It is the opposite of progressive tax since it takes a larger percentage from the low-income people rather than the high-income people. In terms of equity, progressive taxes is not meant to discipline or hurt the high-income people who have succeeded but it is trying to help and protect the people who have not succeeded by taking a lower tax rate from them and allowing them to keep more money for their basic necessities. It may make households want to work harder and produce more so they could still have a an appropriate amount of money.
Capital gains tax Most jurisdictions imposing an income tax treat capital gains as part of income subject to tax.
Capital gain is generally a gain on sale of capital assets—that is, those assets not held for sale in the ordinary course of business. Capital assets include personal assets in many jurisdictions.
Some jurisdictions provide preferential rates of tax or only partial taxation for capital gains.
Some jurisdictions impose different rates or levels of capital-gains taxation based on the length of time the asset was held. Because tax rates are often much lower for capital gains than for ordinary income, there is widespread controversy and dispute about the proper definition of capital.
Some tax scholars have argued that differences in the ways different kinds of capital and investment are taxed contribute to economic distortions.
Corporate tax Corporate tax refers to income tax, capital tax, net-worth tax or other taxes imposed on corporations. Rates of tax and the taxable base for corporations may differ from those for individuals or for other taxable persons. Social-security contributions[ edit ] Many countries provide publicly funded retirement or health-care systems.
Tax rates are generally fixed, but a different rate may be imposed on employers than on employees. A few systems provide that the tax is payable only on wages above a particular amount.
Such upper or lower limits may apply for retirement but not for health-care components of the tax.
Payroll tax Unemployment and similar taxes are often imposed on employers based on total payroll. These taxes may be imposed in both the country and sub-country levels. In addition, recurrent taxes may be imposed on the net wealth of individuals or corporations.
Some jurisdictions impose taxes on financial or capital transactions. Property tax and Land value tax A property tax or millage tax is an ad valorem tax levy on the value of property that the owner of the property is required to pay to a government in which the property is situated.
Multiple jurisdictions may tax the same property. There are three general varieties of property: Real estate or realty is the combination of land and improvements to land.
Property taxes are usually charged on a recurrent basis e. A common type of property tax is an annual charge on the ownership of real estatewhere the tax base is the estimated value of the property. For a period of over years from the government of England levied a window taxwith the result that one can still see listed buildings with windows bricked up in order to save their owners money.
A similar tax on hearths existed in France and elsewhere, with similar results. The two most common types of event-driven property taxes are stamp dutycharged upon change of ownership, and inheritance taxwhich many countries impose on the estates of the deceased. In contrast with a tax on real estate land and buildingsa land-value tax or LVT is levied only on the unimproved value of the land "land" in this instance may mean either the economic term, i.
Proponents of land-value tax argue that it is economically justified, as it will not deter production, distort market mechanisms or otherwise create deadweight losses the way other taxes do. In many jurisdictions including many American statesthere is a general tax levied periodically on residents who own personal property personalty within the jurisdiction.
Vehicle and boat registration fees are subsets of this kind of tax. The tax is often designed with blanket coverage and large exceptions for things like food and clothing. Household goods are often exempt when kept or used within the household. Inheritance tax Inheritance tax, estate tax, and death tax or duty are the names given to various taxes which arise on the death of an individual.
In United States tax lawthere is a distinction between an estate tax and an inheritance tax: However, this distinction does not apply in other jurisdictions; for example, if using this terminology UK inheritance tax would be an estate tax.
Expatriation tax An expatriation tax is a tax on individuals who renounce their citizenship or residence. The tax is often imposed based on a deemed disposition of all the individual's property.
Transfer tax Historically, in many countries, a contract needs to have a stamp affixed to make it valid. The charge for the stamp is either a fixed amount or a percentage of the value of the transaction. In most countries, the stamp has been abolished but stamp duty remains.
Stamp duty is levied in the UK on the purchase of shares and securities, the issue of bearer instruments, and certain partnership transactions.
Its modern derivatives, stamp duty reserve tax and stamp duty land taxare respectively charged on transactions involving securities and land. Stamp duty has the effect of discouraging speculative purchases of assets by decreasing liquidity. In the United Statestransfer tax is often charged by the state or local government and in the case of real property transfers can be tied to the recording of the deed or other transfer documents.Introduction.
This publication explains how you can recover the cost of business or income-producing property through deductions for depreciation (for example, the special depreciation allowance and deductions under the Modified Accelerated Cost Recovery System (MACRS)). IMPORTANT LEGISLATIVE CHANGES IMPACTING JULY PRODUCTION.
GROSS PRODUCTION TAXES. HB XX – Effective June 28, Sections 7 and 8 amend the gross production incentive tax rate levied at two percent (2%). In economics, a negative income tax (NIT) is a welfare system within an income tax where people earning below a certain amount receive supplemental pay from the government instead of paying taxes to the government..
Such a system has been discussed by economists but never fully implemented. According to surveys however, the consensus view among economists is that the "government should. Property Search. Use the WinGIS Property Search to search for parcels in Winnebago, Boone and Stephenson Counties.
Search by parcel number (PIN) or parcel address to zoom to an aerial view of your property as well as view an array of property details. The Electronic Federal Tax Payment System® tax payment service is provided free by the U.S.
Department of the Treasury. After you've enrolled and received your credentials, you can pay any tax due to the Internal Revenue Service (IRS) using this system.
Define tax system. tax system synonyms, tax system pronunciation, tax system translation, English dictionary definition of tax system. Noun 1. tax system - a legal system for assessing and collecting taxes legal system - a system for interpreting and enforcing the laws law, jurisprudence -.