What is the purpose of income tax?

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Income tax is used by the government to create programs that sustain us as a people on a national level. Specifically, income tax is used mostly (53%) for social security, followed by defense/army, municipal, and enforement of law.

The exact breakdowns are in the US Budget, which is published yearly by the OMB and is available to any American upon request or via their Web site.
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Purpose of income taxes?

The primary purpose of income taxes is to raise money to pay for government operations. However, they have been used secondarily to encourage or discourage certain types of

What is the purpose of income taxes?

The most common use of income taxes is for social security. Other uses include military funding and law enforcement. Taxes are the government's way of funding programs to help

Do loans count as income for tax purposes?

No, only that money which you earn or interest from investments count as income and it is only income that is taxed, not money that you borrow.

What is the purpose of income tax deduction?

A deduction on your income tax return would reduce your taxable income on your 1040 income tax return and reduce your federal income tax liability. An income tax deduction amo

Can you claim parents as dependents for income tax purposes?

There are a set of rules in the tax instructions for determining whether or not someone qualifies as your dependent. They have to do mainly with whether they lived with you or