International taxation

GDP or Gross Domestic Product is defined as the total market value of all final good and service produced in a given year. It is a simple formula that adds together personal consumption expenditures, gross private domestic investment, government purchases, and Net Exports, otherwise expressed as GDP= C+ Ig+G+Xn. The Social Security number was never supposed to be a number for identification. Just the same, GDP is being used for a purpose other than what it was designed for. It was not to be an…

In this case the best approach to IRS examination is to promptly and fully cooperate from the outset, it will show them a good faith. According to the scenario shown here he failure the appointment, and he didn’t contact to examiner office right away to re-schedule. He needs representation, whereby he should fill out and sign a form 2848, power of attorney and declaration of representative, authorizing the CPA to represent him before the IRS, which in this case would be Sue Johnson, CPA. He…

Americans always want to pay low taxes, especially the rich who make millions or even billions and complain about how it 's hurting their businesses. However in reality taxes on the rich are among the lowest they have ever been. America has seen a steady tax decline on wealthy Americans since the Reagan administration while wages for the middle class have barely increased after adjusting for inflation. All while the rich claim that decreased taxes on the rich will lead to a better economy but…

The Solar Energy Investment Tax Credit is a very important federal policy to promote solar energy in the United States. In 2015, the Solar Energy Industries Association advocated for the extension of the renewable tax credit to increase the investments in the solar and wind industry in order to provide business certainty to investors and project developers. The solar power industry expected the tax credits to expire in January 1, 2015. The Solar Investment Tax Credit is continuing to drive…

regular income. have the option to be treated as a disregarded entity (like an “S Corporation”) which means that the LLC’s profits can be passed through to its owners to be treated like regular income. In this way, the company 's owners avoid double taxation, because its profits go on the owners ' tax returns. A limited liability company can be taxed like a S Corporation, which means profits and losses pass to shareholders, not the business, whether it is owned Iby a single member or multiple…

Q1. Income $760 Taxes to Government $100 Consumer spending $560 Gross investment $110 Depreciation $40 Government Spending $130 1) GDP=$(560+110+130)= $800 Household savings =$(760-100-560) = $100 2) For this closed economy which is inherently self-sufficient and removed from the rudiments of import and exports the leakages are the savings and the taxes and the injections are the investment and the government spending. The relationship between the leakages and the…

There are some countries called ‘welfare state’ which means people living in those countries have to pay high taxes, on the contrary, the government is responsible for the economic and social welfare for them. People who live in these countries received more or less some benefits from the government. This essay examined welfare state’s top three advantages which are medical care, education, and child care. First of all, medical care in the welfare state is exceptional, especially Denmark and…

1. What is a progressive tax system? How does it differ from a regressive tax system? A progressive tax system makes the richer people pay more taxes than the people with less money, but in a regressive tax system, everyone pays the same amount no matter what their income rate is. 2. What is gross income? What types of income are included in gross income? Gross income is what you get when you combine all your sources of income together. When calculating your gross income, things you should…

In its purist definition, a flat tax is a single tax that is applied to an entire base regardless of income. The idea of a flat tax seems ideal, yet it is too simple. Steve Forbes’ book, Flat Tax Revolution, holds nothing back when describing the current federal income tax code. He refers to the current system as appallingly, confusing and complex. According to Forbes (2014), “The federal tax code is beyond redemption. We should kill it and institute a flat tax.” The United States uses a…

My opponents may argue that the soda taxes will hurt the poor and the working families. As it’s claimed in the article : “ Should There Be a Tax on Soda and Other Sugary Drinks?”, published in the wall Street Journal “taxes on sugary beverages are regressive and would hurt the poor”. While it is true that sodas and sugary beverage are the mostly consumed by low income working family; however, the amount of tax per ounce and the effect aren’t harming the poor families, but it is the opposite,…