Taxation in the United States
overview of taxation in the United States of America
The United States of America has separate federal, state, and local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts.
- There's a mystic quality about our tax system. No matter how bad it may be from the technical standpoint, it has a vitality because of the very high level of compliance
- I suspect a complex society requires a complex tax law.
- Well, I would say the biggest factor is confusion between the sort of truly free IRS-sponsored option and then a bunch of commercial options that are advertised as free but are not always free. So it becomes very confusing very quickly.
- TurboTax is only free for some users, based on the tax forms they need. For many others, Intuit tells them, after they have invested time and effort gathering and inputting into TurboTax their sensitive personal and financial information to prepare their tax returns, that they cannot continue for free; they will need to upgrade to a paid TurboTax service to complete and file their taxes
- FTC FTC Sues to Stop “Deceptive" TurboTax "Free" Ad Campaign (March 29, 2022)
- Well, that’s the ordinary income. These great fortunes were not made through ordinary incomes. So you probably have to look to the capital gains rate and the estate tax if you want to, you know, create more equity there.
- For lots of folks, the tax cuts are lost in a sea of other deduction changes, which also happen January 1
- Since personal exemptions were repealed, any allowances [you take] should roughly reflect expectations as to itemized deductions or tax credits to which you are entitled
- Pete Isberg, ADP's vice president for government relations, according to Here's how much paychecks may go up this month under new tax law (February 1, 2018)
- ... in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much is one of the great standard causes of really dumb mistakes. I see terrible mistakes from people being overly motivated by tax considerations.
Warren and I personally don't drill oil wells. We pay our taxes. And we've done pretty well, so far. Anytime somebody offers you a tax shelter from here on in life, my advice would be don't buy it.
In fact, any time anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you adopt "Munger's Rule". However, over a lifetime, you'll be a long way ahead — and you will miss a lot of unhappy experiences that might otherwise reduce your love for your fellow man.
- Today’s tax code contains two sets of rules: one for regular wage and salary workers who report virtually all the income they earn; and another for wealthy taxpayers, who are often able to avoid a large share of the taxes they owe
- Natasha Sarin, deputy assistant Treasury secretary for economic policy according to "Biden plan would give IRS more power to track $600 bank accounts: What you need to know" (October 9, 2021)
- The tax refund is often the biggest windfall households receive all year
- Households that have experienced income disruption during the pandemic are very likely to need to rebuild their emergency savings
- Greg McBride, chief financial analyst at Bankrate.com, Here’s the average tax refund so far this year — and the 3 best places to stash yours (MAR 24 2022)