Q:

Why are taxes important?

A:

The IRS indicates that taxes are vital to support the infrastructure that citizens rely on at the local, state and federal levels. Taxes support national defense programs, roadway construction, social service programs, public health and education. Without taxpayer support, many of these programs cannot exist.

Taxes are a way for the government to pool some amount of important resources from the private sector to the public one, according to the IRS. The ability of the government to provide basic safety and community systems with tax revenue is important to maintaining the freedoms and basic living standards that typical Americans expect.

Learn More
Sources:

Related Questions

  • Q:

    How much would taxes be on $1 million?

    A:

    According to the 2014 Internal Revenue Service tax rates, the total tax on a personal income of $1,000,000 would come to $353,045.75. This does not include any adjustments for deductions, head of household or marriage status benefits.

    Full Answer >
    Filed Under:
  • Q:

    When are federal taxes due?

    A:

    Federal income tax returns are usually due on April 15 each year. It may be extended to the next business day if April 15 is a weekend. Payment of any balance owed to the IRS is also due at this time unless a payment arrangement has been put in place.

    Full Answer >
    Filed Under:
  • Q:

    Do condo fees include property taxes?

    A:

    In most cases, condo fees do not include property taxes according to bankrate.com. Fees are paid to the condo board to cover things such as maintenance and the cost of amenities. Owners pay property taxes to local or state agencies as required by tax law.

    Full Answer >
    Filed Under:
  • Q:

    Who must file taxes?

    A:

    The income tax filing requirement for a U.S. citizen or resident depends on the taxpayer's gross income, filing status and age. For 2014, a single nondependent taxpayer under 65 must file if his gross income exceeds $10,150. Married taxpayers under 65 file with income over $20,300, according to the I.R.S.

    Full Answer >
    Filed Under:

Explore