Chat with us, powered by LiveChat Assignment 1 Should the U.S. Convert to a Zero Personal Income Tax | acewriters
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In a
recent news article located athttp://www.nbcnews.com/business/economy/heres-where-your-federal-income-tax-dollars-go-f654971, NBC News reported that the U.S.
Government spends $3.6 trillion per year to fund Social Security, Medicare,
homeland defense and safety, education, transportation, and the interest on
debt obligations. In spite of the services and benefits that the government provides,
many taxpayers dread paying income taxes but consider them a necessary evil.
Consequently, there is much debate about the inequities contained within the
tax code, due to tax shelters and tax credits provided to some taxpayers which
thereby increase the tax burden on others.
Using the
Internet or Strayer Library, research at least two (2) countries that have a
zero income tax rate.
Write a
four to five (4-5) page paper in which you:
Analyze
the way in which the two (2) countries that you have researched provide
services and benefits to its citizens without collecting personal income taxes.
For
the countries that you have chosen, determine whether or not the U.S. could
adopt their taxation model without reducing its total amount of revenue
generated by collecting personal income taxes from individuals and business.
Justify your response.
Suggest
at least three (3) advantages and three (3) disadvantages of the U.S. adopting
a zero income tax model. Provide a rationale for your response.
Create
a proposal for where the revenue would be derived if the U.S. were to adopt a
zero income tax model. In your response, provide specific recommendations
concerning the following:
The
proposed tax base.
Whether
or not tax payers at certain income levels should be exempt from taxation.
The
primary way in which the IRS would calculate the tax rate in order to ensure
that the same level of tax revenue would still be collected.
The
primary way in which your plan will achieve equity.
Speculate
on the primary way in which the federal government could make up any shortfalls
if it does not collect its targeted revenue from personal income taxes, and
ascertain the most significant way in which the U.S. Department of the
Treasury, through the IRS, can still adhere to its fiscal and monetary
policies. Justify your response.
Use
at least four (4) quality academic resources in this assignment. Note: Wikipedia
and other Websites do not quality as academic resources.
Your
assignment must follow these formatting requirements:
Be
typed, double spaced, using Times New Roman font (size 12), with one-inch
margins on all sides; citations and references must follow APA or
school-specific format. Check with your professor for any additional
instructions.
Include
a cover page containing the title of the assignment, the student’s name, the
professor’s name, the course title, and the date. The cover page and the
reference page are not included in the required assignment page length.
The
specific course learning outcomes associated with this assignment are:
Examine
the types of taxes imposed at the federal, state, and local levels; the federal
tax formula; and the rules for arriving at personal and dependency exemptions.
Analyze
the concepts of gross income and distinguish between the economic, accounting,
and tax concepts of gross income and strategies to minimize gross income,
maximize deductions, and minimize disallowance of deductions
Use
technology and information resources to research issues in federal taxation.
Write
clearly and concisely about federal taxation using proper writing mechanics.
Clickhere to view the grading rubric.

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