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The top income tax rate throughout the 1950s was in 91-92% for the entire decade and then some. The top tax rate now is 39.6% however the percentage of the GDP for tax revenue is higher than it has been ever with the exception of during WWII. Even though the top rate is low compared to the past, the amount of taxes overall is higher than it has ever been except for the few years when a World War was in full bloom. World Wars are very expensive. Remember, not that many pay the top tax rates.
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When was federal income tax first collected?
The first Federal Income tax was collected in 1862. It was to help pay the cost of the United States Civil War.
How much federal income tax was collected in 2006?
2 trillion
What is the income tax rate average in America?
There is no average income tax rate in America; income tax rates are determined by how much you earn. For example, if your taxable income is below $8500, then you will only need to pay 10%, while if you earn above $38000, then you will need to pay 35%.
What part of Constitution created the income tax?
Income tax is not in the constitution.
How is the federal income tax a progressive tax?
The Federal income tax is a progressive tax because the more a person makes in revenue, the more tax they will have to pay. The tax level or percentage is higher for those with a higher income, too.
How much does it cost to get an income tax return online?
I have seen several websites that allow you to file your tax returns online for free or at a very low cost. You can also hire someone to file your income tax return for you. If you hire someone, it can cost you anywhere from $50 - $100.
How much will a reputable income tax lawyer cost me?
I think around $50 for an average return
How much does it cost to use Turbo Tax?
The price of turbo tax can range from free to $99.99 for the federal and state income tax CD/ download option.
How do you treat property tax on the land which has generated no income in tax return?
I need to know how much does it cost when you finance /purchase land on taxes
How much do income tax lawyers cost?
Tax attorney fee's can be anywhere from $1000 to $3500. Most do except partial payments though.
Is state income tax is period cost or product cost?
period cost
What income tax do you pay on 9600?
How much federal income tax is paid on $9600.00
What is the cost of living in Dallas vs Los Angeles?
much much cheaper, plus they don't have income tax. big bang for the buck
How much income tax owed on 23000 with 0 dependents?
how much income tax do i owe on $23,000 with 0 dependants
What created the income on tax?
Your question is backwards. There is no income on tax. However, there is a tax on income. This is known as income tax. Income tax is a system created by the government that takes a percentage of your income out of your check based on how much money you earn. Generally speaking, the higher your income, the higher the percentage of it the government takes.
How much tax do you pay on rental income?
First, you offset as much of the rental income as you can with deductions for interest, depreciation, utilities, etc. Whatever net income remains, you pay tax on as ordinary income (depending on your tax bracket).
Is there a tax deduction for the cost of your domestic partner's health premiums?
No. In fact, your employer is likely to report this cost as "imputed income" which means you will have to pay tax on this amount. No tax is owed if your domestic partner is also you dependent for purposes of federal income tax.
