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Essay / Research Paper Abstract
This 7-page paper discusses various aspects of tax plannings in the United States including the history of the Federal Income Tax and deductions that can be taken. Bibliography lists 4 sources.
Page Count:
7 pages (~225 words per page)
File: D0_MTtaxplann.rtf
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Unformatted sample text from the term paper:
Federal Income Tax, which is formally Title 26 of the U.S. Code of Federal Regulations. Its this code that determines how much taxpayers must pay, and when things must be
paid. But the current 1,000-plus pages of the tax code wasnt always so cumbersome or difficult. When the Sixteenth Amendment was passed,
putting into law a Federal Income Tax, the idea was a populist one - meant to spread the wealth, so that all levels of class and society were kicking funds
into the treasury. But over the years, as more people began obtaining wealth and real property, the tax code expanded as well, becoming more and more complex with loopholes and
regulations upon regulations. These days, the tax code includes rules on factors such as deductions that can be taken from contributions to
401Ks and SEPs, charitable deductions and deducting sales tax and state sales tax. INTRODUCTION Its said that taxes are what
runs the federal government. If thats the case, with billions in this country, if everyone paid only $200 in taxes, that would be billions upon billions (even trillions) of dollars
that one would think would be enough to keep things moving. But neither the federal government nor income taxes are quite
that simple. The federal government has layers upon layers of bureaucracy and pork, meaning its costing billions more than necessary just to keep the country operational. Furthermore, the Federal Income
Tax, rather than being a straightforward tax on income as its title suggests, is a huge code with a bewildering array of rules, regulations and seemingly contradictory mandates. Its little
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