Current location:style >>
Americans have just a few days left to pay their income taxes
style59434People have gathered around
IntroductionIt’s a day few people in the United States look forward to.Tax Day is April 15, which means American ...
It’s a day few people in the United States look forward to.
Tax Day is April 15, which means Americans have until Monday to either file their income tax return for 2023 or request an extension.
As of March 29, the Internal Revenue Service, or IRS, had received more than 90 million tax returns, most of which were filed electronically. About 68% of those 90 million got refunds, which averaged $3,050.
But procrastination is the norm for many, and millions of other tax returns are expected to be filed in the days leading up to the deadline next week. Most Americans have to abide by the April 15 deadline, but state holidays mean residents of Maine and Massachusetts have until April 17.
If an individual is unable to complete their taxes by the deadline, they can file for an extension with the IRS, which gives them an additional six months.
Common tax deductions include property taxes, charitable contributions and medical expenses.
The Civil War and its accompanying financial requirements prompted the first federal income tax on Americans in 1861. The system was modified over the decades, and Congress passed the 16th Amendment in 1909. After it was ratified in 1913, it established the right of Congress to impose a federal income tax.
Nowadays, individual income taxes are the U.S. government’s biggest source of revenue, according to the Office of Management and Budget.
For fiscal year 2024, the federal government expects to collect about $2.5 trillion in individual income taxes, accounting for nearly half of its total estimated receipts for the year. By comparison, corporate income taxes make up a much smaller share.
Corporate income taxes are estimated to bring in $612.8 billion, or just 12% of this fiscal year’s federal receipts.
For some, tax season may be a touchy time. A little more than half of U.S. adults feel as if they pay more than what is fair, considering what they get in return from the federal government, according to a 2023 survey from Pew.
Questions surrounding taxes have long been political in the United States.
Most Americans — about six in 10 U.S. adults — think companies and wealthy people don’t pay their fair share of taxes, with Democrats much more likely than Republicans to feel this way,according to the Pew survey.
Nearly two-thirds of Americans support raising taxes on large businesses and companies, and a comparable number support higher tax rates on households with annual incomes above $400,000, according to Pew.
Taxing the country’s richest people is again a top issue in the lead-up to the presidential election in November.
In March, President Joe Biden revealed a plan that would raise more than $4.5 trillion in new taxes over the next decade, mainly by targeting corporations. He is also proposing a 25% tax on people who claim more than $100 million in assets.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Earthly Exploits news portal”。http://australia.ekjotinstitute.com/html-11a399982.html
Related articles
‘The Blue Angels,’ filmed for IMAX, puts viewers in the ‘box’ with the elite flying squad
styleIf you’re looking for a little bit of that “ Top Gun: Maverick ” spectacle and thrill at the movie t ...
【style】
Read moreTOWIE's Chloe Meadows and Sophie Kasaei put on busty displays in form
styleThe TOWIE cast gathered in an Essex pub to film scenes for the reality show and celebrate Harry Derb ...
【style】
Read moreWhy cat urine smells so bad: Scientists reveal what causes the unique stench
styleNo matter how cute they might be, there is no denying that cats' urine really stinks - particularly ...
【style】
Read more
Popular articles
- Tom Brady and Jay
- The Elle Woods effect: Good looking lawyers have more success in court, study finds
- What is Havana syndrome? Symptoms explained after bombshell 60 Minutes episode
- More than 200 US chemical plants must reduce toxic emissions under new EPA rule
- Kate Hudson hits the stage to debut songs from her new album Glorious at star
- Subway announces major menu shake
Latest articles
Election 2024: Biden and Trump bypassed the Commission on Presidential Debates
How Christopher Nolan couldn't have won his first Oscar without his family's support
Aldi is offering customers FREE beauty products before they even hit shelves
Teen cancer survivor reveals she had no idea how ill she was until radiographer CRIED during scan
Election 2024: Biden and Trump bypassed the Commission on Presidential Debates
France to FINE patients who miss GP appointments £4.30 in bid to free up millions of slots
LINKS
- Brittney Griner still adjusting after Russian prison ordeal. WNBA star details experience in book
- Lando Norris earns 1st career F1 victory by ending Verstappen's dominance at Miami
- Germany recalls its ambassador in Russia for a week in protest over a hacker attack
- Black cab driver who fled a fatal midnight hit
- Celebrity bodyguard
- Zibanejad has 2 goals and 1 assist, Panarin scores as Rangers beat Hurricanes 4
- I was 18 when I developed a niggling headache at work
- Larson edges Buescher at the line at Kansas Speedway in closest finish in NASCAR Cup Series history
- A truck driver is accused of killing a Utah police officer by driving into him
- Perth Stabbing: Teen shot dead by police was in deradicalization program