Individual and Corporate Income Tax
Section 1 of the Internal Revenue Code imposes the federal income tax on the taxable income of U.S. citizens and residents, and of estates and trusts. The corporate income tax is imposed by Internal Revenue Code section 11.
Read more about this topic: Internal Revenue Code
Famous quotes containing the words individual, corporate, income and/or tax:
“Quintilian [educational writer in Rome about A.D. 100] hoped that teachers would be sensitive to individual differences of temperament and ability. . . . Beating, he thought, was usually unnecessary. A teacher who had made the effort to understand his pupil’s individual needs and character could probably dispense with it: “I will content myself with saying that children are helpless and easily victimized, and that therefore no one should be given unlimited power over them.””
—C. John Sommerville (20th century)
““It’s hard enough to adjust [to the lack of control] in the beginning,” says a corporate vice president and single mother. “But then you realize that everything keeps changing, so you never regain control. I was just learning to take care of the belly-button stump, when it fell off. I had just learned to make formula really efficiently, when Sarah stopped using it.””
—Anne C. Weisberg (20th century)
“We commonly say that the rich man can speak the truth, can afford honesty, can afford independence of opinion and action;—and that is the theory of nobility. But it is the rich man in a true sense, that is to say, not the man of large income and large expenditure, but solely the man whose outlay is less than his income and is steadily kept so.”
—Ralph Waldo Emerson (1803–1882)
“As a Tax-Paying Citizen of the United States I am entitled to a voice in Governmental affairs.... Having paid this unlawful Tax under written Protest for forty years, I am entitled to receive from the Treasury of “Uncle Sam” the full amount of both Principal and Interest.”
—Susan Pecker Fowler (1823–1911)