Colonists had been taxed for each client good, from tea and tobacco to legal documents. This “taxation with out representation” led to many revolts, such because the Boston Tea Party, through which colonists dumped tea into the Boston Harbor somewhat than pay the tax on it. Although the American colonists fought for independence from British rule and British taxes, as soon as the United States authorities formed, its essential supply of revenue was derived from placing customs and excise taxes on the identical items that had been taxed by Great Britain. During World War II, the federal authorities started withholding taxes, additionally identified as the pay-as-you-earn taxation system. This is how the federal government maintains a steady stream of revenue whereas additionally drawing curiosity in your tax dollars. The W-4 form is necessary because it ensures that you aren’t paying either an excessive amount of or too little in federal revenue tax in the course of the year. We currently use a marginal tax system, also referred to as a graduated tax, in which the percentage you pay in taxes varies based on your earnings.
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