SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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- As stated in the text, the federal income tax is the largest revenue-producing tax in use in the United States. Why do you think the income tax produces more revenue than any other tax?arrow_forward3. Suppose that the U.S. personal income tax system became a flat tax system, in which all taxpayers paid a certain percentage of their incomes in tax, and in which there are no exemptions or deductions. In which way(s) could this flat tax be more regressive than the present U.S. system? In which ways could it be more progressive than the present system?arrow_forwardMarco Polo, How much is the total income not subject to tax?arrow_forward
- Assume that the United States Congress passes a tax law that provides for a "rebate" to taxpayers. One of the goals of the rebate is A. Increase consumer disposable income and expand the economy. B. Increase consumer disposable income and contract the economy. C. Decrease consumer disposable income and expand the economy D. Decrease consumer disposable income and contract the economy.arrow_forwardDiscuss the major features of the federal income tax system.arrow_forwardWhich of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax d) Corporate taxarrow_forward
- Should the IRS and the Department of the Treasury consider alternative tax systems, such as Flat Tax, National Sales Tax or “Fair Tax”, or Value-Added Tax as viable options for the US taxpayer, compared to the current Federal Tax System? What are the challenges and benefits of adopting and implementing each system?arrow_forwardWhich of the following is not deductible from gross income? * Community tax Excise tax Documentary stamp tax Foreign income tax claimed as tax creditarrow_forwardThe current federal income tax structure is progressive in nature. First, explain what that means. Second, regarding the proposal for a "flat tax", comment on both justification for and major obstacles to enactment.arrow_forward
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