15 Facts About United States Taxes System

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Despite taxes having such a large influence on our lives, many people do not know very about the U.S. Tax System. Check out some of these interesting facts about the U.S. Tax System system and learn how you fit into the tax system as a whole.

15 Facts About U.S. Taxes
By: John J. Bowman, Jr.

The document summarizes the key aspects of the House tax plan passed under Speaker Paul Ryan. It shows that the Ryan plan simplifies the tax code into just two brackets, providing substantial tax cuts for high-income individuals. However, it fails to generate enough revenue and does not specify which loopholes and deductions would be eliminated as promised. The plan significantly reduces tax revenue collected over the next decade relative to the Obama administration's budget.

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This document provides tips for investment and wealth generation. It recommends having multiple income streams in addition to a full-time job to prevent losing all income if one source goes away. Investors should research companies thoroughly before investing to understand them rather than gambling. Long-term investors avoid trying to time the market and instead remain invested for decades, ignoring short-term fluctuations. Becoming a business owner allows multiplying wealth more quickly than solely working as an employee and can lead to financial freedom at a younger age.

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The document defines key tax terms to help understand filing taxes. It explains that adjusted gross income includes all income minus certain deductions like IRA contributions and alimony payments. Tax credits directly reduce taxes owed, while deductions lower taxable income. Itemized deductions subtract expenses from adjusted gross income. Standard deductions are fixed amounts subtracted based on filing status. Exemptions subtract amounts for dependents. The U.S. uses progressive taxation where higher incomes face higher tax rates. Taxable income is the final amount used to calculate taxes owed after deductions and exemptions. Withholding takes taxes from paychecks throughout the year. Voluntary compliance refers to taxpayers honestly reporting income.

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