Income tax is a fundamental component of a modern tax system, playing a pivotal role in funding government operations and public services. It is a progressive tax imposed on individuals and entities’ income, with rates varying depending on the level of earnings. The concept of taxing income dates back centuries, but it gained prominence in the early 20th century. Income tax serves multiple purposes. Firstly, it finances government activities, such as infrastructure development, healthcare, education, and national defense. Secondly, it promotes income redistribution, as higher earners typically face higher tax…
10 States With No Income Tax
