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Why should we pay income tax?
22 Apr 2021
Description

Everyone that received any income must pay taxes. This includes income from a small business, salaries, stocks or capital gains, and gambling income. Research from the Tax Foundation further illustrates that government taxing and spending policies redistribute more than $2 trillion from the top 40 percent of families to the bottom 60 percent.

Although income taxes serve an important social and economic purpose, you want to make sure you’re only paying the portion you truly owe. Taking advantage of formal income tax preparation is essential for achieving this goal. Our trained tax professionals at H&R Block and our free online tax filing services can help you get there.

We pay taxes to fund a variety of federal, state, and local services. Half of American's tax burden is for federal programs. Most of this pays for Social Security, Medicare, and Defense. State and local taxes pay for Medicaid, infrastructure, and libraries.

If you want to calculate your income tax you can use the Income-tax calculator.

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