首页
登录
职称英语
The American Tax System Governments raise revenues through taxation
The American Tax System Governments raise revenues through taxation
游客
2023-12-20
29
管理
问题
The American Tax System
Governments raise revenues through taxation. A tax is a
【1】_______ payment to government. In the Unites States, taxes 【1】______
fall into three main categories:
a. Taxes on personal or corporation income;
b. Taxes on wealth, including ownership and【2】_______; 【2】______
c. Taxes on activities, including consumption, production, employment, etc.
Each year in April, taxpayers sort their previous year’s
income and expense records to prepare their income
tax【3】_______ . They are allowed to take specific types 【3】______
of deductions and【4】_______. A deduction applies if 【4】______
they donate to the Red Cross, their【5】_______ or other 【5】______
【6】_______ organizations. 【6】______
Property taxes are levied primarily on land
and【7】_______ . Death taxes are levied on 【7】______
【8】_______ by the federal government and on inheritances by 【8】______
some state governments. Besides, gift taxes are levied on the
transfer of assets.
Sales taxes are levied on the【9】_______ prices of items. 【9】______
Sometimes, the federal government may impose a value-added tax.
Social security taxes, which are【10】_______ taxes levied 【10】_____
by the federal government, are collected to finance social
insurance programs. [br] 【3】
The American Tax System
Government budgets deal not only with expenditures, but with revenues. Governments raise revenues through taxation.
A tax is a compulsory payment to government.
Taxes can be levied and classified in may ways. In the United States and many other Western countries there are three principal types of taxes: taxes on income, taxes on wealth and taxes on activities.
Taxes on Income
Income taxes are based on net income what remains after certain items are deducted from gross income. The items that can be deducted and the tax rates that are applied are specified by law and differ between the personal income tax and the corporation income tax.
Personal Income Tax
Every year in April, millions of American taxpayers begin to sort their previous year’s income and expense records in order to prepare individual income tax returns. This is the first step that must be completed to determine the personal income tax.
In calculating this tax you would be allowed to take specific types of deductions and exemptions. For instance, some deductions that may be made (within limits) from your income are donations to the Red Cross, to your alma mater, and to various other nonprofit organizations. You may also deduct some payments for doctors’ bills, X rays, and medicine taxes paid to state and local governments; interest paid on loans; and various other outlays. In addition, tax allowances or exemptions are permitted for support of yourself, your family, and your dependents. In this way the government acknowledges the fact that larger families require more funds than smaller ones to meet their living costs.
The amount of income tax you would have to pay at a given income level depends on several things. These include whether you are single or married and what the particular tax rates happen to be at the time. The rates are usually revised by Washington every few years. Nevertheless, certain features of a tax-rate schedule never change.
Corporation Income Tax
The federal government’s second largest source of revenue is the corporate income tax. (Many states also tax corporate incomes, but at lower rates. ) The corporate income tax is simple to calculate because it is based on the difference between a company’s total income and its total expenses—its net recent decades it has averaged close to 50 percent.
Taxes on Wealth
Property taxes are levied primarily on land and buildings. The taxes vary from low rates in some rural areas where services are minor to high rates in localities with good streets, schools, and public safety facilities.
Death taxes are levied on estates by the federal government and on inheritances by some state governments. The rates depend on values and amounts. Like income taxes, death taxes exempt small estates and inheritances but tax the unexempt portions at progressive rates. Many wealthy people would try to avoid these taxes by distributing most of their property before death. Therefore, gift taxes are imposed on the transfer of assets beyond certain values. However, various legal devices, such as trust funds and family foundations, have enabled many wealthier individuals to lighten the weight of these taxes.
Taxes on Activities
Sales taxes are imposed by many state and local governments. These taxes are flat percentage levied on the retail prices of items. In some states or cities such commodities as food, medicine, and services are exempt. In other places they are not. The federal government imposes no "general" sales tax on the final sale of goods. However, it does impose special sales taxes, called excise taxes, on the manufacture, sale, or consumption of liquor, gasoline, and other products. From time to time, in order to raise more money, political and economic efforts are exerted to introduce a value-added tax (VAT). This is a type of national sales tax paid by manufacturers and merchants on the value contributed to a product at each stage of its production and distribution. However, this form of tax, although common in Europe, has not yet gained sufficiently wide acceptance for adoption in the United States.
Social security taxes are payroll taxes levied by the federal government. The taxes finance our compulsory social insurance program covering old-age and unemployment benefits. The contributions come from both employees and employers and are based on the incomes of the former. Social security tax should not be confused with the income tax which is also a tax on earnings. Social security taxes are used for a specific purpose. Income taxes are used for many purposes.
Now, you have 2 minutes to check your notes , and then complete the gap-filling task on Answer Sheet One in ten minutes.(a 12-minute interval)
选项
答案
returns
解析
转载请注明原文地址:https://tihaiku.com/zcyy/3290600.html
相关试题推荐
ThewayAmericansplanforretirementisabouttochange—again.Attheurging
ThewayAmericansplanforretirementisabouttochange—again.Attheurging
In2014,America’seducationsystemmarkedanimportantmilestone.Forthefi
In2014,America’seducationsystemmarkedanimportantmilestone.Forthefi
______[br][originaltext]SentenceNo.1Americanswatchtelevisionalmosteve
______[br][originaltext]SentenceNo.1Americanswatchtelevisionalmosteve
______[br][originaltext]SentenceNo.1Americanswatchtelevisionalmosteve
Amajorstudyofthegrocery-buyinghabitsofmillionsofAmericansreleased
Amajorstudyofthegrocery-buyinghabitsofmillionsofAmericansreleased
【B1】[br]【B9】将systems改成organisms。“livingorganisms表示“生物”。systems可以表示(机体内多个器官组成的
随机试题
Students’pressuresometimescomesfromtheirparents.Mostparentsarewell
TheWorldHealthOrganizationsayspeopleneedmoreinformationabouthowto
()中国远洋运输公司()付款方式[br]()还盘(价)()即期汇票M,C
我国的消费需求不足是因为我国的居民储蓄倾向过高。
妊娠合并心脏病孕妇,分娩时应做到:()A.第二产程中应肌注吗啡 B
营养不良的实验室检查,早期最敏感的指标是A.血浆前白蛋白浓度降低 B.血浆白蛋
关系营销包含不同的层次。宾馆为常客提供免费服务或降价服务,依靠价格刺激维持顾客关
地下车站站台和站厅公共区可划分为同一个防火分区,站厅公共区的建筑面积不宜大于(
居民委员会由主任、副主任和委员共()组成,多民族居住地区,居民委员会中应当
女,42岁。发热2个月,体温38℃左右,发现左腹股沟可触及5cm×5cm质软肿物
最新回复
(
0
)