document_title: Parotid gland

question_text: where does the parotid duct open in the mouth

text: Parotid gland

text: Structure[edit]

text: The parotid glands are a pair of mainly serous salivary glands located below and in front of each ear canal, draining their secretions into the vestibule of the mouth through the parotid duct.[1] Each gland lies behind the mandibular ramus and in front of the mastoid process of the temporal bone. The gland can be felt on either side, by feeling in front of each ear, along the cheek, and below the angle of the mandible.[2]

text: The parotid duct, a long excretory duct, emerges from the front of each gland, superficial to the masseter muscle. The duct pierces the buccinator muscle, then opens into the mouth on the inner surface of the cheek, usually opposite the maxillary second molar. The parotid papilla is a small elevation of tissue that marks the opening of the parotid duct on the inner surface of the cheek.[2]

text: The gland has four surfaces — superficial or lateral, superior, anteromedial, and posteromedial. The gland has three borders — anterior, medial, and posterior. The parotid gland has two ends — superior end in the form of small superior surface and an inferior end (apex).

text: A number of different structures pass through the gland. From lateral to medial, these are:

text:
Facial nerve
Retromandibular vein
External carotid artery
Superficial temporal artery
Branches of the great auricular nerve
Maxillary artery

text: Location[edit]

text:
Superficial or lateral relations: The gland is situated deep to the skin, superficial fascia, superficial lamina of investing layer of deep cervical fascia and great auricular nerve (anterior ramus of C2 and C3).
Anteromedial relations: The gland is situated posterolaterally to the mandibular ramus, masseter and medial pterygoid muscles. A part of the gland may extend between the ramus and medial pterygoid, as the pterygoid process. Branches of facial nerve and parotid duct emerge through this surface.
Posteromedial relations: The gland is situated anterolaterally to mastoid process of temporal bone with its attached sternocleidomastoid and digastric muscles, styloid process of temporal bone with its three attached muscles (stylohyoid, stylopharyngeus, and styloglossus) and carotid sheath with its contained neurovasculature (internal carotid artery, internal jugular vein, and 9th, 10th, 11th, and 12th cranial nerves).
Medial relations: The parotid gland comes into contact with the superior pharyngyeal constrictor muscle at the medial border, where the anteromedial and posteromedial surfaces meet. Hence, a need exists to examine the fauces in parotitis.

text: Blood supply[edit]

text: The external carotid artery and its terminal branches within the gland, namely, the superficial temporal and the Maxillary artery, supply the parotid gland. Venous return is to the retromandibular veins.

text: Lymphatic drainage[edit]

text: The gland is mainly drained into the preauricular or parotid lymph nodes which ultimately drain to the deep cervical chain.

text: Nerve supply[edit]

text: The parotid gland receives both sensory and autonomic innervation. General Sensory innervation to the parotid gland, its sheath, and the overlying skin is provided by the great auricular nerve. The autonomic innervation controls the rate of saliva production and is supplied by the glossopharyngeal nerve.[3] Postganglionic sympathetic fibers from superior cervical sympathetic ganglion reach the gland as periarterial nerve plexuses around the middle meningeal artery and their function is mainly vasoconstriction. The cell bodies of the preganglionic sympathetics usually lie in the lateral horns of upper thoracic spinal segments. Preganglionic parasympathetic fibers leave the brain stem from inferior salivatory nucleus in the glossopharyngeal nerve and then through its tympanic and then the lesser petrosal branch pass into the otic ganglion. There, they synapse with postganglionic fibers which reach the gland by hitch-hiking via the auriculotemporal nerve, a branch of the mandibular nerve.[4][5]:255

text: Histology[edit]

text: The gland has a capsule of its own of dense connective tissue, but is also provided with a false capsule by investing layer of deep cervical fascia. The fascia at the imaginary line between the angle of mandible and mastoid process splits into the superficial lamina and a deep lamina to enclose the gland. The risorius is a small muscle embedded with this capsule substance.

text: The gland has short, striated ducts and long, intercalated ducts.[6] The intercalated ducts are also numerous and lined with cuboidal epithelial cells, and have lumina larger than those of the acini. The striated ducts are also numerous and consist of simple columnar epithelium, having striations that represent the infolded basal cell membranes and mitochondria.[5]:273

text: Though the parotid gland is the largest, it provides only 25% of the total salivary volume. The serous cell predominates in the parotid, making the gland secrete a mainly serous secretory product.[6]

text: The parotid gland also secretes salivary alpha-amylase (sAA), which is the first step in the decomposition of starches during mastication. It is the main exocrine gland to secrete this. It breaks down amylose (straight chain starch) and amylopectin (branched starch) by hydrolyzing alpha 1,4 bonds. Additionally, the alpha amylase has been suggested to prevent bacterial attachment to oral surfaces and to enable bacterial clearance from the mouth.[7]

text: Development[edit]

text: The parotid salivary glands appear early in the sixth week of prenatal development and are the first major salivary glands formed. The epithelial buds of these glands are located on the inner part of the cheek, near the labial commissures of the primitive mouth (from ectodermal lining near angles of the stomodeum in the 1st/2nd pharyngeal arches; the stomodeum itself is created from the rupturing of the oropharyngeal membrane at about 26 days.[8]) These buds grow posteriorly toward the otic placodes of the ears and branch to form solid cords with rounded terminal ends near the developing facial nerve. Later, at around 10 weeks of prenatal development, these cords are canalized and form ducts, with the largest becoming the parotid duct for the parotid gland. The rounded terminal ends of the cords form the acini of the glands. Secretion by the parotid glands via the parotid duct begins at about 18 weeks of gestation. Again, the supporting connective tissue of the gland develops from the surrounding mesenchyme.[6]

text: Parotid Gland Swellings[edit]

text: Causes[edit]

text: Mumps[edit]

text: Mumps is seen to be a common cause of parotid gland swelling - 85% of cases occur in children younger than 15 years. The disease is highly contagious and spreads by airborne droplets from salivary, nasal, and urinary secretions.[9] Symptoms include oedema in the area, trismus as well as otalgia. The lesion tends to begin on one side of the face and eventually becomes bilateral.[9] The transmission of the paramyxovirus is by contact with the infected persons saliva.[9] Initial symptoms tend to be a headache and fever. Mumps is not fatal, however further complications can include swelling of the ovaries or the testes.[9] Diagnosis of mumps is confirmed through viral serology, management of the condition includes hydration and good oral hygiene of the patient [9] requiring excellent motivation. However, since the development of the mumps vaccine, given at the age of between 4–6 years, the incidence of this viral infection has greatly reduced. This vaccine has reduced the incidence by 99%.[9]

text: Neoplasms[edit]

text: Benign[edit]

text: Neoplastic lesions of the parotid salivary gland can either be benign or malignant. Within the parotid gland, nearly 80% of tumours are benign.[10] Benign lesions tend to be painless, asymptomatic and slow - growing. The most common salivary gland neoplasms in children are hemangiomas, lymphatic malformations, and pleomorphic adenomas.[9] Diagnosis of benign lesions require a fine -needle like aspiration biopsy.[9] With various benign lesions, most commonly the pleomorphic adenoma, there is a risk of developing malignancy over time.[9] As a result, these lesions are typically resected.

text: Pleomorphic adenoma is seen to be a common benign neoplasm of the salivary gland and has an overall incidence of 54-68%.[9] The Warthin tumour has a fewer incidence of 6-10%, this tumour is associated with smoking and is more common in older men.[9] Benign lesions of the parotid gland have a significantly higher incidence than malignant lesions.

text: Malignant[edit]

text: Malignant salivary gland lesions are rare. However, when a tumour extends to the submandibular, sublingual and the minor salivary glands, they tend to be malignant.[9] Distinguishing a malignant lesion from a benign one may be difficult as they both present as painless lesions.[9] A biopsy is crucial in aiding diagnosis. There are common signs that can highlight the presence of a malignant lesion. These include facial nerve weakness, rapid increase of the size of the lump as well as ulceration of the mucosa of the skin.[9]

text: Mucoepidermoid carcinoma is a common malignant tumour of the salivary glands and has a low incidence of 4-13%.[9] The Adenoid cystic carcinoma is also a common malignant salivary gland lesion and has an incidence of 4-8%. This carcinoma tends to invade nerves and can re-occur post - treatment.[9]

text: Polycystic Parotid Disease[edit]

text: A polycystic disease of the salivary gland is seen to be extremely rare and is seen to be independent of recurrent parotitis.[11] The cause is thought to be a defect in the interactions between activin, follistatin and TGF-β, leading to a developmental disorder of glandular tissue.[11]

text: Clinical significance[edit]

text: Parotitis[edit]

text: Inflammation of one or both parotid glands is known as parotitis. The most common cause of parotitis is mumps. Widespread vaccination against mumps has markedly reduced the incidence of mumps parotitis. The pain of mumps is due to the swelling of the gland within its fibrous capsule.[1]

text: Apart from viral infection, other infections, such as bacterial, can cause parotitis (acute suppurative parotitis or chronic parotitis). These infections may cause blockage of the duct by salivary duct calculi or external compression. Parotid gland swellings can also be due to benign lymphoepithelial lesions[clarification needed] caused by Mikulicz disease and Sjögren syndrome. Swelling of the parotid gland may also indicate the eating disorder bulimia nervosa, creating the look of a heavy jaw line. With the inflammation of mumps or obstruction of the ducts, increased levels of the salivary alpha amylase secreted by the parotid gland can be detected in the blood stream.

text: Fibrous reactions[edit]

text: Tuberculosis and syphilis can cause granuloma formation in the parotid glands.

text: Salivary stones[edit]

text: Salivary stones mainly occur within the main confluence of the ducts and within the main parotid duct. The patient usually complains of intense pain when salivating and tends to avoid foods which produce this symptom. In addition, the parotid gland may become enlarged upon trying to eat. The pain can be reproduced in clinic by squirting lemon juice into the mouth. Surgery depends upon the site of the stone: if within the anterior aspect of the duct, a simple incision into the buccal mucosa with sphinterotomy[clarification needed] may allow removal; however, if situated more posteriorly[clarification needed] within the main duct, complete gland excision may be necessary.

text: Injury[edit]

text: The parotid salivary gland can also be pierced and the facial nerve temporarily traumatized when an inferior alveolar local anesthesia nerve block is incorrectly administered, causing transient facial paralysis.[2]

text: Cancer and tumours[edit]

text: About 80% of tumors of the parotid gland are benign.[12] The most common of these include pleomorphic adenoma (70% of tumors,[12] affecting predominantly females (60%[12])) and Warthin tumor (i.e. adenolymphoma) more in males than in females. Their importance is in relation to their anatomical position and tendency to grow over time. The tumorous growth can also change the consistency of the gland and cause facial pain on the involved side.[2]

text: Around 20% of parotid tumors are malignant, with the most common tumors being mucoepidermoid carcinoma and adenoid cystic carcinoma. Other malignant tumors of the parotid gland include acinic cell carcinoma, carcinoma expleomorphic adenoma, adenocarcinoma (arising from ductal epithelium of parotid gland), squamous cell carcinoma (arising from parenchyma of parotid gland), and undifferentiated carcinoma. Metastasis from other sites like phyllodes tumour of breast presenting as parotid swelling have also been described.[13] Critically, the relationship of the tumor to the branches of the facial nerve (CN VII) must be defined because resection may damage the nerves, resulting in paralysis of the muscles of facial expression.

text: Surgery[edit]

text: Surgical treatment of parotid gland tumors is sometimes difficult because of the anatomical relations of the facial nerve parotid lodge, as well as the increased potential for postoperative relapse. Thus, detection of early stages of a parotid tumor is extremely important in terms of postoperative prognosis.[12] Operative technique is laborious, because of relapses and incomplete previous treatment made in other border specialties.[12]

text: After surgical removal of the parotid gland (Parotidectomy), the auriculotemporal nerve is liable to damage and upon recovery it fuses with sweat glands. This can cause sweating on the cheek on the side of the face of the affected gland. This condition is known as Frey's syndrome.[14]

text: Infections[edit]

text: Bacterial infections[edit]

text: Acute bacterial parotitis[edit]

text: Commonly caused by a retrograde bacterial infection as a result of illness, sepsis, trauma, surgery, reduced salivary flow due to medications, diabetes, malnutrition and dehydration. Classically symptoms of painful swelling in the parotid region when eating seen. Management is based upon antibacterials, rehydration combined with gentle massage to encourage salivary flow.[15]

text: Chronic bacterial parotitis[edit]

text: A latent infection despite clinical resolution of the disease resulting in impaired function. Histologically glandular duct dilation, abscess formation and atrophy may be seen. Parotid secretions are viscous. Disease course shows pain and swelling, waxing and waning. Radiographic screening should be undertaken to rule out sialolith. Management with palliative care with parotidectomy as a last resort.[15]

text: Viral infections[edit]

text: Mumps[edit]

text: Acute non-suppurative disease that often occurs in epidemics. Prevented by MMR vaccine. Caused by paramyxovirus that is transmitted by infected saliva and urine. A prodromal period of 24 – 28hrs is experienced, followed by rapid and painful swelling of the parotid gland. Treatment is supportive (bedrest, hydration) as spontaneous resolution occurs within 5 – 10 days.[15]

text: HIV / AIDS[edit]

text: Diffuse gland enlargement is seen, and may affect patients throughout all stages of the infection. Lymphoepithelial cysts[16] seen via imaging help aid diagnosis. Pathogenic process occurs due to circulating CD8 lymphocytes within the salivary gland. Medical management via use of antiretrovirals, excellent oral hygiene measures and sialogogues.[15]

text: Autoimmune related[edit]

text: Systemic lupus erythematosus[edit]

text: Most commonly seen in fourth and fifth decades in women, and can affect any salivary gland. Presentation is a slowly enlarging gland, with diagnosis made by identification of the underlying systemic disorder and measurements of salivary chemical levels. Sodium and chloride ion levels will be elevated two or three times normal levels. Treatment is by addressing the underlying systemic condition.[15]

text: Sarcoidosis[edit]

text: Sarcoidosis is a chronic systemic disease characterised by the production of non-caseating granulomas of unknown aetiology. It can affect any organ of the body, depressing cellular immunity and enhancing humoral immunity.

text: Salivary gland involvement primarily involves the parotid gland, causing enlargement and swelling. Salivary gland biopsy with histopathologic examination is needed to make the distinction between whether Sjoren’s syndrome or Sarcoidosis is the cause of this.[15]

text: Sjoren's syndrome[edit]

text: Salivary gland enlargement occurs in up to 30% of patients with Sjoren’s syndrome, with the parotid gland being most often enlarged, and bilateral parotid gland enlargement seen in 25-60% of patients. However, the parotid glands have a longer-lasting secretory capacity in Sjoren’s syndrome patient and therefore are the last glands to manifest hyposalivation in the disease. Histopathology shows clustering of lymphocytic infiltrates and epimyoepithelial islands.[15]

text: Mycobacterial infection[edit]

text: The most common head and neck manifestation of tuberculosis mycobacterial disease is infection of cervical lymph nodes. The infection is thought to originate in the tonsils or gingiva, ascending to the parotid gland. Two clinical forms; acute and chronic lesions. Acute lesions have diffuse glandular edema, easily confused with acute sialdentitis or abscess. The chronic lesions occur as slow growing masses mimicking tumors.[15]

text: Examination of the Salivary Gland[edit]

text: Ensure you take a detailed history a patient with obvious swelling, or a patient who is complaining of pain/discomfort in the area of the parotid.

text: History and Examination[edit]

text: A patient with parotid swelling may complain of swelling, pain, xerostomia, bad taste and sometimes sialorrhoea.[17]

text: The most common presenting symptom of neoplasms (both benign and malignant) is an asymptomatic swelling. Pain is more common in patients with parotid cancer (10-29% feel pain) than those with benign neoplasms (only 2.5-4%),[17] but pain itself it not diagnostic of malignancy.

text: Episodic swelling of major salivary glands accompanied by pain and related to salivary stimuli suggests duct obstruction.

text: Also need to assess the facial nerve. The facial nerve passes through the parotid so may be affected if there is a change in the parotid gland. Facial nerve paralysis in a previously untreated patient usually indicates that a tumour is malignant.[17]

text: Physical Examination[edit]

text: The superficial location of the salivary glands allows palpation and visual inspection. The inspection must be systematic, both intraorally and extraorally, so no area is missed.

text: For extraoral examination the patients head should be inclined forwards in order to maximally expose the parotid and submandibular glands. A normal parotid gland is barely palpable and a normal sublingual gland is not palpable.[17]

text: Intra-oral examination should include observations for asymmetry, discolouration, pulsation and obstructions in the duct orifices. Swelling of the deep lobe of the parotid gland may be seen intra-orally, and may also displace the tonsil. The minor salivary glands should be examined. The labial, buccal and posterior palatal mucosa should be dried with an air blower or tissue and pressed to assess the flow of saliva.[17]

text: Salivary Testing[edit]

text: Salivary stimulation

text: This can be done by palpating the parotid gland, thus stimulating it. Assess to see whether there is saliva flowing from the parotid papilla.

text: Sialography

text:
Sialograms can identify changes in salivary gland architecture and are useful in the evaluation of major gland swellings
It involves the instillation of a radio-opaque fluid into the major gland ductal system. This outlines the major and minor ductal systems, and also gives an outline of the glandular tissue
For example, sialadenitis creates an appearance known as “pruning of the tree”[18] on a sialogram, where there are less branches visible from the duct system. Also, a space occupying lesion that occurs within or adjacent to a salivary gland can displace the normal anatomy of the gland. This may create an appearance known as “ball in hand”[18] on a sialogram, where the ducts are curved around the mass of the lesion.

text: Sialochemistry

text: The composition of saliva changes in disease states, and analysis of saliva for enzymes, electrolytes, hormones, drugs and immunisation status can be performed.

text: Radioisotope scintigraphy

text: Gives an objective measure of isotope uptake and excretion using a gamma scintillation camera. After about 20 minutes, a salivary stimulant will be given to promote salivary flow through the gland.[19] They are used to assess patients with persistent symptoms of dry mouth and also to evaluate salivary gland swelling due to infection, inflammation or obstruction.[20]

text: Further Tests[edit]

text:
Imagining techniques

Ultrasounds, CT Scans or MRIs can aid with disease localisation

Sialoendoscopy

A camera is inserted into the duct of a salivary gland to assess blockages

Biopsy

This can be done by fine needle aspiration biopsy, which provides an opportunity to obtain information about the histology of a salivary tumour prior to initiation of treatment.[17]

text: Additional images[edit]

text:
Parotid gland (incorrect muscle name)

Mandibular division of the trigeminal nerve(5th Cranial Nerve)


document_title: Traditions and anecdotes associated with the Stanley Cup

question_text: who ate cereal out of the stanley cup

question_tokens: who ate cereal out of the stanley cup

root

text: Traditions[edit]

text: Drinking[edit]

text: One of the oldest traditions, started by the 1896 Winnipeg Victorias, dictates that the winning team drink champagne from the top bowl after their victory.[3]

tag: p

text: On-ice presentation[edit]

text: Another tradition is the on-ice presentation of the Cup to the captain of the winning team after the series-winning victory, and the subsequent carrying of the trophy around the rink by each member of the victorious club. This has not always been the case—prior to the 1930s, the Cup was not awarded immediately after the victory. Possibly the first time that the Cup was awarded on the ice was to the 1932 Toronto Maple Leafs, but the practice did not become an annual tradition until the 1950s.[3]

text: Captain hoisting the cup[edit]

text: Ted Lindsay of the 1950 Cup champion Detroit Red Wings became the first player (Sid Abel was captain of Red Wings in 1950), upon receiving the Cup, to hoist it overhead and skate around the rink. Since then, it has been a tradition to have the captain of the winning team take a lap around the ice with the trophy hoisted above his head. There are a few exceptions:

text: In what would be Wayne Gretzky's final Cup win and final game as a member of the Edmonton Oilers, he gathered his teammates, coaches, trainers, and others from the Oilers organization to join at centre ice for an impromptu team photo with the trophy. This tradition has been continued by every subsequent Stanley Cup champion.[4]

text: The 1993 Stanley Cup was won by the Montreal Canadiens. As Gary Bettman presented the Cup to Canadiens' captain Guy Carbonneau, Carbonneau waved to Denis Savard to come join him. Savard, who had played 10 seasons for the Chicago Blackhawks before being traded to Montreal in 1990-91 (the Blackhawks had since been to a Stanley Cup Final in 1992), had not played in a Cup Final in his career. Carbonneau let Savard hoist the Cup in his place.[5]

text: The 1998 Stanley Cup was won by the defending champions Detroit Red Wings. The previous year, several days after their first Stanley Cup in 42 years, Vladimir Konstantinov had been paralyzed in an automobile accident that also paralyzed team masseur Sergei Mnatsakanov. As Bettman gave the cup to Red Wings' captain Steve Yzerman, he hoisted it before putting it on Konstantinov's lap and helping him parade with the cup.[3]

text: The 2001 Stanley Cup was won by the Colorado Avalanche. Until requesting a trade on March 6, 2000, Ray Bourque had played his entire career with the Boston Bruins. The seventh game of the 2001 Finals was the last of Bourque's 22-year NHL career. Though Bourque reached the Stanley Cup Finals twice with the Bruins in 1988 and 1990, the Bruins fell both times to the Edmonton Oilers, and Bourque had never been on a Cup-winning team until joining the Avalanche. When captain Joe Sakic received the trophy, he did not hoist it, but instead immediately handed it to Bourque for him to hoist. Sakic then followed Bourque in hoisting the trophy.[6]

text: Touching the Cup[edit]

text: Another tradition (or rather superstition) that is prevalent among today's NHL players is that no player should touch the Cup itself until his team has rightfully won the Cup.[7] Adding to this superstition is some players' choice to neither touch nor hoist the conference trophies (Clarence S. Campbell Bowl and Prince of Wales Trophy) when these series have been won; the players feel that the Stanley Cup is the true championship trophy, and only it should be hoisted.[8]

text: New York Islanders captain Denis Potvin hoisted the Wales Trophy during the 1982 and 1983 playoffs en route to the club successfully defending the Cup each time, sweeping the Vancouver Canucks in 1982 and the Edmonton Oilers in 1983. During the Islanders' first two runs to the Cup, no conference championship trophy was presented during the playoffs; instead, the Wales Trophy and the Campbell Bowl were awarded to the teams with the best regular season records in the respective conferences (the Islanders won the Campbell Bowl in 1980-81).

text: However, in 1994, Stephane Matteau, then of the New York Rangers, admitted that he tapped the Wales Trophy with his stick's blade before the overtime period in Game 7 of the Eastern Conference Finals.[9] Matteau subsequently scored the game-winning goal in double overtime against the New Jersey Devils. Following the game, Mark Messier, the captain of the Rangers, picked up and raised the Wales Trophy after it was awarded to the team.[10] After winning the Western Conference, Vancouver Canucks captain Trevor Linden lifted the Campbell trophy.[11] The Rangers prevailed over the Canucks in a seven-game series to win the Cup.

text: Scott Stevens and Martin Brodeur hoisted the Wales trophy as well in 2000, after the New Jersey Devils came back from a 3-1 series deficit to defeat the Philadelphia Flyers in seven games; the Devils would go on to defeat the Dallas Stars (who touched but did not lift the Campbell Bowl)[12] in the Stanley Cup Finals. Stevens also lifted the Wales trophy en route to the Devils' 1995 and 2003 Stanley Cup wins. In 2002 the Carolina Hurricanes hoisted the Wales Trophy after they won their conference title;[13] the Hurricanes lost their Finals series with the Detroit Red Wings four games to one. Steve Yzerman, captain of the Red Wings during their 1997, 1998, and 2002 Stanley Cup victories, picked up the Campbell Bowl prior to that year's final.

text: The superstition held true in 2004, as Jarome Iginla of the Calgary Flames grabbed the Campbell Bowl, but Dave Andreychuk of the Tampa Bay Lightning refused to touch the Wales Trophy; the Lightning won the Stanley Cup in seven games. In 2007, Daniel Alfredsson and Wade Redden of the Ottawa Senators touched and picked up the Wales Trophy, respectively, but Anaheim Ducks captain Scott Niedermayer never came close to the Campbell Bowl; the Ducks won the Stanley Cup in five games.

text: In 2008, neither the Pittsburgh Penguins' Sidney Crosby nor the Red Wings' Nicklas Lidstrom touched their respective conference trophies; the Red Wings won the Stanley Cup that year. The following year, however, Crosby decided to touch the Wales Trophy, and the Penguins went on to win the Stanley Cup. They did the same thing again in winning the 2016 and 2017 Stanley Cups; conversely, the San Jose Sharks' Joe Pavelski stayed true to the general tradition and did not touch the Campbell Bowl. Pittsburgh then went on to defeat San Jose in six games to win the Cup. The same occurred to the Nashville Predators when captain Mike Fisher refused to touch the Campbell Bowl one year later. [14] One possible reason for Crosby lifting the trophy is that the Penguins have had good luck winning the Stanley Cup after lifting the Wales trophy; this was evident when Mario Lemieux lifted the Wales en route to the Penguins' 1991 and 1992 Cup wins.

text: In 2010, Philadelphia Flyers captain Mike Richards picked up the Wales Trophy, while Chicago Blackhawks captain Jonathan Toews did not touch the Campbell Bowl. The Blackhawks went on to defeat the Flyers in six games for the 2010 Stanley Cup. Subsequently between 2011 and 2015, none of the Stanley Cup finalists touched either the Campbell or the Wales trophies. The 2012 Los Angeles Kings, after defeating the Phoenix Coyotes in five games, went so far as leaving the Campbell Bowl in Phoenix. Instead Tim Leiweke, President and CEO of Anschutz Entertainment Group (the parent of the LA Kings), drove the trophy in his car trunk from Phoenix to Los Angeles and showed it to the 10 000+ fans that waited at LAX Airport to show their support to their Stanley Cup finalists, who went on to win the Stanley Cup. This was in marked contrast to 1993, when the Kings had defeated the Toronto Maple Leafs in seven games to reach their first Final, where Wayne Gretzky and the team celebrated with the Campbell Bowl, and during the Finals trophy was unveiled before the start of Game Three (the Kings lost the series in five games, including three overtime losses).[15]

text: In 2018, both conference champions, the Vegas Golden Knights and Washington Capitals, picked up the Campbell Bowl and Prince of Wales Trophy, respectively, marking the first time since 2002 both conference championship trophies were skated. Deryk Engelland accepted the Campbell Bowl for the Golden Knights, becoming the first player to pick up the trophy on the ice since Iginla 14 years earlier.

text: Adventures[edit]

text: The most recognized trophy in professional sports in the USA and Canada, the Cup has logged more than 640,000 kilometres (400,000 mi) during the past five seasons alone.[16][17]

text: Players' day with cup[edit]

text: Players have unofficially had a private day with the Cup, a tradition that started with the New Jersey Devils in 1995 wherein each member of the Cup-winning team is allowed personal possession of the Cup for a day. It is always accompanied by at least one representative from the Hockey Hall of Fame.[18] The tradition became subject of an ESPN marketing campaign which showed players using the Cup: Ken Daneyko ate cereal out of it, Derian Hatcher used it as a cooler at a party, and Brett Hull locked himself out of his vehicle with the Cup inside while out shopping with Mike Modano. Victors of the Cup have used it to baptize their children.[19][20] Clark Gillies of the New York Islanders allowed his dog to eat out of the Cup.[21] Dustin Brown of the Los Angeles Kings had his two older boys drink chocolate milk out of the cup.

text: Europe[edit]

text:
The Cup first left North America in 1996 when it went to Sweden with Peter Forsberg; he took it to Stockholm as well as to his hometown Örnsköldsvik.[22]
In Russia, it has been to Red Square and a soccer game at Luzhniki Stadium in Moscow,[2] and to a monument near Yekaterinburg marking the geographic boundary between Europe and Asia.[7] It went west to Kiev, Ukraine, for the first time with Tampa Bay Game-7 hero Ruslan Fedotenko; Carolina Hurricanes defenceman Anton Babchuk returned with it, again to Kiev.[23] After 114 years, the Cup made a trip in April 2006 back to London, where it was originally made. A plaque was placed at the site of the store where Lord Stanley purchased the Cup.[24] In 2007, the Cup went to Helsinki, Finland, with Anaheim Ducks forward Teemu Selänne. Tomas Holmström took the trophy to his hometown Piteå in Sweden in the summer of 2008. He used the trophy as a baptismal font for his niece, and also as a serving dish for pitepalt.[19][20] Boston Bruins captain Zdeno Chára took the Cup to Slovakia after winning it in 2011. In 2012, Anže Kopitar took the Cup to his home country of Slovenia and hoisted it atop Bled Castle after the Los Angeles Kings won that year.

text: North America[edit]

text: The Stanley Cup went to Port Dover, Ontario, with Jassen Culimore when the Tampa Bay Lightning won the cup. He was the fourth NHLer to take the cup to this small hockey town on the shore of Lake Erie.[25] It went to Simcoe, Ontario with Rob Blake when the Colorado Avalanche won the cup. A parade was held in his honor, and a private party was thrown for family and friends. Assistant Coach Colin Campbell took it to his hometown Tillsonburg, Ontario after the New York Rangers won in 1994. Daniel Cleary took the Cup to his hometown of Harbour Grace, Newfoundland.  As the first Newfoundlander to win the Cup, he attracted an estimated crowd of 27,000 to the tiny community of just over 3,000.  The Cup went to the top of Fisher Peak, near Cranbrook,[26] British Columbia and the top of Mt. Elbert in Colorado. Brad Richards from Murray Harbour, Prince Edward Island took the Stanley Cup out on a fishing boat after the Tampa Bay Lightning won the cup. It went to an Aboriginal Métis Nation Settlement, and it went to an igloo in Rankin Inlet.[2] It served as the engagement ring bearer for the Tampa Bay Lightning's André Roy while in a helicopter flown by Guy Lafleur.[27]

text: The Cup has experienced Los Angeles celebrity glamour, having been taken on a roller coaster ride at Universal Studios Hollywood, being taken to the Hollywood Sign by Luc Robitaille. It also took part in the 2008 Rose Bowl Parade as part of Anaheim city's float, accompanied by player Brad May as his Ducks team were the current reigning champions.[28]

text: It was also a White House guest of Ronald Reagan,[29] George H. W. Bush, Bill Clinton, George W. Bush,[30], Barack Obama, and Donald Trump, and it is currently a tradition of the U.S. president to invite the NHL champion if the team is from an American city. It is a similar tradition for the Prime Minister of Canada to invite the winners, if it is a Canadian team that wins, to Ottawa (however, no Canadian team has won the Cup since the Montreal Canadiens in 1993). The Cup has appeared on Corner Gas, the Late Show with David Letterman, Meet the Press with Tim Russert, Late Night with Conan O'Brien, The Tonight Show with Jay Leno, and The Tonight Show with Jimmy Fallon.[2] It has served as the baptismal font for Sylvain Lefebvre's daughter.[2]

text: The Cup has even gained experience as an "actor".  It has appeared in several scenes of the long-running soap opera Guiding Light.[31] It also appeared on Boston Legal where William Shatner knocked it off a balcony, and on the 30 Rock episode "Subway Hero".  It also appeared on Chicago Fire along with the Keeper of the Cup, Phil Pritchard.

text: On a humanitarian note, the Cup visited wounded United States Marines at Camp Lejeune with Glen Wesley after his Carolina Hurricanes won the Cup in 2006.[32]

text: After the Chicago Blackhawks win in 2010 the Cup appeared in the 2010 Chicago Gay Pride Parade, with team representative defenceman Brent Sopel. Sopel appeared to honor his friend, Toronto Maple Leafs general manager Brian Burke, Burke's late son, Brendan and the Burkes' example of family support and tolerance.[33]

text: During decommissioning of the Space Shuttle Atlantis, the Cup visited the orbiter's flight deck after being taken to Florida.  Jeremy Jacobs, the owner of the 2011 NHL champion Boston Bruins, took the Cup to Florida for employees involved in the decommissioning to view and photograph.[34]

text: On May 7, 2016, the morning of the Kentucky Derby, the NHL brought the Cup to Churchill Downs in Louisville, Kentucky for a photo session with race favorite Nyquist, named after Detroit Red Wings player Gustav Nyquist.[35] Nyquist would go on to win the Derby.[36]

text: Afghanistan[edit]

text: On May 2, 2007, the Stanley Cup arrived in Kandahar on a Canadian Forces C-130 Hercules transport aircraft. Seventeen former players played a ball hockey game versus Canadian soldiers on a concrete rink in the Afghan desert.[37][38]

text: Misadventures[edit]

text: The Cup has also been mistreated, misplaced, or otherwise misused on numerous occasions. In 1905, a member of the Ottawa Senators tried to drop kick the Cup across the Rideau Canal. The attempt failed, and the Cup was not retrieved until the next day; luckily the canal was still frozen over.[39] In 1906, weeks after members of the Montreal Wanderers left it at a photographer's studio, officials learned that the photographer's mother was using the Cup to plant geraniums.[39] In 1907, a Kenora Thistles team manager threatened to throw the Cup into the Lake of the Woods in a dispute over the eligibility of two Thistles players.[40]

text: In 1924, members of the Montreal Canadiens, en route to celebrate their win at owner Leo Dandurand's home, left it by the road after repairing a flat tire. The Cup was recovered exactly where they left it.[39] In 1925, Lynn and Muzz Patrick, the sons of Victoria Cougars manager-coach Lester Patrick, discovered the Cup in the basement of their home, and scratched their names on it with a nail.[41] In 1940, their names were properly engraved on it as members of the champion New York Rangers. They also urinated in the Cup with teammates.[40]

text: During the 1940–41 NHL season, the mortgage on Madison Square Garden was paid. The management publicly celebrated by burning the mortgage in the Cup. Some fans claimed this act "desecrated" the Cup, leading to the Curse of 1940, which allegedly caused the Rangers to wait 54 years for another win.[42]

text: In 1957, Maurice "Rocket" Richard chipped both of his front teeth while drinking from the Stanley Cup.

text: In the Chicago Stadium, in the spring of 1961, the Montreal Canadiens were losing the final game of a Playoff series to the Chicago Blackhawks. A Montreal fan (Ken Kilander) in the stands was upset, so he left his seat, ran down to the front lobby and broke into the glass showcase where the Stanley Cup was on display. He grabbed the Cup, hoisted it over his shoulders and made for the exit before he was arrested. In court, he explained his behaviour to the judge: "Your Honor, I was simply bringing the Cup back to Montreal where it belongs."[43]

text: In 1962, the Toronto Maple Leafs won the Stanley Cup. During a party after the win, the trophy was dropped in a bonfire and badly damaged. It was repaired at the expense of the team.

text: In 1964, Red Kelly of the Toronto Maple Leafs posed for a photo with his infant son sitting in the Cup, only to find the child had urinated in it. Kelly was quoted years later as saying it has always since made him laugh to see players drinking out of the Cup.[44]

text: Clark Gillies of the New York Islanders filled the Cup with dog food and let his dog eat out of it.

text: The New York Islanders' Bryan Trottier admitted to sleeping with the Cup (as have, apparently, dozens of players).[39]

text: In 1987, the Edmonton Oilers' Mark Messier took it to his favourite club in his hometown of St. Albert, Alberta, and let fans drink out of it. It wound up slightly bent in various places for unknown reasons. It was repaired at a local automotive shop, and shipped back to the Hockey Hall of Fame.[40]

text: The 1991 Pittsburgh Penguins and 1993 Montreal Canadiens decided to test its buoyancy by tossing it into Mario Lemieux's and Patrick Roy's respective pools ("The Stanley Cup"—noted then–Canadiens captain Guy Carbonneau—"does not float.").[39] Dominik Hašek had his visit with the Cup cut short for doing the same.[45]

text: After the parade in their honor in 1994, members of the New York Rangers, including Mike Richter, took the cup to McSorley's Old Ale House, locked the doors, and for 45 minutes allowed the patrons to hoist it above their heads and drink McSorley's Dark and Light out of it.  The New York Post reported the next day that the cup was taken back by the league for "repairs" to its base.  Later, several New York Rangers took the Cup to Belmont Park, filled it with oats, and let Kentucky Derby winner Go for Gin eat out of it.[39]

text: The 1999 Dallas Stars' Stanley Cup party was hosted at the house of Stars defenceman Craig Ludwig and Pantera drummer Vinnie Paul. At the party, Stars forward Guy Carbonneau (apparently having forgotten the Cup's lack of buoyancy from his 1993 adventures) allegedly attempted to throw the Cup from the upstairs deck into the house's Crown Royal shaped pool below. The Cup caught the lip of the pool, producing a large dent.[46] Mike Bolt, one of the "Keepers of the Cup" for the NHL, stated that this never happened. "What happened was that one of the players was posing with it next to the pool when someone pushed him into the water, and it went in with him. It was in the water maybe two seconds," Bolt said. "It was a real good party from what I understand." The trophy was dented the previous day, when a player dropped it during a locker room celebration, Bolt said.[47]

text: In 1999 and 2003, the cup made a trip to Joe Nieuwendyk's alma mater, Cornell University, both times visiting a local college bar.[48] In 2003, Martin Brodeur ate popcorn out of the Cup. It had butter stains and salt damage for the next eight days before Jamie Langenbrunner cleaned it. In 2003, the Cup was slated to make its first-ever visit to Slovakia with New Jersey Devils' Jiri Bicek, but was left behind in Canada; it was on the next flight out of Toronto.[49] Finally, on August 22, 2004, Walter Neubrand, keeper of the Cup, boarded a plane to Fort St. John, British Columbia, to deliver it to Tampa Bay Lightning head scout Jake Goertzen. However, Air Canada officials at Vancouver International Airport removed it before takeoff because of weight restrictions. The Cup spent the night in the luggage area, 1,200 kilometres (750 mi) away. It was flown to Fort St. John the following day.[25]

text: In 2007, a photoshoot on the set of the NBC television series Heroes showed actors Milo Ventimiglia and Hayden Panettiere "goofing off" with the cup, including worshiping, walking with, and Hayden licking and kissing the trophy.[50]

text: Also, in May 2007, the cup made it to the set of ABC's Boston Legal, a series written and created by former college hockey player David E. Kelley.  In the Episode "Duck and Cover", Denny Crane pulls some strings to get his hands on the Cup for a day.  While on loan, he takes it up to his office where he decides to engrave his name on it, noting that, "They'll never notice.  It's got so many dings on it already."  That evening, he takes it to his penthouse office patio where he decides to drink scotch out of it with Alan Shore.  After they take turns drinking out of the Cup, Denny sets it on the balcony ledge in preparation for taking pictures with it, but accidentally knocks it over.  With a long, speechless pause, they watch the Cup tumble off the balcony to land on the street below.  And with a loud, graceless metallic 'clunk', Alan comments, "That will leave a significant ding!" [51]

text: On June 7, 2007, after the Anaheim Ducks won the Cup, captain Scott Niedermayer brought the trophy to the set in Los Angeles of Jim Rome is Burning. While the Cup was on set, the associate producer of JRIB, Travis Rodgers, hoisted and posed with the Cup. The images were then posted on Jim Rome's website,[52] which upset many Canadians, who called Rome's radio show on June 8 to complain that Rodgers had disrespected the Cup. Don Cherry called into the program to defend Rodgers, stating his belief that he did not disrespect the Cup at all.

text: On June 6, 2008, after the Red Wings' Stanley Cup Parade, the Stanley Cup was pushed off a table at Chris Chelios' Chili Bar in Detroit, Michigan and received a dent, which was later smoothed out.[53]  After the 2008 NHL Awards, it was revealed that the damage was more extensive than originally realized.[54]

text: A week after the same Detroit team won the Cup, Kris Draper's newborn daughter defecated in the Cup as she sat in it. The Cup was thoroughly cleaned and Draper reportedly drank from it that same day.[55]

text: On October 9, 2008, Def Leppard's Joe Elliott placed the Cup upside down on a pedestal on the stage during one of their NHL Face-Off Rocks segments at the Fox Theater in Detroit.[56]  Red Wings defenseman Chris Chelios claimed the musician disgraced the Cup on purpose.[57] Shortly after the incident, an article on Def Leppard's website appeared with Elliott claiming that every other sports cup he had ever seen before then was smaller at its base than at the top, so he thought this cup was no different.[58]

text: On June 17, 2010 the Chicago Tribune swabbed the Cup for germs. A lab tech for EMSL Analytical stated no staph, salmonella or E. coli were found and the general bacteria count was 4% of what is typically found on an office desk.[59]  On April 21, 2011, it was traveling in Quebec City when its vehicle broke down forcing keeper of the Cup Mike Bolt to hitchhike with the Cup.[60]

text: On August 30, 2011 during Michael Ryder's day with the cup, it fell off a table at a media event in St. John's, Newfoundland and Labrador.  This was just prior to the Cup's departure to Ryder's home town of Bonavista, Newfoundland and Labrador.[61]


document_title: List of stock exchange trading hours

question_text: what time does the stock market close eastern time

text: List of stock exchange trading hours

text: This list of times needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (January 2013) (Learn how and when to remove this template message)

tag: table

text: The following is a list of opening and closing times for stock and futures exchanges worldwide. It includes a partial list of stock exchanges and the corresponding times the exchange opens and closes, along with the time zone within which the exchange is located

text:
World exchanges[notes 1]

Time zone[notes 2]

Local time

UTC[notes 3]

Name

ID

Country

City

Zone

Δ

DST

Open

Close

Lunch

Open

Close

Lunch

 New Zealand Stock Market

NZSX

New Zealand

Wellington

NZST

+12

Sep–Apr

10:00

16:45

No

22:00

05:00

No

 Australian Securities Exchange

ASX

Australia

Sydney

AEST

+10

Oct–Apr

10:00

16:00

No

00:00

06:00

No

 Tokyo Stock Exchange

TSE

Japan

Tokyo

JST

+9

09:00

15:00[1]

11:30–12:30

00:00

06:00

02:30–03:30

 Korea Stock Exchange

KRX

South Korea

Busan & Seoul

KST

+9

09:00

15:30

No

00:00

06:00

No

 Bursa Malaysia

MYX

Malaysia

Kuala Lumpur

MYT

+8

09:00

17:00

12:30–14:30

01:00

09:00

04:30–06:30

 Singapore Exchange

SGX

Singapore

Singapore

SGT

+8

09:00

17:00

12:00–13:00[2]

01:00

09:00

Yes

 Taiwan Stock Exchange

TWSE

Taiwan (Republic of China)

Taipei

CST

+8

09:00

13:30

No

01:00

05:30

No

 Hong Kong Futures Exchange

HKFE

Hong Kong

Hong Kong

HKT

+8

09:15

16:00

12:00–13:00

01:15

08:00

04:00–05:00

 Hong Kong Stock Exchange

HKEX

Hong Kong

Hong Kong

HKT

+8

09:30[3]

16:00

12:00–13:00

01:30

08:00

04:00–05:00

 Shanghai Stock Exchange

SSE

China

Shanghai

CST

+8

09:30

15:00[notes 4]

11:30–13:00

01:30

07:00

03:30–05:00

 Shenzhen Stock Exchange

SZSE

China

Shenzhen

CST

+8

09:30

15:00[notes 4]

11:30–13:00

01:30

07:00

03:30–05:00

 Philippine Stock Exchange

PSE

Philippines

Manila

PHT

+8

09:30

15:30

12:00–13:30

01:30

07:30

04:00–05:30

 Indonesia Stock Exchange

IDX

Indonesia

Jakarta

WIB

+7

09:00

16:00

12:00-13:30 (Mon-Thu) 11:30-14:00 (Fri)

02:00

09:00

05:00-06:30 (Mon-Thu) 04:30-07:00 (Fri)

 Hochiminh Stock Exchange

HOSE

Vietnam

Hochiminh

ICT

+7

09:00

14:45

11:30–13:00

02:00

07:45

04:30–06:00

 Hanoi Stock Exchange

HNX

Vietnam

Hanoi

ICT

+7

09:00

14:45

11:30–13:00

02:00

07:45

04:30–06:00

 Stock Exchange of Thailand

SET

Thailand

Bangkok

ICT

+7

10:00

16:30

12:30–14:30

03:00

09:30

05:30–07:30

 Chittagong Stock Exchange

CSE

Bangladesh

Chittagong

BST

+6

10:30

14:30

No

04:30

08:30

No

 Dhaka Stock Exchange

DSE

Bangladesh

Dhaka

BST

+6

10:30

14:30

No

04:30

08:30

No

 Bombay Stock Exchange[4]

BSE

India

Mumbai

IST

+5.5

09:15

15:30

No

03:45

10:00

No

 National Stock Exchange of India[5]

NSE

India

Mumbai

IST

+5.5

09:15

15:30

No

03:45

10:00

No

 Colombo Stock Exchange

CSE

Sri Lanka

Colombo

SLST

+5.5

09:30

14:30

No

04:00

09:00

No

 Pakistan Stock Exchange

PSX

Pakistan

Karachi

PKT

+5

09:30

15:30

No

04:30

10:30

No

 Tehran Stock Exchange

TSE

Iran

Tehran

IRST

+3.5

09:00

12:30

No

05:30

09:00

No

Dar es Salaam Stock Exchange

DSE

Tanzania

Dar es Salaam

EAT

+3

08:00

17:00

No

05:00

14:00

No

 Moscow Exchange

MOEX

Russia

Moscow

MSK

+3

10:00

18:45

No

07:00

15:45

No

 Saudi Stock Exchange

TADAWUL

Saudi Arabia

Riyadh

AST

+3

10:00

15:00

No

07:00

12:00

No

 Nairobi Securities Exchange

NSE

Kenya

Nairobi

UTC

+3

09:30

15:00

No

06:30

12:00

No

 Helsinki Stock Exchange

OMX

Finland

Helsinki

EET

+2

Mar–Oct

10:00

18:30

No

08:00

16:30

No

 Ukrainian Exchange

UX

Ukraine

Kiev

EET

+2

Mar–Oct

10:00

17:30

No

08:00

15:30

No

 Riga Stock Exchange

OMXR

Latvia

Riga

EET

+2

Mar–Oct

10:00

16:00

No

08:00

14:00

No

 Tallinn Stock Exchange

OMXT

Estonia

Tallinn

EET

+2

Mar–Oct

10:00

16:00

No

08:00

14:00

No

 NASDAQ OMX Vilnius

OMXV

Lithuania

Vilnius

EET

+2

Mar–Oct

10:00

16:00

No

08:00

14:00

No

 Amman Stock Exchange

ASE

Jordan

Amman

EET

+2

Mar–Oct

10:00

12:00

No

08:00

10:00

No

 Tel Aviv Stock Exchange

TASE

Israel

Tel Aviv

IST

+2

Mar–Oct

09:00

17:30

No

07:00

15:30

No

 Beirut Stock Exchange

BSE

Lebanon

Beirut

EET

+2

Mar–Oct

09:30

12:30

No

07:30

10:30

No

 Johannesburg Stock Exchange

JSE

South Africa

Johannesburg

SAST

+2

09:00

17:00

No

07:00

15:00

No

 Borsa Istanbul

ISE

Turkey

Istanbul

TRT

+3

10:00

18:00[6][7]

13:00–14:00

09:00

16:00

11:00–12:00

 Frankfurt Stock Exchange (Xetra)

FSX

Germany

Frankfurt

CET

+1

Mar–Oct

08:00

20:00[notes 5]

No

07:00

19:00

No

 Eurex Exchange

EUREX

Germany

Eschborn

CET

+1

Mar–Oct

08:00

22:00

No

07:00

21:00

No

 Warsaw Stock Exchange

GPW

Poland

Warsaw

CET

+1

Mar–Oct

09:00

17:00[8]

No

08:00

16:00

No

 Wiener Börse AG

VSE

Austria

Vienna

CET

+1

Mar–Oct

08:55

17:35

No

07:55

16:35

No

 Budapest Stock Exchange

BSE

Hungary

Budapest

CET

+1

Mar–Oct

09:00

17:00[9]

No

08:00

16:00

No

 Euronext Paris

EPA

France

Paris

CET

+1

Mar–Oct

09:00

17:30

No

08:00

16:30

No

 Casablanca Stock Exchange

CSE

Maroc

Casablanca

CET

+0

Mar–Oct

08:10

15:55

No

08:10

15:55

No

 Swiss Exchange

SIX

Switzerland

Zurich

CET

+1

Mar–Oct

09:00

17:30

No

08:00

16:30

No

 Berne eXchange

BX

Switzerland

Berne

CET

+1

Mar–Oct

09:00

16:30

No

08:00

15:30

No

 Spanish Stock Exchange

BME

Spain

Madrid

CET

+1

Mar–Oct

09:00

17:30

No

08:00

16:30

No

 Milan Stock Exchange

MTA

Italy

Milan

CET

+1

Mar–Oct

09:00

17:35

No

08:00

16:35

No

 Euronext Amsterdam

AMS

Netherlands

Amsterdam

CET

+1

Mar–Oct

09:00

17:40

No

08:00

16:40

No

 Luxembourg Stock Exchange

LuxSE

Luxembourg

Luxembourg City

CET

+1

Mar–Oct

09:00

17:35

No

08:00

16:35

No

 Stockholm Stock Exchange

OMX

Sweden

Stockholm

CET

+1

Mar–Oct

09:00

17:30

No

08:00

16:30

No

 Oslo Stock Exchange

OSE

Norway

Oslo

CET

+1

Mar–Oct

09:00

16:30

No

08:00

15:30

No

 Copenhagen Stock Exchange

CSE

Denmark

Copenhagen

CET

+1

Mar–Oct

09:00

17:00

No

08:00

16:00

No

 Malta Stock Exchange

MSE

Malta

Valletta

CET

+1

Mar–Oct

09:30

12:30[10]

No

08:30

11:30

No

 Nigerian Stock Exchange

NSE

Nigeria

Lagos

WAT

+1

10:00

16:00

No

09:00

15:00

No

 London Stock Exchange

LSE

United Kingdom

London

GMT

+0

Mar–Oct

08:00

16:30

No

08:00

16:30

No

 Euronext Lisbon

PSI

Portugal

Lisbon

GMT

08:00

16:30

No

08:00

16:30

No

 Irish Stock Exchange

ISE

Ireland

Dublin

GMT

+0

Mar–Oct

08:00

16:30

No

08:00

16:30

No

 Bolsa de Valores de São Paulo

Bovespa

Brazil

São Paulo

BRT

−3

Oct–Feb

10:00

17:30

No

13:00

20:00

No

 Buenos Aires Stock Exchange

BCBA

Argentina

Buenos Aires

ART

−3

11:00

17:00

No

14:00

20:00

No

 New York Stock Exchange

NYSE

United States

New York

EST

−5

Mar–Nov

09:30

16:00[11]

No

14:30

21:00

No

 NASDAQ

NASDAQ

United States

New York

EST

−5

Mar–Nov

09:30

16:00[12]

No

14:30

21:00

No

 Toronto Stock Exchange

TSX

Canada

Toronto

EST

−5

Mar–Nov

09:30

16:00

No

14:30

21:00

No

 Mexican Stock Exchange

BMV

Mexico

Mexico City

CST

−6

Apr–Oct

08:30

15:00

No

14:30

21:00

No

 Jamaica Stock Exchange

JSE

Jamaica

Kingston

EST

−5

09:00

13:00[13]

No

14:00

17:00

No

text: Notes[edit]

text:
Jump up ^ Sorted by 1) UTC Open, 2) Time zone, and 3) market cap, starting with the first exchange to open Monday morning.

Jump up ^ Time zones subdivided into 3 columns: 1) Zone=time zone acronym, 2) Δ=standard time differential from UTC in hours + hyperlink to current local time, and 3) DST=approximate time frame (start-end) that daylight saving time is in effect.

Jump up ^ UTC times (which are the same as GMT) will fluctuate for each exchange based on changes resulting from daylight saving time.

^ Jump up to: a b Chinese stock market opening and closing hours are subjective to market performance. End of 2014 trading hours dropped to ~ 5 mins on some days.

Jump up ^ FSX Trading Hours: Automatic Xetra trading runs from 09:00 to 17:30(CET) with closing auction from 17:30-17:35, floor brokers' trading times are from 8:00 to 20:00(CET).

tag: ol


document_title: History of taxation in the United States

question_text: when did we start paying federal income tax

question_tokens: when did we start paying federal income tax

text: History of taxation in the United States

text: Colonial taxation[edit]

text: Taxes were low at the local, colonial and imperial levels throughout the colonial era.[1]  The issue that led to the Revolution was whether parliament had the right to impose taxes on the Americans when they were not represented in parliament.

text: Stamp Act[edit]

text: The Stamp Act of 1765 was the fourth Stamp Act to be passed by the Parliament of Great Britain and required all legal documents, permits, commercial contracts, newspapers, wills, pamphlets, and playing cards in the American colonies to carry a tax stamp. It was enacted on November 1, 1765, with the scope of defraying the cost of maintaining the military presence protecting the colonies. Americans rose up in strong protest, arguing in terms of "No Taxation without Representation". Boycotts forced Britain to repeal the stamp tax, while convincing many British leaders it was essential to tax the colonists on something in order to demonstrate the sovereignty of Parliament.

text: Townshend Revenue Act[edit]

text: The Townshend Revenue Act were two tax laws passed by Parliament in 1767; they were proposed by Charles Townshend, Chancellor of the Exchequer. They placed a tax on common products imported into the American Colonies, such as lead, paper, paint, glass, and tea. In contrast to the Stamp Act of 1765, the laws were not a direct tax that people paid daily, but a tax on imports that was collected from the ship's captain when he unloaded the cargo. The Townshend Acts also created three new admiralty courts to try Americans who ignored the laws.[2]

text: Sugar Act 1764[edit]

text: The tax on sugar, cloth and coffee. These were non-British exports.

text: Tea Act of 1773[edit]

text: The Tea Act of 1773 received the royal assent on May 10, 1773. This act was a "drawback on duties and tariffs" on tea. The act was designed to undercut tea smugglers to the benefit of the East India Company.

text: Boston Tea Party[edit]

text: The Boston Tea Party was an act of protest by the American colonists against Great Britain for the Tea Act in which they dumped many chests of tea into Boston Harbor. The cuts to taxation on tea undermined American smugglers, who destroyed the tea in retaliation for its exemption from taxes.  Britain reacted harshly, and the conflict escalated to war in 1775.

text: Capitation tax[edit]

text: This section needs expansion. You can help by adding to it. (May 2008)

text: An assessment levied by the government upon a person at a fixed rate regardless of income or worth.

text: Tariff[edit]

text: Income for federal government[edit]

text: Tariffs have played different roles in trade policy and the economic history of the United States.  Tariffs were the largest source of federal revenue from the 1790s to the eve of World War I, until it was surpassed by income taxes. Since the revenue from the tariff was considered essential and easy to collect at the major ports, it was agreed the nation should have a tariff for revenue purposes.[3][4]

text: Protectionism[edit]

text: Another role the tariff played was in the protection of local industry; it was the political dimension of the tariff. From the 1790s to the present day, the tariff (and closely related issues such as import quotas and trade treaties) generated enormous political stresses.  These stresses lead to the Nullification crisis during the 19th century, and the creation of the World Trade Organization.

text: Origins of protectionism[edit]

text: When Alexander Hamilton was the United States Secretary of the Treasury he issued the Report on Manufactures, which reasoned that applying tariffs in moderation, in addition to raising revenue to fund the federal government, would also encourage domestic manufacturing and growth of the economy by applying the funds raised in part towards subsidies (called bounties in his time) to manufacturers. The main purposes sought by Hamilton through the tariff were to: (1) protect American infant industry for a short term until it could compete; (2) raise revenue to pay the expenses of government; (3) raise revenue to directly support manufacturing through bounties (subsidies).[5]  This resulted in the passage of three tariffs by Congress, the Tariff of 1789, the Tariff of 1790, and the Tariff of 1792 which progressively increased tariffs.

text: Sectionalism[edit]

text: Tariffs contributed to sectionalism between the North and the South.  The Tariff of 1824 increased tariffs in order to protect American industry in the face of cheaper imported commodities such as iron products, wool and cotton textiles, and agricultural goods from England. This tariff was the first in which the sectional interests of the North and the South truly came into conflict because the South advocated lower tariffs in order to take advantage of tariff reciprocity from England and other countries that purchased raw agricultural materials from the South.[citation needed]

text: The Tariff of 1828, also known as the Tariff of Abominations, and the Tariff of 1832 accelerated sectionalism between the North and the South.  For a brief moment in 1832, South Carolina made vague threats to leave the Union over the tariff issue.[6]  In 1833, to ease North-South relations, Congress lowered the tariffs.[6] In the 1850s, the South gained greater influence over tariff policy and made subsequent reductions.[7]

text: In 1861, just prior to the Civil War, Congress enacted the Morrill Tariff, which applied high rates and inaugurated a period of relatively continuous trade protection in the United States that lasted until the Underwood Tariff of 1913. The schedule of the Morrill Tariff and its two successor bills were retained long after the end of the Civil War.[8]

text: Early 20th century protectionism[edit]

text: In 1921, Congress sought to protect local agriculture as opposed to industry by passing the Emergency Tariff, which increased rates on wheat, sugar, meat, wool and other agricultural products brought into the United States from foreign nations, which provided protection for domestic producers of those items.

text: However, one year later Congress passed another tariff, the Fordney-McCumber Tariff, which applied the scientific tariff and the American Selling Price. The purpose of the scientific tariff was to equalize production costs among countries so that no country could undercut the prices charged by American companies.[9] The difference of production costs was calculated by the Tariff Commission.  A second novelty was the American Selling Price. This allowed the president to calculate the duty based on the price of the American price of a good, not the imported good.[9]

text: During the outbreak of the Great Depression in 1930, Congress raised tariffs via the Smoot-Hawley Tariff Act on over 20,000 imported goods to record levels, and, in the opinion of most economists, worsened the Great Depression by causing other countries to reciprocate thereby plunging American imports and exports by more than half.[citation needed]

text: Era of GATT and WTO[edit]

text: In 1948, the US signed the General Agreement on Tariffs and Trade (GATT), which reduced tariff barriers and other quantitative restrictions and subsidies on trade through a series of agreements.

text: In 1993, the GATT was updated (GATT 1994) to include new obligations upon its signatories.  One of the most significant changes was the creation of the World Trade Organization (WTO).  Whereas GATT was a set of rules agreed upon by nations, the WTO is an institutional body.  The WTO expanded its scope from traded goods to trade within the service sector and intellectual property rights. Although it was designed to serve multilateral agreements, during several rounds of GATT negotiations (particularly the Tokyo Round) plurilateral agreements created selective trading and caused fragmentation among members.  WTO arrangements are generally a multilateral agreement settlement mechanism of GATT.[10]

text: Excise tax[edit]

text: Federal excise taxes are applied to specific items such as motor fuels, tires, telephone usage, tobacco products, and alcoholic beverages. Excise taxes are often, but not always, allocated to special funds related to the object or activity taxed.

text: During the presidency of George Washington, Alexander Hamilton proposed a tax on distilled spirits to fund his policy of assuming the war debt of the American Revolution for those states which had failed to pay.  After a vigorous debate, the House decided by a vote of 35-21 to approve legislation imposing a seven-cent-per-gallon excise tax on whiskey.  This marks the first time in American history that Congress voted to tax an American product; this led to the Whiskey Rebellion.

text: Income tax[edit]

text: The history of income taxation in the United States began in the 19th century with the imposition of income taxes to fund war efforts. However, the constitutionality of income taxation was widely held in doubt [Pollock v. Farmers' Loan & Trust Company, 157 U.S. 429 (1895)] "[11] until 1913 with the ratification of the 16th Amendment.

text: Legal foundations[edit]

text: Article I, Section 8, Clause 1 of the United States Constitution assigns Congress the power to impose "Taxes, Duties, Imposts and Excises," but Article I, Section 8 requires that, "Duties, Imposts and Excises shall be uniform throughout the United States."[12]

text: In addition, the Constitution specifically limited Congress' ability to impose direct taxes, by requiring it to distribute direct taxes in proportion to each state's census population. It was thought that head taxes and property taxes (slaves could be taxed as either or both) were likely to be abused, and that they bore no relation to the activities in which the federal government had a legitimate interest. The fourth clause of section 9 therefore specifies that, "No Capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or enumeration herein before directed to be taken."

text: Taxation was also the subject of Federalist No. 33 penned secretly by the Federalist Alexander Hamilton under the pseudonym Publius. In it, he explains that the wording of the "Necessary and Proper" clause should serve as guidelines for the legislation of laws regarding taxation. The legislative branch is to be the judge, but any abuse of those powers of judging can be overturned by the people, whether as states or as a larger group.

text: What seemed to be a straightforward limitation on the power of the legislature based on the subject of the tax proved inexact and unclear when applied to an income tax, which can be arguably viewed either as a direct or an indirect tax. The courts have generally held that direct taxes are limited to taxes on people (variously called "capitation", "poll tax" or "head tax") and property.[13] All other taxes are commonly referred to as "indirect taxes".[14]

text: Pre-16th Amendment[edit]

text: In order to help pay for its war effort in the American Civil War, Congress imposed its first personal income tax in 1861.[15] It was part of the Revenue Act of 1861 (3% of all incomes over US $800; rescinded in 1872). Congress also enacted the Revenue Act of 1862, which levied a 3% tax on incomes above $600, rising to 5% for incomes above $10,000. Rates were raised in 1864. This income tax was repealed in 1872.

text: A new income tax statute was enacted as part of the 1894 Tariff Act.[16][17] At that time, the United States Constitution specified that Congress could impose a "direct" tax only if the law apportioned that tax among the states according to each state's census population.[18]

text: In 1895, the United States Supreme Court ruled, in Pollock v. Farmers' Loan & Trust Co., that taxes on rents from real estate, on interest income from personal property and other income from personal property (which includes dividend income) were direct taxes on property and therefore had to be apportioned. Since apportionment of income taxes is impractical, the Pollock rulings had the effect of prohibiting a federal tax on income from property. Due to the political difficulties of taxing individual wages without taxing income from property, a federal income tax was impractical from the time of the Pollock decision until the time of ratification of the Sixteenth Amendment (below).

text: 16th Amendment[edit]

text: In response to the Supreme Court decision in the Pollock case, Congress proposed the Sixteenth Amendment, which was ratified in 1913,[19] and which states:

text: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.

text: The Supreme Court in Brushaber v. Union Pacific Railroad, 240 U.S. 1 (1916), indicated that the Sixteenth Amendment did not expand the federal government's existing power to tax income (meaning profit or gain from any source) but rather removed the possibility of classifying an income tax as a direct tax on the basis of the source of the income. The Amendment removed the need for the income tax on interest, dividends and rents to be apportioned among the states on the basis of population. Income taxes are required, however, to abide by the law of geographical uniformity.

text: Congress enacted an income tax in October 1913 as part of the Revenue Act of 1913, levying a 1% tax on net personal incomes above $3,000, with a 6% surtax on incomes above $500,000. By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000, equivalent of 15,300,000 in 2012 dollars[20]) to finance World War I. The average rate for the rich however, was only 15%.[21] The top marginal tax rate was reduced to 58% in 1922, to 25% in 1925 and finally to 24% in 1929. In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased, reaching 94% (on all income over $200,000, equivalent of 2,500,000 in 2012 dollars[22])in 1945. During World War II, Congress introduced payroll withholding and quarterly tax payments.[23]

text: Tax rate reductions[edit]

text: Following World War II tax increases, top marginal individual tax rates stayed near or above 90%, and the effective tax rate at 70% for the highest incomes (few paid the top rate), until 1964 when the top marginal tax rate was lowered to 70%. Kennedy explicitly called for a top rate of 65 percent, but added that it should be set at 70 percent if certain deductions weren't phased out at the top of the income scale.[24][25][26] The top marginal tax rate was lowered to 50% in 1982 and eventually to 28% in 1988. It slowly increased to 39.6% in 2000, then was reduced to 35% for the period 2003 through 2012.[23] Corporate tax rates were lowered from 48% to 46% in 1981 (PL 97-34), then to 34% in 1986 (PL 99-514), and increased to 35% in 1993.

text: Timothy Noah, senior editor of the New Republic, argues that while Ronald Reagan made massive reductions in the nominal marginal income tax rates with his Tax Reform Act of 1986, this reform did not make a similarly massive reduction in the effective tax rate on the higher marginal incomes. Noah writes in his ten part series entitled "The Great Divergence," that in 1979, the effective tax rate on the top 0.01 percent of taxpayers was 42.9 percent, according to the Congressional Budget Office, but that by Reagan's last year in office it was 32.2%. This effective rate on high incomes held steadily until the first few years of the Clinton presidency when it increased to a peak high of 41%. However, it fell back down to the low 30s by his second term in the White House. This percentage reduction in the effective marginal income tax rate for the wealthiest Americans, 9%, is not a very large decrease in their tax burden, according to Noah, especially in comparison to the 20% drop in nominal rates from 1980 to 1981 and the 15% drop in nominal rates from 1986 to 1987. In addition to this small reduction on the income taxes of the wealthiest taxpayers in America, Noah discovered that the effective income tax burden for the bottom 20% of wage earners was 8% in 1979 and dropped to 6.4% under the Clinton Administration. This effective rate further dropped under the George W. Bush Administration. Under Bush, the rate decreased from 6.4% to 4.3%. Looking at the simple math, reductions in the effective income tax burden on the poor coinciding with modest reductions in the effective income tax rate on the wealthiest 0.01% of tax payers could not alone have been the direct cause of increased income inequality that began in the 1980s.[27] These figures also correspond to an analysis of effective tax rates from 1979–2005 by the Congressional Budget Office.[28]

text: Development of the modern income tax[edit]

text: Congress re-adopted the income tax in 1913, levying a 1% tax on net personal incomes above $3,000, with a 6% surtax on incomes above $500,000. By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000) to finance World War I. The top marginal tax rate was reduced to 58% in 1922, to 25% in 1925, and finally to 24% in 1929. In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased.

text: During World War II, Congress introduced payroll withholding and quarterly tax payments. In pursuit of equality (rather than revenue) President Franklin D. Roosevelt proposed a 100% tax on all incomes over $25,000.[30][31] When Congress did not enact that proposal, Roosevelt issued an executive order attempting to achieve a similar result through a salary cap on certain salaries in connection with contracts between the private sector and the federal government.[32][33][34] For tax years 1944 through 1951, the highest marginal tax rate for individuals was 91%, increasing to 92% for 1952 and 1953, and reverting to 91% for tax years 1954 through 1963.[35]

text: For the 1964 tax year, the top marginal tax rate for individuals was lowered to 77%, and then to 70% for tax years 1965 through 1981. In 1978 income brackets were adjusted for inflation, so fewer people were taxed at high rates.[36] The top marginal tax rate was lowered to 50% for tax years 1982 through 1986.[37] Reagan undid 40% of his 1981 tax cut, in 1983 he hiked gas and payroll taxes, and in 1984 he raised tax revenue by closing loopholes for businesses.[38] According to historian and domestic policy adviser Bruce Bartlett, Reagan's 12 tax increases over the course of his presidency took back half of the 1981 tax cut.[39]

text: For tax year 1987, the highest marginal tax rate was 38.5% for individuals.[40] It was lowered to 28% in revenue neutral fashion, eliminating many loopholes and shelters, along with in corporate taxes, (with a 33% "bubble rate") for tax years 1988 through 1990.[41][42] Ultimately, the combination of base broadening and rate reduction raised revenue equal to about 4% of existing tax revenue[43]

text: For the 1991 and 1992 tax years, the top marginal rate was increased to 31% in a budget deal President George H. W. Bush made with the Congress.[44]

text: In 1993 the Clinton administration proposed and the Congress accepted (with no Republican support) an increase in the top marginal rate to 39.6% for the 1993 tax year, where it remained through tax year 2000.[45]

text: In 2001, President George W. Bush proposed and the Congress accepted an eventual lowering of the top marginal rate to 35%. However, this was done in stages: with a highest marginal rate of 39.1% for 2001, then 38.6% for 2002 and finally 35% for years 2003 through 2010.[46] This measure had a sunset provision and was scheduled to expire for the 2011 tax year, when rates would have returned to those adopted during the Clinton years unless Congress changed the law;[47] Congress did so by passing the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, signed by President Barack Obama on December 17, 2010.

text: At first the income tax was incrementally expanded by the Congress of the United States, and then inflation automatically raised most persons into tax brackets formerly reserved for the wealthy until income tax brackets were adjusted for inflation. Income tax now applies to almost two-thirds of the population.[48] The lowest earning workers, especially those with dependents, pay no income taxes as a group and actually get a small subsidy from the federal government because of child credits and the Earned Income Tax Credit.[citation needed]

text: While the government was originally funded via tariffs upon imported goods, tariffs now represent only a minor portion of federal revenues. Non-tax fees are generated to recompense agencies for services or to fill specific trust funds such as the fee placed upon airline tickets for airport expansion and air traffic control. Often the receipts intended to be placed in "trust" funds are used for other purposes, with the government posting an IOU ('I owe you') in the form of a federal bond or other accounting instrument, then spending the money on unrelated current expenditures.

text: Net long-term capital gains as well as certain types of qualified dividend income are taxed preferentially. The federal government collects several specific taxes in addition to the general income tax. Social Security and Medicare are large social support programs which are funded by taxes on personal earned income (see below).

text: Treatment of "income"[edit]

text: Tax statutes passed after the ratification of the Sixteenth Amendment in 1913 are sometimes referred to as the "modern" tax statutes. Hundreds of Congressional acts have been passed since 1913, as well as several codifications (i.e., topical reorganizations) of the statutes (see Codification).

text: The modern interpretation of the Sixteenth Amendment taxation power can be found in Commissioner v. Glenshaw Glass Co. 348 U.S. 426 (1955). In that case, a taxpayer had received an award of punitive damages from a competitor, and sought to avoid paying taxes on that award. The U.S. Supreme Court observed that Congress, in imposing the income tax, had defined income to include:

text: gains, profits, and income derived from salaries, wages, or compensation for personal service . . . of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income derived from any source whatever.[49]

text: The Court held that "this language was used by Congress to exert in this field the full measure of its taxing power", id., and that "the Court has given a liberal construction to this broad phraseology in recognition of the intention of Congress to tax all gains except those specifically exempted."[50]

text: The Court then enunciated what is now understood by Congress and the Courts to be the definition of taxable income, "instances of undeniable accessions to wealth, clearly realized, and over which the taxpayers have complete dominion." Id. at 431. The defendant in that case suggested that a 1954 rewording of the tax code had limited the income that could be taxed, a position which the Court rejected, stating:

text: The definition of gross income has been simplified, but no effect upon its present broad scope was intended. Certainly punitive damages cannot reasonably be classified as gifts, nor do they come under any other exemption provision in the Code. We would do violence to the plain meaning of the statute and restrict a clear legislative attempt to bring the taxing power to bear upon all receipts constitutionally taxable were we to say that the payments in question here are not gross income.[51]

text: In Conner v. United States,[52] a couple had lost their home to a fire, and had received compensation for their loss from the insurance company, partly in the form of hotel costs reimbursed. The U.S. District Court acknowledged the authority of the IRS to assess taxes on all forms of payment, but did not permit taxation on the compensation provided by the insurance company, because unlike a wage or a sale of goods at a profit, this was not a gain. As the court noted, "Congress has taxed income, not compensation".[53] By contrast, at least two Federal courts of appeals have indicated that Congress may constitutionally tax an item as "income," regardless of whether that item is in fact income. See Penn Mutual Indemnity Co. v. Commissioner[54] and Murphy v. Internal Revenue Serv.[55]

text: Estate and gift tax[edit]

text: The origins of the estate and gift tax occurred during the rise of the state inheritance tax in the late 19th century and the progressive era.

text: In the 1880s and 1890s many states passed inheritance taxes, which taxed the donees on the receipt of their inheritance.  While many objected to the application of an inheritance tax, some including Andrew Carnegie and John D. Rockefeller supported increases in the taxation of inheritance.[56]

text: At the beginning of the 20th century President Theodore Roosevelt advocated the application of a progressive inheritance tax on the federal level.[57]

text: In 1916, Congress adopted the present federal estate tax, which instead of taxing the wealth that a donee inherited as occurred in the state inheritance taxes it taxed the wealth of a donor's estate upon transfer.

text: Later, Congress passed the Revenue Act of 1924, which imposed the gift tax, a tax on gifts given by the donor.

text: In 1948 Congress allowed marital deductions for the estate and the gift tax. In 1981, Congress expanded this deduction to an unlimited amount for gifts between spouses.[58]

text: Today, the estate tax is a tax imposed on the transfer of the "taxable estate" of a deceased person, whether such property is transferred via a will or according to the state laws of intestacy. The estate tax is one part of the Unified Gift and Estate Tax system in the United States. The other part of the system, the gift tax, imposes a tax on transfers of property during a person's life; the gift tax prevents avoidance of the estate tax should a person want to give away his/her estate just before dying.

text: In addition to the federal government, many states also impose an estate tax, with the state version called either an estate tax or an inheritance tax. Since the 1990s, the term "death tax" has been widely used by those who want to eliminate the estate tax, because the terminology used in discussing a political issue affects popular opinion.[59]

text: If an asset is left to a spouse or a charitable organization, the tax usually does not apply. The tax is imposed on other transfers of property made as an incident of the death of the owner, such as a transfer of property from an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries.

text: Payroll tax[edit]

text: Prior to the Great Depression, the following economic problems were considered great hazards to working-class Americans:

text:
The U.S. had no federal-government-mandated retirement savings; consequently, for many workers (those who could not afford both to save for retirement and to pay for living expenses), the end of their work careers was the end of all income.
Similarly, the U.S. had no federal-government-mandated disability income insurance to provide for citizens disabled by injuries (of any kind—work-related or non-work-related); consequently, for most people, a disabling injury meant no more income if they had not saved enough money to prepare for such an event (since most people have little to no income except earned income from work).
In addition, there was no federal-government-mandated disability income insurance to provide for people unable to ever work during their lives, such as anyone born with severe mental retardation.
Finally, the U.S. had no federal-government-mandated health insurance for the elderly; consequently, for many workers (those who could not afford both to save for retirement and to pay for living expenses), the end of their work careers was the end of their ability to pay for medical care.

tag: ul

text: Creation[edit]

text: In the 1930s, the New Deal introduced Social Security to rectify the first three problems (retirement, injury-induced disability, or congenital disability). It introduced the FICA tax as the means to pay for Social Security.

text: In the 1960s, Medicare was introduced to rectify the fourth problem (health care for the elderly). The FICA tax was increased in order to pay for this expense.

text: Development[edit]

text: President Franklin D. Roosevelt introduced the Social Security (FICA) Program. FICA began with voluntary participation, participants would have to pay 1% of the first $1,400 of their annual incomes into the Program, the money the participants elected to put into the Program would be deductible from their income for tax purposes each year, the money the participants put into the independent "Trust Fund" rather than into the General operating fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other Government program, and, the annuity payments to the retirees would never be taxed as income.[citation needed]

text: During the Lyndon B. Johnson administration Social Security moved from the trust fund to the general fund.[citation needed]  Participants may not have an income tax deduction for Social Security withholding.[citation needed]  Immigrants became eligible for Social Security benefits during the Carter administration.[citation needed]  During the Reagan administration Social Security annuities became taxable.[60]

text: Alternative minimum tax[edit]

text: The alternative minimum tax (AMT) was introduced by the Tax Reform Act of 1969,[61] and became operative in 1970. It was intended to target 155 high-income households that had been eligible for so many tax benefits that they owed little or no income tax under the tax code of the time.[62]

text: In recent years, the AMT has been under increased attention. With the Tax Reform Act of 1986, the AMT was broadened and refocused on home owners in high tax states. Because the AMT is not indexed to inflation and recent tax cuts,[62][63] an increasing number of middle-income taxpayers have been finding themselves subject to this tax.

text: In 2006, the IRS's National Taxpayer Advocate's report highlighted the AMT as the single most serious problem with the tax code. The advocate noted that the AMT punishes taxpayers for having children or living in a high-tax state, and that the complexity of the AMT leads to most taxpayers who owe AMT not realizing it until preparing their returns or being notified by the IRS. [2]

text: Capital gains tax[edit]

text: The origins of the income tax on gains from capital assets did not distinguish capital gains from ordinary income.  From 1913 to 1921, income from capital gains were taxed at ordinary rates, initially up to a maximum rate of 7 percent.[64]

text: Congress began to distinguish the taxation of capital gains from the taxation of ordinary income according to the holding period of the asset with the Revenue Act of 1921, allowed a tax rate of 12.5 percent gain for assets held at least two years.[64]

text: In addition to different tax rates depending on holding period, Congress began excluding certain percentages of capital gains depending on holding period.  From 1934 to 1941, taxpayers could exclude percentages of gains that varied with the holding period: 20, 40, 60, and 70 percent of gains were excluded on assets held 1, 2, 5, and 10 years, respectively.[64]  Beginning in 1942, taxpayers could exclude 50 percent of capital gains from income on assets held at least six months or elect a 25 percent alternative tax rate if their ordinary tax rate exceeded 50 percent.[64]

text: Capital gains tax rates were significantly increased in the 1969 and 1976 Tax Reform Acts.[64]

text: The 1970s and 1980s saw a period of oscillating capital gains tax rates.  In 1978, Congress reduced capital gains tax rates by eliminating the minimum tax on excluded gains and increasing the exclusion to 60 percent, thereby reducing the maximum rate to 28 percent.[64]  The 1981 tax rate reductions further reduced capital gains rates to a maximum of 20 percent.

text: Later in the 1980s Congress began increasing the capital gains tax rate and repealing the exclusion of capital gains.  The Tax Reform Act of 1986 repealed the exclusion from income that provided for tax-exemption of long term capital gains, raising the maximum rate to 28 percent (33 percent for taxpayers subject to phaseouts).[64] When the top ordinary tax rates were increased by the 1990 and 1993 budget acts, an alternative tax rate of 28 percent was provided.[64] Effective tax rates exceeded 28 percent for many high-income taxpayers, however, because of interactions with other tax provisions.[64]

text: The end of the 1990s and the beginning of the present century heralded major reductions in taxing the income from gains on capital assets.  Lower rates for 18-month and five-year assets were adopted in 1997 with the Taxpayer Relief Act of 1997.[64] In 2001, President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act of 2001, into law as part of a $1.35 trillion tax cut program.

text: Corporate tax[edit]

text: The United States' corporate tax rate was at its highest, 52.8 percent, in 1968 and 1969. The top rate was hiked last in 1993 to 35 percent.[65]  Under the "Tax Cuts and Jobs Act" of 2017, the rate adjusted to 21 percent.


document_title: List of countries by military expenditures

question_text: who spends the most money on military in the world

text: List

text:
List by the Stockholm International Peace Research Institute
2017 Fact Sheet (for 2016)[1]
SIPRI Military Expenditure Database[3]
List by the International Institute for Strategic Studies
Top 15 Defence Budgets 2015[4]

Rank
Country
Spending
($ Bn.)
 % of GDP

World total
1,686
2.2

01
 United States
611.2
3.3

02
 China[a]
215.7
1.9

03
 Russia
69.2
5.3

04
 Saudi Arabia[a][b]
63.7
10

05
 India
55.9
2.5

06
 France
55.7
2.3

07
 United Kingdom
48.3
1.9

08
 Japan
46.1
1.0

09
 Germany
41.1
1.2

10
 South Korea
36.8
2.7

11
 Italy
27.9
1.5

12
 Australia
24.3
2.0

13
 Brazil
22.8
1.3

14
 United Arab Emirates[c]
22.8
5.7

15
 Israel
17.8
5.8

16
 Canada
15.5
1.0

17
 Spain
14.9
1.2

18
 Turkey
14.9
2.0

19
 Iran
12.3
3.0

20
 Algeria
10.6
6.7

21
 Singapore
9.9
3.4

22
 Republic of China
9.9
1.9

23
 Pakistan
9.9
3.4

24
 Colombia
9.9
3.4

25
 Poland
9.7
2.0

26
 Netherlands
9.2
1.2

27
 Oman
9.0
16.7

28
 Indonesia
7.7
0.9

29
 Mexico
6.8
0.6

30
 Kuwait
6.3
6.5

Rank
Country
Spending
($ Bn.)

01
 United States
597.5

02
 China
145.8

03
 Saudi Arabia
81.9

04
 Russia
65.6

05
 United Kingdom
56.2

06
 India
48.0

07
 France
46.8

08
 Japan
41.0

09
 Germany
36.7

10
 South Korea
33.5

11
 Brazil
24.3

12
 Australia
22.8

13
 Italy
21.6

14
 Iraq
21.1

15
 Israel
18.6

text: Notes

text:
^ Jump up to: a b SIPRI estimate.
Jump up ^ The figures for Saudi Arabia include expenditure for public order and safety and might be slightly overestimated.
Jump up ^ Data from 2014.