Taxing Definitions

General Welfare Doctrine

Image source: www.wpclipart.com Under the broad wording of the US Internal Revenue code section 61, income you receive from almost any source is taxable, unless specifically excluded. Yet some payments received from the government can escape taxation under a narrow set of circumstances not found in the law. Known as the general welfare exclusion, this doctrine excludes certain government benefits…

Continue Reading

 ... Read This Post