U.S. and Egyptian Tax Law

Paper Summary:

Taxes are a necessary part of government policy, providing most of the revenue needed to make it run smoothly. A tax exemption is something that is free from taxation and is something that the government has either created for or allowed to be tax-free. Different countries have different policies regarding taxation and its components. This paper compares the Egyptian policy on certain tax exemptions to the United States' tax exemption code.

From the Paper:

"The United States also has an exemption for interest on special accounts. Most employers of larger companies now offer 401(K) plans or similar types of savings account. This type of account allows the employee to have a certain set amount of his gross income put into the account every pay period. The tax on his income is then figured using the remaining money, resulting in a lower taxable income. These accounts are meant as retirement income, the theory being that taxes will be levied on this money when the owner is in a lower tax bracket."

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