-
Department of Treasury
The U.S. Treasury was created to promote economic growth and manage the government's finances and resources. -
Excise Tax
An excise tax is a tax on specific goods made or used in a country. It was first used as a tax on whiskey. -
Tax Base
Established an permanent internal tax system. -
First Federal Income Tax
The addition of the 16th amendment, being that congress had the power to collect taxes from incomes. -
Modern Estate Tax
Prevents concentration of wealth within a small group of people. Affects inheritance. -
Sales Tax
originated first in West Virginia in 1921, then added in other states later on -
Unemployment Taxes
Federally and state funded program that provides benefits to employees who have been laid off for a certain period of time. -
FICA
(The Federal Insurance Contributions Act), a payroll tax that provides coverage for the elderly, unemployed due to disability, and surviving members of breadwinners who have passed away. Passed by congress during the FDR administration. -
Social Security
A federal program passed by the FDR administration to aid older citizens in their retirement, children who have lost one or both parents, and people with disabilities. It was initially a solution that FDR introduced to economically assist people during the midst of the Great Depression. Social Security is always taxed 6.2% of the employee's income up to an annual maximum. The limit of Social Security tax applied to a certain income usually rises each year. -
Medicare
Medicare is a national healthcare insurance for citizens over 65 and certain groups of citizens that was passed on July 30, 1965, by the LBJ administration, however the Medicare tax wasn't enacted until 1966. Medicare tax is 1.45% of an employee's income. There is also no limit on the amount of income subject to the tax for medicare. -
Tax Cuts and Job Acts of 2017
The Tax Cuts and Job Acts of 2017, made several significant changes to the individual income tax, like a doubled standard deduction, new limitations on itemized deductions, reduced income tax rates, and many other changes.
