Internal Revenue Service in the context of "United States Treasury"

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⭐ Core Definition: Internal Revenue Service

The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the Department of the Treasury and led by the commissioner of Internal Revenue, who is appointed to a five-year term by the president of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act.

The IRS originates from the Office of Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure funded over a fifth of the Union's war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Constitution was ratified, authorizing Congress to impose a tax on income and leading to the creation of the Bureau of Internal Revenue. In 1953, the agency was renamed the Internal Revenue Service, and in subsequent decades underwent numerous reforms and reorganizations, most significantly in the 1990s.

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👉 Internal Revenue Service in the context of United States Treasury

The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States. It is one of 15 current U.S. government departments.

The department oversees the Bureau of Engraving and Printing and the U.S. Mint, two federal agencies responsible for printing all paper currency and minting coins. The treasury executes currency circulation in the domestic fiscal system, collects all federal taxes through the Internal Revenue Service, manages U.S. government debt instruments, licenses and supervises banks and thrift institutions, and advises the legislative and executive branches on fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve Notes.

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Internal Revenue Service in the context of Cultural policy

Cultural policy is the government actions, laws and programs that regulate, protect, encourage and financially (or otherwise) support activities related to the arts and creative sectors, such as painting, sculpture, music, dance, literature, and filmmaking, among others and culture, which may involve activities related to language, heritage and diversity. The idea of cultural policy was developed at UNESCO in the 1960s. Generally, this involves governments setting in place processes, legal classifications, regulations, legislation and institutions (e.g., galleries, museums, libraries, opera houses, etc.) which promote and facilitate cultural diversity and creative expressions in a range of art forms and creative activities. Cultural policies vary from one country to another, but generally they aim to improve the accessibility of arts and creative activities to citizens and promote the artistic, musical, ethnic, sociolinguistic, literary and other expressions of all people in a country. In some countries, especially since the 1970s, there is an emphasis on supporting the culture of Indigenous peoples and marginalized communities and ensuring that cultural industries (e.g., filmmaking or TV production) are representative of a country's diverse cultural heritage and ethnic and linguistic demographics.

Cultural policy can be done at a nation-state level, at a sub-national level (e.g., U.S. states or Canadian provinces), at a regional level or at a municipal level (e.g., a city government creating a museum or arts centre). Examples of cultural policy-making at the nation-state level could include anything from funding music education or theatre programs at little to no cost, to hosting corporate-sponsored art exhibitions in a government museum, to establishing legal codes (such as the U.S. Internal Revenue Service's 501(c)(3) tax designation for not-for-profit enterprises) and creating political institutions (such as the various ministries of culture and departments of culture and the National Endowment for the Humanities and the National Endowment for the Arts in the United States), arts granting councils, and cultural institutions such as galleries and museums. Similar significant organisations in the United Kingdom include the Department for Culture, Media and Sport (DCMS), and Arts Council England.

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Internal Revenue Service in the context of Internal Revenue Code

The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code. The IRC is organized topically into subtitles and sections, covering federal income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service.

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Internal Revenue Service in the context of Fuel tax

A fuel tax (also known as a petrol, gasoline or gas tax, or as a fuel duty) is an excise tax imposed on the sale of fuel. In most countries, the fuel tax is imposed on fuels which are intended for transportation. Fuel tax receipts are often dedicated or hypothecated to transportation projects, in which case the fuel tax can be considered a user fee. In other countries, the fuel tax is a source of general revenue. Sometimes, a fuel tax is used as an ecotax, to promote ecological sustainability. Fuel taxes are often considered by government agencies such as the Internal Revenue Service as regressive taxes.

Fuels used to power agricultural vehicles, as well as home heating oil which is similar to diesel, are taxed at a different, usually lower rate. These fuels may be dyed to prevent their use for transportation.

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Internal Revenue Service in the context of Libertarian Party (United States)

The Libertarian Party (LP) is a political party in the United States. It promotes civil liberties, non-interventionism, laissez-faire capitalism, and limiting the size and scope of government. The world's first explicitly libertarian party, it was conceived in August 1971 at meetings in the home of David Nolan in Westminster, Colorado, and was officially formed on December 11, 1971, in Colorado Springs. The organizers of the party drew inspiration from the works and ideas of the prominent Austrian school economist Murray Rothbard. The founding of the party was prompted in part due to concerns about the Nixon administration's wage and price controls, the Vietnam War, conscription, and the introduction of fiat money.

The party generally supports "personal liberty" and fiscal conservatism, as compared to the Democratic Party's modern liberalism and progressivism and the Republican Party's social conservatism and right-wing populism. Gary Johnson, the party's presidential nominee in 2012 and 2016, claims that the Libertarian Party is more socially liberal than Democrats, and more fiscally conservative than Republicans. Its fiscal policy positions include lowering taxes and abolishing the Internal Revenue Service (IRS), decreasing the national debt, allowing people to opt out of Social Security, and eliminating the welfare state, in part by utilizing private charities. Its social policy positions include ending the prohibition of illegal drugs, advocating criminal justice reform, supporting same-sex marriage, ending capital punishment, and supporting the right to keep and bear arms.

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Internal Revenue Service in the context of Grand Central Palace

The Grand Central Palace was an exhibition hall in Midtown Manhattan, New York City. The name was used for two structures, both located on Lexington Avenue near Grand Central Terminal.

The original structure was a six-story structure built in 1893 between 43rd and 44th Streets. It was demolished during the construction of Grand Central Terminal, and a new 13-story structure was constructed between 46th and 47th Streets. The second Grand Central Palace was designed by Grand Central Terminal architects Warren and Wetmore and Reed and Stem in the Beaux-Arts architectural style, and had almost twice as much room as the original structure. The Palace served as New York's main exposition hall from 1911 until 1953, when the exhibition space was replaced by office space for the Internal Revenue Service. The building was demolished starting in 1964. Throughout its history, the Grand Central Palace hosted auto, boat, flower and trade shows, though parts of the Palace were used as office space. The first Palace was also used as a temporary railroad terminal during the construction of Grand Central Terminal in the 1900s.

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Internal Revenue Service in the context of Income in the United States

Income in the United States is measured by the various federal agencies including the Internal Revenue Service, Bureau of Labor Statistics, US Department of Commerce, and the US Census Bureau. Additionally, various agencies, including the Congressional Budget Office compile reports on income statistics. The primary classifications are by household or individual. The top quintile in personal income in 2022 was $117,162 (included in the chart below). The differences between household and personal income are considerable, since 61% of households now have two or more income earners. Median personal income in 2020 was $56,287 for full-time workers.

This difference becomes very apparent when comparing the percentage of households with six figure incomes to that of individuals. Overall, including all households/individuals regardless of employment status, the median household income was $67,521 in 2020 while the median personal income (including individuals aged 15 and over) was $35,805.

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