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The FICA tax was increased in order to pay for this expense. In December 2010, as part of the legislation that extended the Bush tax cuts (called the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010), the government negotiated a temporary, one-year reduction in the FICA payroll tax. In February 2012, the tax cut ...
Marginal tax rates and income brackets for 2010 Marginal tax rate [19] Single taxable income Married filing jointly or qualified widow(er) taxable income Married filing separately taxable income Head of household taxable income 10% $0 – $8,375: $0 – $16,750: $0 – $8,375: $0 – $11,950 15% $8,376 – $34,000: $16,751 – $68,000: $8,376 ...
One of the first recorded taxes on income was the Saladin tithe introduced by Henry II in 1188 to raise money for the Third Crusade. [3] The tithe demanded that each layperson in England and Wales be taxed one tenth of their personal income and moveable property. [4] In 1641, Portugal introduced a personal income tax called the décima. [5]
A poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. It is an example of the concept of fixed tax. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11–16) was a form of the poll tax. Poll taxes are administratively cheap because ...
Poll taxes are regressive, meaning the higher someone's income is, the lower the tax is as a proportion of income: for example, a $100 tax on an income of $10,000 is a 1% tax rate, while $100 tax on a $500 income is 20%. Its acceptance or "neutrality" depends on the balance between the tax demanded and the resources of the population.
Donors of gifts in excess of the annual exclusion must file gift tax returns on IRS Form 709 [100] and pay the tax. Executors of estates with a gross value in excess of the unified credit must file an estate tax return on IRS Form 706 [101] and pay the tax from the estate. Returns are required if the gifts or gross estate exceed the exclusions.
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In 1980, in-kind benefits and employer and government spending on health insurance accounted for just 6% of the after-tax incomes of households in the middle one-fifth of the distribution. By 2010 these in-kind income sources represented 17% of middle class households' after-tax income. Post-tax income items are increasing faster than pre-tax ...