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There are many parts to the tax code which, in theory, direct the ways that money is spent on the earner's side and as tax income on the government's side. For instance, when the government collects gas taxes, portions of monies collected go to building roads and are passed through to the state governments. Those of us who own homes enjoy the mortgage interest exemption, which encourages home ownership. Many tax decisions are not that clear cut since exemptions and percentages of tax are attached to bills as a one off to support an industry or other entity that the congress deems worthy. Lots of lobbying by these groups--pharma companies, oil companies, banking, health insurance--leads to influence in how the tax bill is written and enforced. Over time, these add-ons have caused a haystack of tax rules and circumstances that would be hard to unwind.
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Is Congress likely to extend the current exemptions on inheritance tax before they expire?
Congress didnt extend the current exemptions on inheritance tax. The exemptions are only temporary though and tax is likely to be reinstated fully within a year. More than likely Congress will extend the exemptions on the inheritance tax. When they are close to expiring they will be brough up for a vote.
Congress can tax us to provide?
Common Defense and Welfare
Where can I get property tax information regarding homestead exemptions in Texas?
You can find information the exemptions at www.window.state.tx
Why the congress has the power to collect tax?
Congress has the power to collect taxes because it is written in the Constitution under Article 1. Congress has the power to tax in order to provide for everyone within the United States.
Grants or special tax exemptions provided to businesses are called?
Income tax
How are estate tax exemptions applied?
When you click on the link that has been provided for you below this answer you will go straight to a page which has all the information you are looking for regarding tax exemptions
How many tax exemptions can you claim?
You are only supposed to claim the number of qualifying exemptions that you are qualified to claim.
What two purposes may congress tax?
to pay debts, and to provide for common defence.
What are taxes exemption design to do?
Tax exemptions are designed to give individuals and businesses a break so they can have some of their money left to contribute to the economy. There are a wide variety of tax exemptions.
Will you get your tax refund if you file for bankruptcy?
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.
How does the Constitution provide people with a voice in the tax law?
The Constitution gives the Congress the taxing and spending power. The people are the ones that votes for members of Congress, hence they have a voice in tax laws via selecting members of Congress who represent their views.
What is the tax in Massachusetts?
As of 2012 it is 6.25 percent, but there are numerous exemptions.
