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Taxes

My Budget Won’t Be Balanced; ‘Taxes Will Go Up’

1 min read

(CNSNews.com) - Democratic presidential hopeful Bernie Sanders says, if elected his first budget would not be balanced and “taxes will go up.” …

State Corporation Income and Franchise Taxes

1 min read

Forty-five states impose a direct tax on corporations, measured at least partially by net income. Michigan, Nevada, South Dakota, Washington. …

Federal Corporation Taxes

1 min read

Most large corporations are classified as C corporations and are required to file a federal corporate income tax return with the IRS every year.If the corporation qualifies…

Federal Estate and Gift Taxes

2 mins read

A Federal Estate Tax Return must generally be filed for the estate of every U.S. citizen or resident whose gross estate, taxable gifts, and specific exemptions exceed $2,000,000 in 2006…

Federal Individual Income Tax

1 min read

The federal individual income tax is levied on the worldwide income of U.S. citizens and resident aliens and on certain types of U.S. source income of nonresidents. For a nonitemizer, “tax table income” is adjusted gross income less $3,000 for each personal exemption and the standard deduction. If a taxpayer itemizes, tax table income is…

Internal Revenue Service

1 min read

The Internal Revenue Service (IRS), a bureau of the U.S. Treasury Department, is the federal agency charged with the administration of the tax laws passed by Congress.…

History of the Income Tax in the United States

3 mins read

The nation had few taxes in its early history. From 1791 to 1802, the United States government was supported by internal taxes on distilled spirits, carriages, refined sugar, tobacco and snuff, property sold at auction, corporate bonds, and slaves. The high cost of the War of 1812 brought about the nation's first sales taxes on…