Final answer:
Taxes assessed must be collected within a 10-year period according to the IRS statute of limitations, adhering to tax principles that include being equitable, simple, and efficient.
Step-by-step explanation:
After the assessment has been made, the taxes assessed must be collected within 10 years. This timeframe is determined by the statute of limitations for tax collection set by the Internal Revenue Service (IRS). It is important that tax collection systems adhere to principles that make taxes equitable, simple, and efficient to ensure public understanding and receptiveness.
Two key principles in the federal tax system are the benefit principle of taxation, which suggests that individuals should pay taxes in proportion to the benefits they receive, and the ability to pay principle, which indicates that those who can afford to pay more taxes should do so. In addition, at the state and local levels, property taxes play a significant role and have sparked legal limits on tax rates, such as California's Proposition 13.
The tax system, orchestrated by entities like the IRS and Congress, has a critical role in the welfare of the country and is subject to political influences that can change tax laws.