The taxes we pay

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The Taxes We Pay


In the United States, the history of taxes goes far back in time. During the Civil War, there was a tax on income for a short period of time. In the 180’s, the tax was ruled unconstitutional by the Supreme Court. In 11, the 16th Amendment was passed which gave the United States the power to tax personal income. Congress imposed taxes to help raise money to fight wars. Before, the government relied on excise taxes on liquor and tobacco for its revenue. These taxes benefited American manufacturers by keeping prices high for foreign-made goods. During the Great Depression in the 10’s, the government also many income and social security programs. The federal income tax began as a tax on only the wealthy in the 160’s. Later, this tax included almost all families, not just the wealthy. Personal Income Tax makes up more than half of the Federal Government’s revenue.


Individual’s are taxed on their earnings ever since July 1, 16. This is where most of the Governments money comes from. Personal income tax produces about five times as much revenue as the corporate income tax. But, not all income is taxed in the same way. Owning stock in a corporation or collecting interest from a savings account is handled in a special way. Also, there are many types of exemptions and tax-deferred savings plans available.


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For the fiscal year 18, total individual collection in Illinois was $7,54,646,661. This was a 10.8% increase from the previous year. In 18, total individual collections were $,7,50,665. The initial income tax rate in individuals is now at % which was made permanent in 1.


When you purchase goods or services, you have to pay a tax. There are two different kinds of these taxes the vendor tax and the consumer tax. The vendor tax taxes the person doing the business. The tax is based upon the amount of goods sold. The consumer tax taxes the actual retail sale. The vendor at a store collects the tax from the buyer and sends that tax money to the state. Sales tax is an established rate. A use tax is very similar to sales tax, but is imposed on storage, use, or purchase of personal property which is not taxed by the sales tax. The total Illinois sales tax collected in 18 was $5,577,486,54. This was a 4.% increase from the 17. The total number of registered tax payers was 44,1.


Property taxes usually helps to pay for public services such as public schools, police protection, and sanitation. Each state has different property taxes. The amount of tax is figured by the total value of the property


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