former county commissioner was sentenced to federal prison in Del Rio on Thursday for underreporting his total income to the Internal Revenue Services, according to a press release from the Western District of Texas39 U.S. Attorney39s Office. Former

Report: Impact Of 2018 Utah Income Tax Cut KUTV 2News
KUTV 2News Report: Impact of 2018 Utah income tax cut KUTV 2News quotCutting income taxes is not a silver bullet,quot the report states. While income tax rates do matter, an array of other factors exist. Utah will receive a quotwindfallquot in income tax revenues, the report states. This is a result of the 2017 federal tax The 2018 Utah income tax cut: What are the impactsUtah Policy H.R.1 115th Congress 2017 2018: An Act to provide for reconciliation pursuant to titles II and V of the Expect to see these tax changes to your take home pay this monthCNBC GOBankingRates all 35 news articles raquo

Tax Foundation: Top 10 Paid 71 Of Federal Income Taxes, Bottom 50 Paid 2.8 C... Tax Foundation: Top 10 Paid 71 of Federal Income Taxes, Bottom 50 Paid 2.8 According to the new Facts amp Figures report from the Tax Foundation, Americans in the top 10 of income earners paid 70.6 of federal income taxes and people in the bottom 50 of income earners paid 2.8 of federal income taxes. This was for calendar

Local Tax Business Accused Of Filing Fraudulent Returns In Federal Suit Indi...
Local tax business accused of filing fraudulent returns in federal suit Indianapolis Business Journal The U.S. Department of Justice is accusing a tax preparation business with two locations in Indianapolis of reporting false information on federal income tax returns. The DOJ said Thursday that it is seeking to shut down G amp A Tax Service LLC, which is

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Facts of Law about the federal income tax

Facts of Law - Federal Income Tax