A major tax used by the US federal government for raising revenue. To avoid its constitutionality being challenged in the courts, it was levied as an excise on the privilege of doing business as a corporation. Until 1941, it raised more revenue than...

A tax levied on the returns from investments or capital. Often such a tax is levied at a higher rate than taxes on employment...

A tax consists of a rate and a base. Because income is the base for the income tax, a central question is: What constitutes income? Different theoretical concepts of income exist in economics, accounting, and taxation. The base of income to which the...

An income tax is a tax levied on the financial income of persons, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the...

INCOME TAXES, most of Congress now believes, have become too complex, too time-consuming, too riddled with special favors and loopholes. The Republicans in Congress, and some of the Democrats as well, are talking about sweeping changes in the national tax system. Their ideas range...

In a recent survey, 14.8 percent of Americans admit to concealing income from the government. Of 647 males surveyed, 18.3 percent confessed to concealing income from the government, while 10.7 percent of the 559 female respondents said they did so. But the greatest contrast...

Millions of lower-income working people are missing out on substantial tax refunds, the head of the Internal Revenue Service said Thursday as he promoted a tax credit to help them.The earned income tax credit is "the largest means-tested benefit program in the country. It lifts...

Some important facts about filing your 2007 income tax return:__FILING DEADLINE: Tuesday, April 15, 2008.FILING EXTENSION: automatic six-month extension to Oct. 15, 2008, as long as Form 4868 is filed by the April deadline. But any tax owed must be paid by April 15.WHAT'S NEW:_Filing...