About This Chapter
Tax Law & Tax Policy - Chapter Summary
Check out this convenient study guide chapter to review basic information about tax law and tax policy. After summarizing U.S. tax law principles, you'll review sources for federal tax law and how taxes contribute to state revenue. You'll also see how the government uses taxes and subsidies. If you need any clarification on these topics, our expert instructors are happy to answer your questions. You can also take the accompanying self-assessment quizzes to make sure you fully understand these tax law and policy topics. Upon completion of the chapter, you'll be able to:
- Recognize the basic principles of U.S. tax law
- Identify primary and secondary sources of federal tax law
- Explain how taxes and subsidies are used by the government
- Evaluate taxes as a state revenue source
1. U.S Tax Law: Overview & Basic Principles
This lesson will explain what the U.S. tax system is. We'll discuss the five basic principles that guide the system and understand how these principles are used to make new tax laws.
2. Primary Source of Federal Tax Law
In this lesson, we will discuss the primary sources of federal tax law. This includes the Internal Revenue Code, other non-codified federal tax statutes, final and temporary regulations, judicial decisions on tax matters, revenue rulings, revenue procedures, and other published Internal Revenue Service (IRS) positions.
3. Secondary Sources of Federal Tax Law
In this lesson, we will discuss a few secondary sources of federal tax law, including commercial tax research services, treatsies, legal periodicals, and more.
4. How the Government Uses Taxes & Subsidies
This lesson will explain how the government uses tax revenue. It will also discuss the purpose of subsidies, as well as public services and infrastructure.
5. Taxes as a Source of State Revenue
In this lesson, we'll discuss the three sources of state revenue: income, sales and property taxes. We'll discuss how states use their revenue, and you'll also learn how each tax is calculated.
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