Arkansas is a state located in the southern region of the United States of America. Arkansas shares a border with six states, with its eastern border largely defined by the Mississippi River. Its diverse geography ranges from the mountainous regions of the Ozarks and the Ouachita Mountains, which make up the U.S. Interior Highlands, to the eastern lowlands along the Mississippi River. The capital and most populous city is Little Rock, located in the central portion of the state.
The name Arkansas is a French pronunciation of a Quapaw word meaning "land of downriver people". The pronunciation "arkansaw" was made official by an act of the state legislature in 1881.
The Little Rock-North Little Rock-Pine Bluff Combined Statistical Area had 829,032 people in the 2006 census estimates and is the largest in Arkansas.
The United States imposes an income tax on individuals, corporations, trusts, and certain estates. This tax is imposed on the income event, such as the receipt of wages. Another example of an income event is the realization of a gain on the disposition of property; that is, the appreciation on the value of property is not taxed until that property is sold (i.e., when the gain is "realized").
The U.S. income tax was first proposed during the War of 1812, but was defeated. In July 1861, the Congress passed a 3% tax on all net income above $600 a year (about USD 10,000 today). Income taxes were enacted at various times until 1894, but were not imposed after 1895 after an 1894 tax act was found to be unconstitutional. In response, the 16th Amendment was ratified in 1913. Ratification has been unsuccessfully disputed by some tax protestors claiming, among other things, that slight errors in punctuation in the various instruments ratified by the several states invalidates the ratification. Tax protestors have also made other arguments about the validity of the U.S. income tax, without success.
The 2007 individual federal income tax rates are between 10% and 35%, depending on income and family status. People with relatively low incomes may pay no income tax, or may receive earned income tax credits (tax benefits); however, this does not include income based payroll taxes that fund Social Security and Medicare. The Center on Budget and Policy Priorities states that three-fourths of taxpayers pay more in payroll taxes than they do in income taxes. IRS data indicate that the wealthiest 5% of taxpayers (ranked by AGI) paid roughly 60% of all income taxes; the bottom 50% of taxpayers account for just 3% of income taxes paid.
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