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Taxes

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by

Amber Loveland

on 26 April 2010

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Transcript of Taxes

Taxes a required payment of money to the government to help fund government services, higher taxes cause businesses to face higer costs and prospect of making less profit and will supply less of their product to the market in 1920 tax collections rose to 7.3 billion dollars, in 1943 witholding taxes was introduced increasing the # of tax payers to 60 million and cash flow of money to the gov't to up to 43 billion dollars by 1945
in 1986 pres. Reagan enacted the Tax Reform Act of 1986 lowering an individuals top income tax rate from 50% to 28% decrease for cash for the gov't but good for the individual
2001 George W. Bush lowered estate tax (death tax) from 55% to 45% and lower to last for a 10 year period ending in 2011
2010 Obama administration want estate tax to remain so instead of zero estate tax it will go back up to 55% to the gov't
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