Income Tax

An income tax is a tax imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer. Details vary widely by jurisdiction. Many jurisdictions refer to income tax on business entities as companies tax or corporate tax. Partnerships generally are not taxed; rather, the partners are taxed on their share of partnership items. Tax may be imposed by both a country and subdivisions. Most jurisdictions exempt locally organized charitable organizations from tax.

Income tax generally is computed as the product of a tax rate times taxable income. Th

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Tax relief through deductions is very precarious. It is a way for the government to let you keep a little cash without conceding that it is your money. Tax deductions can be taken away. . . "An income tax deduction is a matter of legislative grace," the U.S. Supreme Court said in 1943. In other words, all income belongs to the state. If it allows you to use some of it for purposes it chooses, be grateful. But don't think it is yours as a matter of right. That is where the Sixteenth Amendment to ...more
Sheldon Richman, Your Money or Your Life: Why We Must Abolish the Income Tax

To appreciate how income taxation reduces prosperity form what it could be, imagine a 100 percent tax on incomes. We wouldn't expect much prosperity in such a society. People would have no incentive to earn money. They would devote resources to hiding the little they did earn. No investments would be made. No savings would exist to increase living standards. People's activities would be grossly influenced by the tax. If we lower the rate from 100 percent, the principle does not change. . . If y ...more
Sheldon Richman, Your Money or Your Life: Why We Must Abolish the Income Tax

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