Join Jim Stice for an in-depth discussion in this video The history of income taxes, part of Finance Foundations: Income Taxes.
- You may have heard the Benjamin Franklin saying,…"In this world, nothing can be said to…"be certain, except death and taxes."…- Yes, taxes have been with us since civilization began.…In order to perform essential services,…governments need money.…That money has most frequently come in the form of taxes.…- Now taxes have been part of human society…for thousands of years.…For example, in ancient Egypt…peasants too poor to pay their taxes…were required to provide forced labor…on public projects, such as the pyramids.…
- An unpopular income tax was launched by…Chinese Emperor Wang Mang in the year 9 A.D.…The tax rate was 10% of profits.…The Emperor was deposed 14 years later.…- The first income taxes weren't collected…in the United States until the…American Civil War in the 1860s.…Income taxes were not a permanent part…of the U.S. Federal Government financing until 1913.…- Yes, and those first income tax rates in 1913…ranged from 1% to just 7%.…- If you think about the practical difficulties…associated with computing and collecting income taxes,…
Jim Stice
Earl Kay Stice
Released
1/7/2015This is a self-contained introductory course to income tax, but if you'd like more information about accounting in general, check out the Stices' foundational course, Accounting Fundamentals.
NOTE: The information in this course applies only to the United States.
- The history of income tax
- Tax brackets, rates, deductions, and credits
- Completing a basic tax return (1040A)
- Tax planning
- Shifting income
- Understanding corporate income taxes
- Avoiding tax-evasion schemes
- Tax issues for small businesses
Skill Level Appropriate for all
Duration
Views
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Introduction
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Welcome1m 53s
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1. Income Tax Overview
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The history of income taxes2m 16s
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Different kinds of taxes3m 3s
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2. A Simple Income Tax System
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"Taxman" by the Beatles1m 8s
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Tax brackets3m 34s
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3. Common Tax Loopholes and General Income Tax Policy
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Who gets tax breaks?1m 33s
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4. Completing a Basic Tax Return
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Itemized deductions2m 4s
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Online tax returns1m 57s
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5. Principles of Tax Planning
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Tesla and tax planning2m 11s
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What is tax planning?2m 24s
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6. Corporate Income Taxes
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Business structures4m 42s
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7. Income Taxes: Planning vs. Evasion
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8. Common Income Tax Issues for Small Businesses
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Conclusion
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Review4m 29s
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Concluding income tax advice1m 32s
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Video: The history of income taxes