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One component of the workforce development system focuses on helping people identify and apply for jobs.
How to improve the tax code is the subject of much debate. Proponents of reform often call for increasing fairness and simplicity.
There are two main ways for governments to collect taxes. One is by taxing income directly. This is known as an income tax. The other is taxing only income that is spent.
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 the 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.
The federal estate tax was enacted in 1916 in an effort 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.
Employers and policymakers can take steps to ensure that workers can balance work with other responsibilities such as providing care or managing an illness.
Taxes can be complicated. And they can pose compliance issues. Sometimes noncompliance is unintentional, but other times it is intentional.