Business, 28.02.2020 02:25 cupkakekawaii45

The "ability to pay" principal says people who can afford to pay more taxes should pay more taxes to help those who cant pay a lot. federal income tax is based is based on this philosophyA. TrueB. False

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Answer from: lildanielmabien

A. True

Explanation:

Ability-to-pay taxation maintains that higher-earning individuals to pay a greater percentage of their income towards taxes, compared to individuals with lower incomes. The tax rate increases as a percentage along with income. It is based in this principle that Federal income tax is based in the United states. For example, as of 2018 for individuals in the United States, the taxable income up to $9,525 incurs 10% income tax, while earnings over on the other hand incurs a $500,000

and face a 37% income tax rate higher than that of the $9,525 earners. Earnings between those amounts face tax rates as set by income brackets and the principle of those who can afford to pay for the taxes should pay more.

This, with the above explanation, this makes it true that Federal income tax is based on this philosophy.

Answer from: delgadillogiselle711

The answer is True. The Federal Income Tax is based on the philosophy of "ability to pay" tax principle.

Explanation:

Ability to pay taxation is a progressive taxation principle in which taxes are levied on tax payers based on their level of income. What this simply means is that, an individual or organization that earns more is taxed more than an individual or organization that earns less, because it is believed that those who earn more should be able to pay more in taxes.

The Federal income tax is based on this philosophy, in that the tax rates vary, based on the level of income of an individual or organization.

Here is an instance, for the tax year 2019, a 37% tax rate is levied on single income earners who earn above $510,300, while this same rate is levied on married couples filing jointly who earn above $612,350. Also, a rate of %35 is levied on individuals who earn above $210,400, while it is $408,200 for married couples filing jointly.

The tax brackets are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. An individual's bracket will depend on their taxable income and filing status.

Answer from: Quest

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Answer from: Quest

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