Excerpt from Term Paper:

...... The chief contribution in tax revenue is by federal income tax - to the amount of over nineteen billion Dollars in 1996 followed by social security to ten billion Dollars, and all other state and property taxes following suit. The economy which is composed of agrarian and business sectors have different tax burdens. For example the agrarian sector can use the cash accounting method to compute tax while the business and individuals have to use the accrual method. The difference in tax on investment in real estate and development is designed to give a boost to the industry. [3] The current subjects of tax in the income tax sphere are individuals and corporations. Every US citizen is liable to be taxed on their annual income from all sources. The tax is computed after deductions legally allowed
The IRS code defines income as being attained from any source and will also include gains from any situation like interests, alimony, pensions, insurances and most of the earnings will be treated as income. The income of the individual accrues from either service or business activity. Wages and salaries form the major tax subject for individuals. Corporations are legal entities and income of

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