From the course: Finance Foundations: Income Taxes
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Taxes can be complex, but you have the basic tools
From the course: Finance Foundations: Income Taxes
Taxes can be complex, but you have the basic tools
- Governments need money in order to provide essential services. - Income taxes are one way that governments collect money collect money to pay forthese essential services. to pay for these essential services. - [Man] Now in the United States in 2019, income taxes are expected to provide 36% of the $6.5 trillion in total revenue collected collected by federal stateand local governments. by federal, state and local governments. Payroll taxes based on income are expected to provide Payroll taxes, based on income, are expected to provide an additional 23% an additional 23% of the total government revenue. of the total government revenue. - The income tax code, regulations, interpretations - The income tax code, regulations, interpretations, and legislative history and legislative history in the United States in the United States, occupied74,608 pages as of 2016. occupied 74,608 pages as of 2016. - So with the size of these income taxes and with the complexity of the income tax code, it…
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