Tax Law

The United States government generates the bulk of its operating revenue through the assessment and collection of income tax--both from individuals and businesses. Although there are some...

Congress passed the Jobs and Growth Tax Relief Reconciliation Act of 2003 to improve economic growth. President George W. Bush planned to encourage savings and investment with tax reductions....

Income taxes are a critical source of revenue for many state governments. Of the 50 states, 43 have some form of income tax. Most research on state taxes combines local and state taxes to...

This article provides a brief outline of some common IRS penalties assessed against individuals who file their own taxes regarding their own income. The IRS assesses many other types of penalties...

The United States federal income tax is a progressive tax; the rate of tax increases as the amount of income subject to tax increases. Ranges of income subject to tax are commonly called...

The United States has gone through several different phases in its development of federal tax law. The individual income tax, for example, was a relatively minor source of federal revenue until...

Fed Med/EE Tax is the Federal Medicare Tax. The Medicare Tax is collected on all wages earned in the United States, with only a few rare exceptions. The Medicare Tax is 2.9 percent of all wages....

Though it seems nothing is certain but death and taxes, it wasn't always so. There wasn't a federal income tax in the United States for a long time. In fact, such a tax was illegal for about the...

Arguably the most important set of tax laws and regulations in the United States are those regarding U.S. income taxes. This is because it is the only federal law that compels each and every...

The island of Puerto Rico occupies an anomalous status. Puerto Ricans have enjoyed U.S. citizenship since 1917. But as a self-governing, unincorporated territory, the island is partially inside...

The Income Tax Act of 1985 lays out the structure of Canada's federal tax system, including due dates, rates and credits. As this act has been amended by Parliament, the Canada Revenue Agency has...