Tax

introduction of carbon tax in Canada is very controversial, with many disagreements between federal and provincial leaders, as it does affect every inhabitant. The purpose of the carbon tax is to make people reconsider their contributions to harming the environment, by affecting what they care about: money. Putting a price on fossil fuel usage progresses the country in a variety of aspects, but more importantly, the environment. British Columbia and Alberta are already using the carbon tax…

Sin Taxes and Their Impact on Health Care Merriam-Webster defines a sin tax as “a tax on substances or activities considered sinful or harmful (as tobacco, alcohol, or gambling)” (np). Sin taxes are “a form of excise tax. That is a tax levied on some but not on all commodities” (Sadowsky 1). Simply put, Sin taxes are used to control the supply and demand of certain products. By increasing the cost of items it deems harmful, the government can decrease that item’s desirability. Decreasing…

Income-tax notices and how to avoid them It is not uncommon to be served with income tax notices because many people may not be aware of what they are supposed to do. Most tax notices alert the recipients about the issue that needs to be addressed or corrected immediately. Whatever reason is behind your notice, never ignore the notice because the tax department can impose fines of up to Rs 10,000 if the concerned party fails to reply to the notice in assessee. The number of people being served…

Spend Tax Money Wisely In the following essay I will be arguing whether the United States government should or should not continue to fund public television. The United States funds public television using $445 million dollars of our tax money, when our nation is 14 trillion dollars in debt, which is just wasting money. They should not fund the public television because it's wasting tax money, when it could go to a better cause, such as paying off the national debt. First of all, the U.S.…

equal. Income from private activity bonds is subject to the alternative minimum tax. Private activity bonds account for approximately 7 percent of the bonds issued last year. The most common issuers are airports and single family housing projects. The difference between private activity and a general obligation bond is that the private activity bond has corporate rather than government backing. The alternative minimum tax was intended from its inception in 1969 to make the very rich pay some…

wonder why you 're paying so much in taxes. Saving money on taxes can be easier said than done, because the tax code is expensive. There are some common ways, however, that a lot of small business overpay on taxes. Choosing the Wrong Business Entity Can Increase Your Tax Liability The two main business structures, a limited liability company(LLC) and a corporation both have unique tax, legal and financial implications. The right way…

The tax crime investigation by the IRS is one of the complex weapons of the IRS. It is mostly used in a small scale proportion of cases. However, it has a devastating impact. It can carry personal, financial, social ruin, great monetary fines, disappearance of specialized licenses and incarceration. Normally, you will not discover that an IRS criminal investigation is on until when it very late. But, in some cases, you will receive notice signs. A revenue general officer disappears after…

Tax Reform Imagine waking up one day without your governmental necessities. All the everyday things such as Police Force, Local Firefighters, or even the public school system. Every one of these are funded through taxes. Without them, our society would be in chaos. Taxes are an important role in our government, or any government for that matter in the world. Taxes allow government institutions the ability to run. Also, they create many jobs throughout our society. Throughout the world,…

The purpose of the flat tax is to ensure everyone is taxed at a single flat rate. However, the flat tax system recommended by Hall and Rabushka (1995) encompasses of two diverse, then reliable systems of taxation. One is called the wage tax and the other one is called the business tax. Over the years, several types of flat tax proposals have been introduced, but the recommended idea remained the same. Now if this policy, if implemented, would replace the existing federal in addition to corporate…

1. Discuss the advantages and disadvantages of the corporate tax. (6 marks) Advantages i. Source of Revenue - Corporate taxes can be effectively utilized as a tool for the government to generate higher revenues as corporations are the largest money makers in the every economy. The government can therefore create a steady and strong flow of cash by targeting those making large profits. ii. Distribution – Taxing companies that are making profits helps redistribute the benefits to the society…