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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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NY Budget: How Your Income Taxes May Change Under Cuomoaposs Plan Rochester ...
Rochester Democrat and Chronicle NY budget: How your income taxes may change under Cuomo39s plan Rochester Democrat and Chronicle ALBANY Gov. Andrew Cuomo39s budget plan Tuesday calls for potentially shifting away from employees paying income taxes as a way to address the federal tax policy that caps state and local deductions. Cuomo said the state is considering either moving Cuomo Seeks New York Tax Revisions to Thwart Federal Changes Bloomberg Cuomo proposes state tax overhaul to counteract federal reformsNew York Post Cuomo touts payroll tax plan, but questions arise in LegislatureNewsday CNYcentral.com Rochester City Newspaper Wall Street Journal all 204 news articles raquo

Prepare To Efile: Tax Season Begins Jan. 29 Niagara Gazette
Niagara Gazette Prepare to E file: Tax season begins Jan. 29 Niagara Gazette To prevent any unexpected charges for filing the state return, taxpayers should only access free options directly from the Tax Department39s website at http://www.tax.ny.gov/. 3. Use direct deposit. Receive your refund up to a week faster by having it Trump Administration Signs 2017 Tax ActLexology Tax reform is a promise kept to Iowa familiesDickinson County News How To Save Lots Of Money From The Recent Tax ReformValueWalk all 67 news articles raquo

What Will Nearly Doubling The Standard Federal Income Tax Deduction Charles...
Charleston Post Courier What will nearly doubling the standard federal income tax deduction Charleston Post Courier The impact of the massive federal tax overhaul will be playing out this year, and for years to come, and there39s still much to learn about the intended and unintended. and more raquo

The Rich Pay Almost All Federal Income Tax The Citizen.com
The rich pay almost all federal income tax The Citizen.com How many times have I heard said, The rich need to pay their fair share But they already pay almost all of the federal income taxes while the poor receive government checks. A quick check with the Congressional Budget Office reveals that the top 20 and more raquo

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Facts of Law about the federal income tax

Facts of Law - Federal Income Tax