Almost all governments across the globe are funded in some form by the taxation of its citizens. Certain of the taxes are collected at the time of sales or service whereas certain others in a 12 month period or at the end of what they call a fiscal year. Taxes on earnings or income tax is such a yearly beast.
Taxes on earnings are essentially a bill from the federal and state governments, declaring the rules of taxation on ones personal earnings through salaries and investment profits. It has been designed as a progressive tax in which the financial obligations of an individual increase with the rise in his/her reportable income.
In United States, taxes on earnings came to effect officially or in a full swing after the passing of national income tax law in 1914. At that time, the law was mainly aimed at the rich and the greediest among the population who owned a lot of wealth in contradiction to the majority of the people. Eventually in another few years, the tax on earnings would trickle down to the middle and lower working classes. In reality, even though the tax on earnings is progressive, big corporate and wealthiest individuals enjoy a lot of legal...
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