The federal personal income tax is an example of a progressive tax.
<u>Explanation:</u>
- A progressive tax is defined as the taxable amount increases when the tax rate increases. The term progressive is known as the increase from low to high.
- A person's marginal tax is high when compared to the taxpayer's average tax rate.This progressive tax will tend the people who have a lower ability to pay will pay less and who are the higher ability of pay will pay high.
- To know that clearly, it is the personal income tax. People with lower income will pay less tax and people with higher income will pay high taxes
- Britain Prime Minister William Pitt the Younger was introduced the first modern income tax.
Answer:
The correct answer is all of them. Options "A", "B", and "C" are correct.
Explanation:
AGI stands for Adjusted Gross Income. It is a term fro the internal revenue code that refers to a number used on the Form 1040 U.S. individual tax return. AGI helps to determine a person's income taxes due. The formula for the AGI is:
<em>(Gross Income from taxable sources - allowable deductions)</em>
Among those above the line deductions, we can find:
- <em>Some retirement plan investments, such as Individual Retirement Accounts (IRA), SIMPLE IRA, SEP IRA.</em>
- <em>Healthcare savings account (HSA).</em>
- <em>Part of of the tax on self-employment.</em>
- <em>Early withdrawal penalties levied by financial institutions.</em>
- <em>Losses resulting from the selling or transfer of assets.</em>
- <em>School tuition, fees and interest in student loans.</em>
As we can see, all the choices given in our case are eligible to be deducted in the AGI.
President Andrew Jackson on his Seventh Annual Message to Congress dated December 7, 1835, concerning the Indian Removal Act, saying, <span>"No one can doubt the moral duty of the Government of the United States to protect and if possible to preserve and perpetuate the scattered remnants of this race which are left within our borders. In the discharge of this duty an extensive region in the West has been assigned for their permanent residence. It has been divided into districts and allotted among them. . . .".</span>
