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


Free Tax Law Facts

Learn About Tax Law And
How It Applies To You

Our free tax law facts section covers basic taxation facts with regards to the different levels of government that may levy taxes.  Taxing authority is available to municipalities, counties, regional service entities such as school districts, State governments and the federal government.

The federal government levies many taxes including income tax, estate tax, import duty, excise taxes and a myriad of other special taxes and fees.  Income tax on individuals, corporations and other entities is the primary source of revenue for the U.S. Government.

States and local governments, on the other hand, collect most of their taxes from a combination of real property tax, personal property tax, sales tax and income tax.  In some places, residents may pay income taxes to federal, state and city governments.

Concurrent with income taxes, the federal government also collects FICA or social security taxes and Medicare taxes.  These taxes fund two of the ever growing entitlement programs created by the U.S. Congress.  The social security system technically is not an entitlement program since the original intent was a for a forced retirement savings plan a worker would fund over his or her lifetime.  Unfortunately, unscrupulous Congresses over the years spent the money workers saved and today social security payments for retired workers are funded by the payments of those still working in a never ending Congressional ponzi scheme.

 

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VMT Tax Criticism Includes Double Taxation And Privacy Concerns Illinois Ne...
Illinois News Network VMT tax criticism includes double taxation and privacy concerns Illinois News Network Possible double taxation and concerns about privacy are among the biggest criticisms against implementing a vehicle miles traveled, or VMT, tax. In 2016, Illinois Senate President John Cullerton floated the idea of a VMT, but after immense public and more raquo

New Tax Reform Brings Changes To Taxation Of Settlements The National Law Re...
New Tax Reform Brings Changes to Taxation of Settlements The National Law Review The new tax law has created a major change in taxation of settlements with the government, governmental entities, and nongovernmental entities that i exercise self regulatory powers including imposing sanctions in connection with a qualified board

Department Of Taxation Approves Permanent Recreational Pot Regulations KTVN
KTVN Department of Taxation Approves Permanent Recreational Pot Regulations KTVN Permanent regulations are one step closer for Nevada39s marijuana industry, after the Nevada Tax Commission approved the guidelines. quotI think it39s the end of about a year39s worth of work,quot Deonne Contine, Executive Director of the Nevada Department of Nevada marijuana growers fear going out of businessReno Gazette Journal all 11 news articles raquo

American Expats Are Left High And Dry By Trumpaposs Tax Reform NBCNews.com
NBCNews.com American expats are left high and dry by Trump39s tax reform NBCNews.com In addition to the much needed reduction in the corporate tax rate, the bill also ends the double taxation of U.S. company profits earned and already taxed overseas. This move to a territorial tax system for corporations ends a system of double

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Facts of Law about taxes

Facts of Law - Taxes