Your current location:HOME >travel >Americans have just a few days left to pay their income taxes 正文
TIME:2024-05-21 07:44:09 Source: Internet compilationEdit:travel
It’s a day few people in the United States look forward to.Tax Day is April 15, which means American
It’s a day few people in the United States look forward to.
Tax Day is April 15, which means Americans have until Monday to either file their income tax return for 2023 or request an extension.
As of March 29, the Internal Revenue Service, or IRS, had received more than 90 million tax returns, most of which were filed electronically. About 68% of those 90 million got refunds, which averaged $3,050.
But procrastination is the norm for many, and millions of other tax returns are expected to be filed in the days leading up to the deadline next week. Most Americans have to abide by the April 15 deadline, but state holidays mean residents of Maine and Massachusetts have until April 17.
If an individual is unable to complete their taxes by the deadline, they can file for an extension with the IRS, which gives them an additional six months.
Common tax deductions include property taxes, charitable contributions and medical expenses.
The Civil War and its accompanying financial requirements prompted the first federal income tax on Americans in 1861. The system was modified over the decades, and Congress passed the 16th Amendment in 1909. After it was ratified in 1913, it established the right of Congress to impose a federal income tax.
Nowadays, individual income taxes are the U.S. government’s biggest source of revenue, according to the Office of Management and Budget.
For fiscal year 2024, the federal government expects to collect about $2.5 trillion in individual income taxes, accounting for nearly half of its total estimated receipts for the year. By comparison, corporate income taxes make up a much smaller share.
Corporate income taxes are estimated to bring in $612.8 billion, or just 12% of this fiscal year’s federal receipts.
For some, tax season may be a touchy time. A little more than half of U.S. adults feel as if they pay more than what is fair, considering what they get in return from the federal government, according to a 2023 survey from Pew.
Questions surrounding taxes have long been political in the United States.
Most Americans — about six in 10 U.S. adults — think companies and wealthy people don’t pay their fair share of taxes, with Democrats much more likely than Republicans to feel this way,according to the Pew survey.
Nearly two-thirds of Americans support raising taxes on large businesses and companies, and a comparable number support higher tax rates on households with annual incomes above $400,000, according to Pew.
Taxing the country’s richest people is again a top issue in the lead-up to the presidential election in November.
In March, President Joe Biden revealed a plan that would raise more than $4.5 trillion in new taxes over the next decade, mainly by targeting corporations. He is also proposing a 25% tax on people who claim more than $100 million in assets.
Brazil replaces injured goalkeeper Ederson in Copa America squad2024-05-21 07:09
Philippines, US launch yearly large2024-05-21 07:01
China to launch new round of joint int'l giant panda conservation cooperation efforts2024-05-21 06:53
Nottingham Forest cries foul play in inflammatory social2024-05-21 06:43
Insider Q&A: CIA's chief technologist's cautious embrace of generative AI2024-05-21 06:40
Fans fear for one Irwin 'family member' as she vanishes from their socials: 'What has happened?'2024-05-21 06:19
Nicola Peltz breaks her social media silence after missing out on mother2024-05-21 06:01
The Guess Who and B.T.O. rocker Randy Bachman has prized instruments up for auction2024-05-21 05:49
Iran helicopter crash that killed President Raisi could reverberate across the Middle East2024-05-21 05:08
The US is expected to block aid to an Israeli military unit. What is Leahy law that it would cite?2024-05-21 04:59
Trump accepts a VP debate but wants it on Fox News. Harris has already said yes to CBS2024-05-21 07:23
South Africa's ANC loses another court case against rival party led by former president Zuma2024-05-21 07:22
U.S. veto pushes situation in Gaza into more dangerous one: spokesperson2024-05-21 07:03
Taylor Swift's The Tortured Poets Department is dismissed as 'flat and cringe2024-05-21 07:02
Candice Swanepoel stuns in a form2024-05-21 06:39
Paris Hilton puts on a VERY leggy display in pink PVC dress as she shares new collaboration with Tan2024-05-21 06:27
The flooded housewives of Dubai: Chanel underwater, supercars swept away and mega2024-05-21 06:24
European Space Agency adds 5 new astronauts in only fourth class since 1978. Over 20,000 applied2024-05-21 05:50
Ben Whishaw lights up the Croisette as he joins his co2024-05-21 05:40
Los Angeles Mayor Karen Bass safe after suspect breaks into official residence, police say2024-05-21 05:05