Tax

The federal income tax that has been used in the U.S. for most of the twenty-first century has been in place ever since 1913. Today, the sources of federal tax revenue from taxes are collected from individual income taxes, Social Security and other payroll taxes, corporate income taxes, excise taxes, and estate and gift taxes. Over time politicians and scholars have suggested ideas of switching to consumption based means of taxation many times but it hasn’t been well supported until the past…

in the financial world; one of those being tax preparer. Income tax is a tax put on the income of an individual or business. The law requires all employed individuals and all businesses to file a tax return to determine whether they owe money or they receive a refund. Tax preparation is the actual process of preparing these returns, and if taxes are not prepared properly, it can increase the chance of being audited or committing tax fraud. Because tax filing informs the government of a…

Committee on Ways and Means: Since the last major tax reform in the U.S. nearly 30 years ago, significant changes have taken place in the composition of taxpayers, businesses, and the economy. The tax code has added over 30,000 pages, the U.S. corporate tax rate has become one of the highest in the world at 39.1 percent, and credits, loopholes, and deductions have seen a 44 percent increase. While there is little debate among Americans that major tax reform is needed, the larger, unsettled…

scenario resembles an issue in the Unites States income tax policy. Progressive taxation exists to alleviate the gap between high and low income earners, and in the short run progressive…

It is never too early to start preparing for tax season. Tax season will be a lot less stressful if you start preparing for it ahead of time. Below is a list of three things you can do in order to prepare for tax season: Examine Your Check Books And Records One of the first things that you will need to do in order to prepare for tax season is to get your finances in order. You will need to spend some time examining your check books and records. Make sure that everything is accurate, organized…

w of the Carbon Tax The carbon tax is a tax the Gillard government placed on fossil fuels such as coal and oil that had been emitted into our atmosphere. The tax was directed at the first 500 big companies and include those who emit more than 25,000 tonnes of carbon dioxide into the atmosphere causing environmental impacts for Australia and ultimately world wide. Julia Gillard commenced the carbon tax as of July 1, 2012, the beginning of the financial year with the price at $23 per tonne…

4.0 Tax Preference Theory Tax preference theory and bird in hand theory are two main different theories with exactly different view on shareholder preference. According to Ehrhardt and Brigham(2008) tax reference theory states that shareholders prefer retain earning rather than pay as dividends. It is because taxes on dividends must be paid immediately once you received the dividends and most of the countries dividends tax rate higher than capital gain tax. However, taxes of capital gain can be…

Tax Treaties Are Self-Executing Tax treaties do not require any implementing law or guideline. A treaty is considered “self-executing” when it does not need any implementing legislation and it takes effect upon ratification. In US jurisdiction, a treaty that is not self-executing does not create a cause of action or provide a remedy. Under US law, the President and two-thirds of the Senate have the power to bind the country with the treaty by making the necessary implementing law. Both of…

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 progressive-rate tax…

Group: GPA4.0 (Jian Zhao, Li He, Mengying Wang, Lili Lin, Shuqian Yang, Haoyu Gu, Lijie He, Jinchen Hu, Yuanbo Lin) Charity-Joy Acchiardo ECON 340 October 12, 2015 Policy Proposal: Tax Reform Package in Japan Japan has remained in an extended period of stagnation for over a decade, since 1992, leading to a massive drop in per capita income. Consequently, the economy that stood to threaten the global markets in competition developed fragile pillars that affected the course of investments in the…