The,Federal,Income,Tax,System, finance, share, loan Is The Federal Income Tax System Fair
Date:2020-12-25 The,Federal,Income,Tax,System, finance
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If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
The federal income tax system was set up to fund our government. None of us enjoys having to pay the government any of our hard earned money, however if we are 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 whether the tax system we use is actually a fair system? Let's take a look at how the system is set up.
Originally when the constitution was written the founding father had stipulated that any income tax must be based and equally divided among the each state's population. However this pitted the bigger states and smaller states against each other and none of them could settle on what was a fair amount. So the congress amended the constitution so that they could eliminate the state's population when figuring the way to get taxes from individuals.
Now you have a modern day tax code that requires a mathematical degree to even be able to figure your taxes correctly. The congress has made the tax laws so complex so the average person has to go to a tax preparer when filing their taxes each year. Currently the tax in our country works this way. You work and the government takes your "fair" share of taxes directly from your paycheck so you never even see the money. This was actually a brilliant move by the government because if you don't ever have the money then you don't miss it.
Before it was taken directly out of your pay check you were required to write the government a check at the end of the year. When you actually have the money you miss it when you write the check and this kept the politician's spending in check because the complaints were heard loudly when the checks were written. Now we have a tiered income tax system that says the more you make the more you are going to pay in taxes.
The "working poor" in our country do not pay any federal income taxes. At the end of the year if you fall into that class you get every dime you paid in back in the form of a refund check for the IRS. If you are considered middle class then you are going to pay 15% to 35% on your income after you have taken out your allowed deductions. These deductions are for yourself, your spouse, and your children. You may also be able to itemize lowering the income level you pay taxes on.
Statistics show 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 their own personal income or if you are the owner of an S corporation (small business) that makes a large profit. So whether our federal income tax system is fair or not will be debated for years to come and since our country needs money to run, it will never be eliminated.
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