AARP Eye Center
Search
Currently, some types of income are either taxed at lower rates than ordinary income or are exempt from taxation to some degree.
In general, only cash income is subject to income tax. In-kind benefits—benefits that are received as goods or services rather than as cash—are not.
Tax credits and deductions are two ways to reduce tax liability. Tax credits directly reduce the amount of taxes owed, dollar-for-dollar. They benefit all those who owe tax.
The federal estate tax was enacted in 1916 to raise revenues. Its intent was also to reduce the concentration of wealth, thus increasing economic equality.
State and local governments issue bonds to finance important projects that meet social goals and benefit communities. Bonds are attractive because they provide financial flexibility.
One indicator of sensible fiscal practices is maintaining balance between spending and revenues. Occasional deficits may be necessary.
State and local governments charge fees for the use of certain services. These fees are based on the principle that people should pay according to the benefits they receive.
Taxes are complicated. Compliance often poses challenges.
These principles guide AARP’s policies on personal and legal rights and protections in the legal system.
Elder abuse takes many forms. It can be financial, physical, psychological, or a combination of these.