In this video, you will learn about federal income tax law. When you are studying law, there is a lot to know about each sector. In particular, this video focus on tax law, which is a very complicated type of law.
Each state has its own tax laws, as well as federal regulations to follow. Most people do not even know why they are paying, or to who. One way to intrude on this subject is to define what tax law is. Taxation is something that affects everyone. The definition of tax is a transfer that is collected for the public good. The government uses this money to fund services. Citizens pay taxes to raise revenue for the government. There are other reasons for taxes, but the main allocation is to the government. In the U.S., taxes are a voluntary system. We voluntarily file taxes and submit them. If you do not submit your taxes, you get fined and get in trouble. There is an involuntary part of paying taxes where the government forces you to pay. If you are interested in learning more, keep watching this video for more information.