tax

property tax: an overview

Taxes are sometimes classified as either specific or ad valorem. Specific taxes are of a fixed amount based on a number, or standard of weight or measurement. Ad valorem taxes are based on a fixed proportion of the value of the property with respect to which the tax is assessed. They require an appraisal of the taxable subject matter's worth. General property taxes are almost invariably of this second type -- ad valorem. Ad valorem property taxes are based on ownership of the property, and are payable regardless of whether the property is used or not and whether it generates income for the owner (although these factors may affect the assessed value).

income tax law: an overview

In 1913, the Sixteenth Amendment to the U.S. Constitution was ratified. It empowered Congress to tax "incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration." The Internal Revenue Code is today embodied as Title 26 of the United States Code (26 U.S.C.) and is a lineal descendant of the income tax act passed in 1913, following ratification of the Sixteenth Amendment. While some states do not have an income tax (Nevada), all residents and all citizens of the United States are subject to the federal income tax. Not everyone, however, must file a return. The requirements for filing are found in 26 U.S.C. § 6011. As the largest contributor, its purpose is to generate revenue for the federal budget. In 1985 for example, the government collected over $450 billion in income tax from a total of $742 billion in total internal revenue receipts. The funds collected are essential for the shaping and preservation of a free market economy.

American Indian law: an overview

In U.S. law the term "Indians" refers generally to the indigenous peoples of the continent at the time of European colonization. "Alaska Natives" and "Native Hawaiians" refer to peoples indigenous to the areas occupied by those named states. The terms "tribe" or "band" designate a group of Indians of the same or similar heritage united in a community under one leadership or government and inhabiting a particular territory. Because Indians have increasingly preferred "nation" or "people," the term "tribe" has become controversial. The terms used may vary from statute to statute and case to case as well.

An Excise Tax is a tax on a specific item, belonging to a special class of items.

The classes of items are frequently specialty or luxury items.

Some everyday examples: