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Sales Tax for the State of Arizona. - Essay Example
Finance & Accounting
Pages 3 (753 words)
Instructor Date Taxation in Arizona State, USA Like many other states within the US, Arizona State obtains revenue from taxation. Revenue collection with every state is very significant especially in respect to providing public goods, services and amenities…
On the other hand, the State of Arizona uses revenue obtained from nontax income such as fees and charge as well as lotteries amongst others. Every tax component of type applied within the state of Arizona in obtaining the required revenue has specific properties such as yield equity, economic neutrality, collection, costs, as well as transparency (Fso.arizona.edu). The following discussion establishes how the State of Arizona ensures that every component of the tax aforementioned fulfils the canons of taxations as listed above. Income tax Income tax is revenue collected by organizations or institutions concerned from employed persons. Income tax within the state of Arizona is progressive. This means a person will pay taxes depending on the amount of income (Fso.arizona.edu). An individual earning higher income is definitely going to pay higher amounts in form of taxes. From this perspective, it is clear that the canon of equity, yield, economic neutrality, and collection costs coupled with transparency are adhered to as per the requirements of taxation regulations and rules. For instance, the canon of convenience is attained when various employers deduct income tax directly from the gross salaries of their employees. In this case, the employee will receive net income after deduction of income taxes (Salanie 32). ...
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