Build Recurring Income

In 2006 the top 2% paid 60% of all income taxes but earned only 30% of the income.

Shouldn't we lower their tax rate to make it more fair?

I am going to be receiving ongoing income from my grandfathers estate. I have been told that it is taxable because it is classified as income not an inheritance since it is income earned by the estate since his death. I an trying to get an idea of what tax rate I should expect to pay. I do not know yet exactly how much I will be receiving.

My after tax income (including bonus and interest income) is approximately US$325K per month. I am a professional and my job is relatively steady (been with the same company for more than 5 years). What percentage of my after tax income should I be saving (either for retirement or a rainy day)? Obviously, it is better to save as much as possible. But I guess I want to know what percentage is a prudent guideline. Thanks

What exactly is the income difference between those who are college graduates and those who only have a high school diploma?

I'm talking about the whole entire work force in America. What is the difference in income between those in the work force who have college degrees than those with only a high school diploma?

I am a US Citizens living abroad. I am in the process of filing tax return for 2008 for foreign earned income based on IRS' publication 54. Our earned income has already been taxed once by the country we live in.
I see that there are two ways to avoid double taxation on your income -the foreign earned income exclusion and the foreign tax credit.
Can somebody please explain the difference between the two and point out advantages to use one over another?

I am a US Citizens living abroad. I am in the process of filing tax return for 2008 for foreign earned income based on IRS' publication 54. Our earned income has already been taxed once by the country we live in.
I see that there are two ways to avoid double taxation on your income -the foreign earned income exclusion and the foreign tax credit.
Can somebody please explain the difference between the two and point out advantages to use one over another?

I didn't see it on the website. Is there an income guideline for number of people living in the house compaired to the income, if so what is it (where can I find it)? Thanks!~

I am a trustee of a complex trust as well as the primary beneficiary.
All income is distributed to the primary beneficiary annually.

I received a payment from the trust for reimbursement expenses and for payment of my time as trustee.
Is any or all of this taxable income to me?
Can the trust give me a gift up to $13,000 annually?
Is the reimbursement treated differently than the compensation for services?
Does it need to show on the K1?

Can the trust give a secondary beneficiary a gift without issuing a K1 to the secondary beneficiary?

Thank you. If you have any IRS sources that would be helpful.

A and B are partners. at the beginning of the current year, A's capital account is $30000, and B's is $50000. A and B decided to allocate income with 10% interest on capital balances at the beginning of the period and divide the balance equally. Net income for the current year is $80000. Each partner withdrew $150000 for personal use during the year. What is the amount of income that will be allocated to each partner?

So many of our founding fathers strongly oppose income tax.

Federal income tax and other income taxes wasn't introduced until the mid to late 1800's and in 1913. This is after all our founding fathers are gone or dead.

Any readings you recommend to find out why income tax was introduced?