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History
Income tax in the United States
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The United States federal government and most state governments impose an income tax. They are determined by applying a tax rate, which may increase as income increases, to taxable income, which is the total income less allowable deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnerships are not taxed, but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of credits reduce tax, and some types of credits may exceed tax before credits. Most business expenses are deductible. Individuals may deduct certain personal expenses, including home mortgage interest, state taxes, contributions to charity, and some other items. Some deductions are subject to limits, and an Alternative Minimum Tax (AMT) applies at the federal and some state levels.
Total U.S. tax revenue as a % of GDP and income tax revenue as a % of GDP, 1945–2011, from Office of Management and Budget historicals
Total U.S. tax revenue as a % of GDP and income tax revenue as a % of GDP, 1945–2011, from Office of Management and Budget historicals
The U.S. federal effective corporate tax rate has become much lower than the nominal rate because of various special tax provisions.
The U.S. federal effective corporate tax rate has become much lower than the nominal rate because of various special tax provisions.
People filing tax forms in 1920.
People filing tax forms in 1920.
President Abraham Lincoln and the United States Congress introduced in 1861 the first personal income tax in the United States.
President Abraham Lincoln and the United States Congress introduced in 1861 the first personal income tax in the United States.
Federal government of the United States
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The federal government of the United States is the national government of the United States, a federal republic located primarily in North America, composed of 50 states, five major self-governing territories, several island possessions, and the federal district and national capital of Washington, D.C., where most of the federal government is based.
The United States Capitol, the seat of government for Congress, the legislative branch of the U.S. government
The United States Capitol, the seat of government for Congress, the legislative branch of the U.S. government
Joe Biden 46th president
Joe Biden 46th president
Kamala Harris 49th vice president
Kamala Harris 49th vice president
The White House includes the office of the U.S. president, known as the Oval Office, and the offices of key presidential advisors and staff.
The White House includes the office of the U.S. president, known as the Oval Office, and the offices of key presidential advisors and staff.