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Should the rich have to pay a greater portion of their income in taxes than the poor why or why not?
The rich do in fact pay a higher percentage of their income in income tax, because we have a progressive income tax based on six different tax brackets, where the higher your income is the higher a percentage tax bracket you will be in.
Depends on which country you're in. In the US, this is not the case.
What else can I help you with?
Should the rich have to pay a greater portion of their income in taxes than the poor?
Yes, provided the money is used for the greater good like medical research. You only need so much money to live or even pursue hobbies; anything after that is just unnecessary vanity and greed.
Why might wealthy oppose income taxes and poor people oppose sale taxes?
Income taxes are usually progressive, so would effect the wealthy the most, while sales taxes would have a greater effect on the poor.
Why are regressive taxes considered heaviest on low income taxpayers?
Regressive taxes, such as sales taxes or flat taxes, take a larger percentage of income from low-income taxpayers compared to high-income earners. This is because low-income individuals spend a higher proportion of their earnings on necessities, making these taxes a more significant financial burden for them. As income decreases, the relative impact of these taxes increases, leading to greater economic strain on lower-income households. Consequently, regressive taxes exacerbate income inequality and limit financial mobility.
What are four sources of government revenue?
Federal revenues come from a variety of sources that include payroll taxes and individual income taxes. Other sources of federal revenues are corporate income taxes and excise taxes.
In what ways are progressive taxes and regressive taxes similar in terms of their impact on different income levels?
Progressive taxes and regressive taxes both impact different income levels by taxing individuals based on their income. However, progressive taxes impose higher tax rates on higher income levels, while regressive taxes impose higher tax rates on lower income levels.
Paying Taxes on Disability Insurance?
In most cases, people who receive benefits from disability insurance will not be required to owe any taxes on that money. However, there are some cases when people with certain income levels will be required to pay taxes on disability insurance income. If a person has disability income and earns a salary that is greater than $25,000 and less than $34,000, then he or she will have to pay taxes on 85% of all disability income received in the past year. If a person earns more than $34,000, then he or she will have to pay taxes on a greater portion of the disability income.
Should the rich have to pay a greater portion of their income in taxes than the poor?
Yes, provided the money is used for the greater good like medical research. You only need so much money to live or even pursue hobbies; anything after that is just unnecessary vanity and greed.
The government should eliminate state income taxes.?
The government should eliminate state income taxes.
Should I include work study in my taxes?
Yes, you should include work study income in your taxes as it is considered taxable income by the IRS.
What is it when a portion of a person's personal income is paid to the government?
If your employer pays part of your personal income directly to the government, that is called withholding taxes.
Why might wealthy oppose income taxes and poor people oppose sale taxes?
Income taxes are usually progressive, so would effect the wealthy the most, while sales taxes would have a greater effect on the poor.
Will I be able to deduct a portion of my local property taxes from my NY state income tax?
No. However, you can deduct property taxes from your federal tax liability.
What does federal withholding mean?
When you earn income from an employer, the employer automatically withholds a portion of your salary for federal income taxes, which they remit to the government on your behalf.
Do I have to pay taxes on my retirement?
Yes, you have to pay taxes on your retirement at a rate determined by your retirement income, which should be much lower than your working income. Yes, you have to pay taxes on your retirement at a rate determined by your retirement income, which should be much lower than your working income.
Do contract employees serving in a war zone have to pay Federal income taxes?
It depends on your length of stay. If you are out of the country more than 331 (I believe) days, a certain portion of the income is exempt. Any income after that you owe taxes on. Ask your tax preparer.
What taxes are higher corporate or income taxes?
income taxes
Why might wealthy people oppose income taxes and poor people opposed sale tax?
Income taxes are usually progressive, so would effect the wealthy the most, while sales taxes would have a greater effect on the poor.
