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New Jersey Taxes Article
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The Brief Basics of Taxes
from:A tax is an enforced contribution that helps to pay for various government services such as roads, schools or public health care and utilities. Taxes are levied by government entities and come in various forms, most commonly via direct and indirect taxation. Direct taxation can be most easily defined as taxes paid straight to the government by way of yearly income tax returns. Indirect taxation comes from the purchase of goods in retail venues. While there are rates for taxation set on federal levels, states and counties can also set their own taxation rates to help pay for various public works.
The first historical reference to a system of taxation dates back to the ancient Egyptians. As money was not widely in use, goods and livestock were often the sole means of contribution. Individuals often gave according to their line of work and those who could not or did not contribute enough were penalized. References to taxation are also found throughout Europe's history where taxes were imposed on everything from windows to a man's beard. In times of war, it was common for taxes to spike significantly to afford the expenses of arming soldiers and ensuring victory. These times could be a heavy burden on the average citizen.
Although there are other methods, taxes are commonly applied in the form of percentages. These percentages can vary depending on the entity that sets them. When attached to the purchase of goods, individuals pay the tax immediately with the price of the item. The retailer then regularly calculates these taxes from sales, on both state and federal levels, and pays them to appropriate office of revenue. When it comes to real estate and other property, taxes are paid annually. Retailers and individuals who do not pay the correct amount of tax owed on goods or real estate can face stiff fines and possible imprisonment.
Taxes have been a large part of history and there is hardly a country on the globe that does not have some point of contention with their current system. As will happen where ever money is an issue, citizens constantly express concern of whether a tax is too high or if the money collected is spent appropriately. In fact, it was the taxation of tea that lit the fuse to American independence. Almost a part of tradition, taxation has remained at the top of the list when it comes to hot button issues for politicians. Whether one disagrees with their tax system or not, a great number of things that citizens depend on everyday would not be possible were it not for an intricately structured tax system.
New Jersey Taxes News
Ex-tax collection firm exec faces new indictment - Morris County Daily Record
TRENTON (AP) -- A new indictment has been filed against the former sales director of a firm that once collected delinquent taxes for New Jersey. Sandra Bielanski of Hillsborough stands accused of conspiring to participate in a scheme to falsely bill ...
Read more...Christie: I can repair New Jersey - Newark Star-Ledger
Answering years of speculation and the prayers of more than a few Republicans, former U.S. attorney Christopher Christie launched his campaign for governor yesterday, declaring New Jersey "broken" and offering himself as the leader to fix it. The 46 ...
Read more...Fitch Affirms Jersey Central Power, Met-Ed & Penelec; Outlook Stable - PR Inside
--Short-term IDR at 'F3'. The Rating Outlook for all three entities is Stable. Approximately $3.6 billion of debt is affected. The ratings of JCP&L, Met-Ed and Penelec are based on the companies' stable and predictable cash flows as regulated ...
Read more...Obama: 'Act boldly and act now' on economy - NorthJersey.com
WASHINGTON — President-elect Barack Obama implored Congress on Thursday to "act boldly and act now" to fix an economy growing perilously weaker. Leading lawmakers set an informal goal of mid-February for enacting tax cuts and government spending ...
Read more...Willie W. Herenton: Always a Fighter / Chapter 9: The French ... - Memphis Commercial Appeal
He is one of Willie Herenton’s closest confidants — and one of the great enigmas of the mayor’s long tenure. The puzzle of Reginald French starts with his resume. Jeff McAdory /The Commercial Appeal Old friends: Reginald French (left) joined ...
Read more...Panel urges a boost in gas tax - NorthJersey.com
WASHINGTON — A 50 percent increase in gasoline and diesel fuel taxes is being urged by a federal commission to finance highway construction and repair until the government devises another way for motorists to pay for using public roads. The ...
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