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1775: The Continental Congress established the U.S, Postal system. The first Postmaster General was Benjamin Franklin. He created many of the aspects of mail that we know today, such as: rate charts based on weight and distance.
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A Plan: You can read and research business and investment topics extensively and then develop your own plan to becoming rich. Or, you can adopt an established plan of which there are many available to you. Let's consider three of your wealth options.
As I continued to watch the shellacking that afternoon, I couldn't stop thinking about Batter Nine's message. My first thoughts were of a March CBO report that I had read the previous week. The report estimated that our chronic unemployment mess would cause an additional 750,000 people to file for Social Security disability benefits. Beyond the normal numbers, three-quarters of a million people will permanently leave the workforce, claiming they've been hit by a disabling wild pitch that entitles them to freebies for the balance of their working days. My mind was off and running.
If your employer has a Flexible Spending Account or "cafeteria plan," consider signing up for this. It could reduce both your taxable income and the alternative minimum tax.
JR: A combination of people really. My parents, by exposing me to good music at a young age and being okay with the fact that I wanted to be a musician and never making me have to choose between doing music and doing something else. Also, the people that I've come up with. People in the neighborhood or community. They hear something and it's enough for them. I hate when people take music and critique it to the point that they have to find something wrong with it. No, it's that guy at the gas station, the Income Tax place, or the security guard at the mall, telling you they like your stuff the way it is. It makes you want to keep doing music. It's for those kind of people, that really appreciate it.
If your tax checklist liability is less than the $8,000 credit, you will get a check amounting to the difference. The credit is a dollar-for-dollar reduction in what you owe to the IRS. For example, if you owe $8,000 in Income taxes and receive an $8,000 tax credit, ultimately you would owe nothing to the IRS.
As a primer, the power to tax in the Commonwealth of Pennsylvania derives from the General Assembly. They decide what governments can impose what taxes.