Would you be in favor of a "flat tax" program for income taxation?
Would you be in favor of a "flat tax" program for income taxation?
Homework Answers
Answer : No, I am not in favor of "flat tax" for income taxation. Because in case of flat tax the tax rate is same for all income taxpayers. Some income taxpayers has much more income than others. In this situation if the income tax rate is same for all then it is unfair. Because income taxpayers who has lower income pays more tax in compared to the high income taxpayers where the high income taxpayers should pay more tax than the low income taxpayers. Hence for income taxation I am not in favor of "flat tax".
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...
Would you favor privatization of the Social Security retirement program, as other countries have done? Explain
Would you favor privatization of the Social Security retirement program, as other countries have done? Explain
One argument advanced in favor of not increasing the income tax on markets is that increasing...
One argument advanced in favor of not increasing the income tax on markets is that increasing income tax increases wealth which contributes to increases in GDP. increasing the income tax on markets will reduce economic efficiency. increasing the income tax affects mostly middle-income and low-income individuals who are already paying heavy income taxes. not increasing income taxes will discourage corporations from increasing investment.
6. Federal Income Tax in the US in general are: Regressive tax system Flat tax...
6. Federal Income Tax in the US in general are: Regressive tax system Flat tax system Progressive tax system Proportional tax system
Do you believe the gradual system of federal rates is fair? Would a flat tax be...
Do you believe the gradual system of federal rates is fair? Would a flat tax be more fair and efficient? Why or why not?
Describe how you would calculate and transcribe group tax amounts and make payments in accordance with taxation procedures. Ensure you provide an explanation on how to calculate PAYG withholding; the...
Describe how you would calculate and transcribe group tax amounts and make payments in accordance with taxation procedures. Ensure you provide an explanation on how to calculate PAYG withholding; the weekly tax table, and how to calculate tax offsets, FBT, HELP debt tax and financial supplement debt tax.
You live in a country with a flat tax rate of 30% on all income, except for certain classes of tax-free municipal bonds....
You live in a country with a flat tax rate of 30% on all income, except for certain classes of tax-free municipal bonds. You are considering investing in two bonds that are equally risky in every respect except for their tax treatment. The present yield-to-maturity on the taxable corporate bond is 4.36%. Estimate what must be the equilibrium yield-to-maturity on the corresponding tax-free municipal bond so that will bear the same after-tax return? (The answer is a percent, round your...
You live in a country with a flat tax rate of 30% on all income, except for certain classes of tax-free municipal bonds....
You live in a country with a flat tax rate of 30% on all income, except for certain classes of tax-free municipal bonds. You are considering investing in two bonds that are equally risky in every respect except for their tax treatment. The present yield-to-maturity on the taxable corporate bond is 4.36%. Estimate what must be the equilibrium yield-to-maturity on the corresponding tax-free municipal bond so that will bear the same after-tax return? (The answer is a percent, round your...
You live in a country with a flat tax rate of 30% on all income, except for certain classes of tax-free municipal bonds....
You live in a country with a flat tax rate of 30% on all income, except for certain classes of tax-free municipal bonds. You are considering investing in two bonds that are equally risky in every respect except for their tax treatment. The present yield-to-maturity on the taxable corporate bond is 4.36%. Estimate what must be the equilibrium yield-to-maturity on the corresponding tax-free municipal bond so that will bear the same after-tax return? (The answer is a percent, round your...
ACCT411, Income taxation Question 1 Identify the provision of the Income Tax Act that deals with...
ACCT411, Income taxation Question 1 Identify the provision of the Income Tax Act that deals with each of the following items. Be as specific as possible in citing the reference to the Act. Item Part Division Subdivision Section Subsection Paragraph Provision Definition of ‘Person” XVII - - 248 (1) - Subsection 248(1) Limitation on deduction of RRSP administration fees Deductibility of personal and living expense Director’s fee income Definition of automobile Insert on money borrowed for passenger vehicle Deductibility of...
One argument advanced in favor of not increasing the income tax on markets is that increasing income tax increases wealth which contributes to increases in GDP. increasing the income tax on markets will reduce economic efficiency. increasing the income tax affects mostly middle-income and low-income individuals who are already paying heavy income taxes. not increasing income taxes will discourage corporations from increasing investment.
Do you believe the gradual system of federal rates is fair? Would a flat tax be more fair and efficient? Why or why not?
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