What is income tax?

sameer638

Income tax is tax on the income of individuals and corporations. Income tax is a major source of income for the government. http://en.wikipedia.org/wiki/Income_tax Jul 09 08, 6:25 PM

mscorpion

An income tax is a tax levied on the financial income of persons, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. http://en.wikipedia.org/wiki/Income_tax Jul 09 08, 6:27 PM

jk18	Federal tax on earnings and wages. http://www.google.ca/search?hl=en&rlz=1T4GGLF_en___CA212&defl=en&q=define:Income+Tax&sa=X&oi=glossary_definition&ct=title Jul 10 08, 1:31 PM

Baloo55th

Apart from the Chinese profits tax 2000 years ago, the first real income tax was in the UK under Pitt, to pay for war against Napoleon. It was supposed to be temporary, so beware of any government introducing temporary measures. Here in the UK, the tax is collected by the employer every payday. This spreads the burden a bit better than the end of year tax bill system. See http://en.wikipedia.org/wiki/Income_tax for worldwide systems of income tax. Jul 10 08, 4:30 PM