Tax credit

PART A-SHORT ANSWERS 1. D’s Life insurance policy a. Per 2042(1) since the proceeds of the life insurance are being paid to the estate they are subject to the estate tax. b. No, 2042(b) since D still has the ability to designate the beneficiary the gift is not complete and he is deemed to retain “incident of ownership” and the policy will be included in the estate. c. D should transfer the policy to another individual or an irrevocable trust. D must divest himself the incidents of ownership.…

1a. A tax is a deduction from your taxable income. It is deducted from your total income once it (total income) crosses a certain bracket for the year. Taxes are mandatory, and if not paid, can have legal ramifications. In Trinidad and Tobago there are many different types of taxes that the individual or corporation pay to the government, such as income tax which is deducted from individual’s whose gross salaries per annum exceeds a total of $72,000.00 TTD. There is also value added tax…

Question 1 The Affordable Care Act (ACA) ran its persuasion campaign on the desire to improve the health care system by providing superior medical services to more Americans at an affordable price. However, controlling costs in health care coverage continues to be a concern. In fact, most Americans still find that health insurance through the ACA’s Exchange is unaffordable with premiums and deductible taken into account. Thus, the continued rising cost of health care may be attributed in part to…

national debt because the government has to find a way to gain those jobs back, which means spending more money. The politician Donald Trump believes that he can get the economy up 3%, which is quite reasonable, with his tax proposal. Trump was asked how much economic growth his tax proposal would generate when he says, “We are looking at a 3% but we think it could be 5 [percent] or even 6 [percent]. We are going to have growth that will be tremendous.” This will boost the economy, decrease…

The goal of the GSL is to offer an access to higher education to students who can’t afford the tuition with their current financial situation. Since one’s future ability to pay is speculative without much credit history to consult with, the risks are more difficult to measure. Private lenders might demand a higher interest rate to compensate for the uncertainty since they can’t objectively see the social benefit of this program. The optimal level of the amount of loans provided and a reasonably…

nations (O 'Shaughnessy, 2000). The Sugar Act was the first law regarding tax that the British government established in 1764. The law involved taxing molasses as well as sugar, which was imported into the individual colonies (Countryman, 2003). The approach has thus impacted the production of rum in the New England. In the year 1766, the Revenue Act took over after the Sugar Act was repealed, and in such case, it reduced the tax that was imposed on the imports of…

that is causing difficulties in creating a solution and public understanding. Social Security is NOT an actuarial pension system! It is a recirculation-tax and transfer system. SSI takes from the workers making about $118,500 or less (this figure goes up every year) and their employers match this amount. This pay roll tax is a regressive tax, not a progressive one. Therefore, this payroll revenue should not be in a separate box. The revenue should be within the overall budget and collected…

poor the budget has become. For years now it has been falling with little to no help from the government. The citizens of Illinois are the ones who are hurting the most because of this. The government as a whole has cut so many things that Illinois tax payers can’t afford to do anything that I way so many people believe that if people move out of Illinois the budget in other states will be better. Illinois budget maybe in the whole but there are many solutions to dig it back out. The reason the…

which to pull from. The government’s efforts at redistributing includes taxation with the imposition of higher taxes on the wealthy in an effort to provide benefits to those less fortunate distributed in the form of transfer payments (earned income credits, Medicaid, unemployment benefits, SNAP, TANF and SSI). This leads to the creation of wedges between earning and income with the more affluent (being taxed the most) not getting everything they have earned and the less affluent (transfer…

Housing Supply/Demand The City of St. Johns housing market is presently experiencing limited supply while demand has remained steady. The limited supply is caused by the lack of new housing development within the previous decade. The steady demand is due to the City of St. Johns housing affordability and stable regional employment opportunities created by the city’s close proximity to Lansing, the state capitol of Michigan. This limited supply and steady demand has resulted in the City of St…