What is your opinion of our “progressive” federal income tax system? Please address this question with...
- What is your opinion of our “progressive” federal income tax system? Please address this question with regard to fairness of the progressive rates.
- Why do we have exemptions and deductions? Give an example of each. Are these “fair”? Why or why not?
Homework Answers
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What is your opinion of our “progressive” federal income tax
system? Please address this question with...
8. The tax system Understanding taxes In general, is the U.S. federal tax system progressive or...
8. The tax system Understanding taxes In general, is the U.S. federal tax system progressive or regressive? O Regressive O Progressive You bought 1,000 shares of Tund Corp. stock for $68.12 per share and sold it for $90.03 per share after a few years How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
Our current system of Progressive Income Taxation has been in place since _____ (you tell me...
Our current system of Progressive Income Taxation has been in place since _____ (you tell me :) However, just because it has been around for a long time, doesn't necessarily mean that it will be around forever. Powerful political forces, including Billionaire Steve Forbes and many prominent Republicans have strongly advocated eliminating our current Progressive system of taxation completely and replacing it with a Flat Tax. Does this make sense to you? WHY OR WHY NOT? If a Flat Tax...
3. Many years ago, there were calls to simplify federal personal income tax code. One proposal...
3. Many years ago, there were calls to simplify federal personal income tax code. One proposal was a flat tax. Under this proposal, each individual is allowed a standard deduction of, say, $20,000, and each family is allowed a standard deduction of $40,000. No other exemptions and deductions are allowed. The remaining income is subject to one flat tax rate of say, 20%. (2 Point) Please analyze the vertical equity of a flat tax designed like this, from both marginal...
Correctly answer each part of question #8 In general, is the U.S. federal tax system progressive...
Correctly answer each part of question #8
In general, is the U.S. federal tax system progressive or regressive? Regressive O Progressive You bought 1,000 shares of Tund Corp. stock for $60.59 per share and sold it for $82.35 per share after a few years. How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
please answer ASAP We discussed the advantages and disadvantages of the Progressive system. What disadvantage could...
please answer ASAP
We discussed the advantages and disadvantages of the Progressive system. What disadvantage could a Regressive system have? Do they outweight the disadvantages of the progressive system? why or why not?
1. Does your state have an individual income tax? If so, how closely does it conform...
1. Does your state have an individual income tax? If so, how closely does it conform to the federal tax? Can one deduct the federal tax in computing the state income tax? List some specific ways that the federal and state tax bases differ. What problems, if any, do these differences create in computing your taxes? What additional issues have been created in as a result of Federal Tax reform in 2017. 2. What is the rate structure of your...
a. If your income increases and you are subject to a proportional tax system, what will...
a. If your income increases and you are subject to a proportional tax system, what will happen to the percentage of your income that is taxed? b. If you income increases and you are subject to a regressive tax system, what will happen to the percentage of your income that is taxed? c. If you income increases and you are subject to a progressive tax system, what will happen to the percentage of your income that is taxed?
Provide your opinion in regard to how important safety is at your company. From what you...
Provide your opinion in regard to how important safety is at your company. From what you have learned from this class, do you feel comfortable addressing your safety concerns with your manager, supervisor, or another member of management? Why/why not? Please support your opinion with facts and examples.
Problem 6 A Gallup poll asked taxpayers nationwide the question "How fair do you think our...
Problem 6 A Gallup poll asked taxpayers nationwide the question "How fair do you think our present Federal tax system is?" As a result, 3% responded "very" fair, 41% responded "moderately" fair, 29% responded "not too" fair, and 27% responded "not at all-fair. The Sacramento Bee asked a random sample of taxpayers in California the exact same question. As a result, 11 responded 'very fair, 74 responded "moderately" fair, 63 responded "not too" fair, and 52 responded "not at all...
7. Let's do some taxes. The following table are the 2020 tax brackets for single tax...
7. Let's do some taxes. The following table are the 2020 tax brackets for single tax filers. Tax rate 10% 12% 22% 24% 32% 35% 37% Amount $0 to $9,700 $9,701 to $39,475 $39,476 to $84.200 $84,201 to $160,725 $160,726 to $204,100 $204,101 to $510,300 $510,301 or more a) For example, if you make $54,000 in 2020, the first $9,700 is taxed at 10%, the next amount from $9,701 to $39,475 is taxed at 12%, and finally, the amount from...
8. The tax system Understanding taxes In general, is the U.S. federal tax system progressive or regressive? O Regressive O Progressive You bought 1,000 shares of Tund Corp. stock for $68.12 per share and sold it for $90.03 per share after a few years How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
3. Many years ago, there were calls to simplify federal personal income tax code. One proposal was a flat tax. Under this proposal, each individual is allowed a standard deduction of, say, $20,000, and each family is allowed a standard deduction of $40,000. No other exemptions and deductions are allowed. The remaining income is subject to one flat tax rate of say, 20%. (2 Point) Please analyze the vertical equity of a flat tax designed like this, from both marginal...
Correctly answer each part of question #8
In general, is the U.S. federal tax system progressive or regressive? Regressive O Progressive You bought 1,000 shares of Tund Corp. stock for $60.59 per share and sold it for $82.35 per share after a few years. How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
please answer ASAP
We discussed the advantages and disadvantages of the Progressive system. What disadvantage could a Regressive system have? Do they outweight the disadvantages of the progressive system? why or why not?
Problem 6 A Gallup poll asked taxpayers nationwide the question "How fair do you think our present Federal tax system is?" As a result, 3% responded "very" fair, 41% responded "moderately" fair, 29% responded "not too" fair, and 27% responded "not at all-fair. The Sacramento Bee asked a random sample of taxpayers in California the exact same question. As a result, 11 responded 'very fair, 74 responded "moderately" fair, 63 responded "not too" fair, and 52 responded "not at all...
7. Let's do some taxes. The following table are the 2020 tax brackets for single tax filers. Tax rate 10% 12% 22% 24% 32% 35% 37% Amount $0 to $9,700 $9,701 to $39,475 $39,476 to $84.200 $84,201 to $160,725 $160,726 to $204,100 $204,101 to $510,300 $510,301 or more a) For example, if you make $54,000 in 2020, the first $9,700 is taxed at 10%, the next amount from $9,701 to $39,475 is taxed at 12%, and finally, the amount from...
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