Taxmoney.jpg (JPEG Image, 3500 × 2334 pixels) Tobin tax. A Tobin tax, suggested by Nobel Laureate economist James Tobin, was originally defined as a tax on all spot conversions of one currency into another. The tax is intended to put a penalty on short-term financial round-trip excursions into another currency. Tobin suggested his currency transaction tax in 1972 in his Janeway Lectures at Princeton, shortly after the Bretton Woods system of monetary management ended in 1971.[1] Prior to 1971, one of the chief features of the Bretton Woods system was an obligation for each country to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold.
Then, on August 15, 1971, United States President Richard Nixon announced that the United States dollar would no longer be convertible to gold, effectively ending the system. The tax on foreign exchange transactions was devised to cushion exchange rate fluctuations. Concepts and definitions[edit] Tobin's concept[edit] A Brief History of Income Taxes. Updated for Tax Year: 2010 Did you know President Abraham Lincoln, one of America's most beloved leaders, also instituted one of its least liked obligations - the income tax? In this brief history of taxes, see the historical events which shaped income taxes in the United States today. Click on the infographic below to open it in a new window. Created by Infographic World Want to use this infographic on your site? Just embed the following code: <iframe title="TurboTax A Brief History of US Income Taxes Infographic" width="657" height="6170" src=" frameborder="0"></iframe><br /><a href=" Done Right</a> with TurboTax.
Internal Revenue Service. Tax. Overview[edit] The legal definition and the economic definition of taxes differ in that economists do not regard many transfers to governments as taxes. For example, some transfers to the public sector are comparable to prices. Examples include tuition at public universities and fees for utilities provided by local governments. Governments also obtain resources by "creating" money and coins (for example, by printing bills and by minting coins), through voluntary gifts (for example, contributions to public universities and museums), by imposing penalties (such as traffic fines), by borrowing, and by confiscating wealth.
From the view of economists, a tax is a non-penal, yet compulsory transfer of resources from the private to the public sector levied on a basis of predetermined criteria and without reference to specific benefit received. Purposes and effects[edit] Governments use different kinds of taxes and vary the tax rates. Kinds of taxes[edit] Taxes on income[edit] Income tax[edit] Taxes Information and Taxes News - Forbes.com. Tax Foundation. Taxes. President Obama has passed wide-ranging tax relief for working families and small businesses — the drivers of economic growth. But to pay down our deficit and invest in the future, we have to make hard choices. That means asking those at the top to do their fair share and putting an end to special privileges and loopholes that benefit those who need them the least. Tax Cuts for the Middle Class Within weeks of taking office, President Obama took immediate action in the midst of the economic crisis to restore security for middle-class families by cutting their taxes in the Recovery Act.
Since then, President Obama has continued to cut taxes for middle class families to make it easier for them to make ends meet. In the first four years of the Obama administration, a typical family making $50,000 a year has received tax cuts totaling $3,600 – more if they were putting a child through college. Tax Cuts for Small Businesses Tax Reform The tax code has become increasingly complicated and unfair.