Taxation

The flat tax, progressive tax and value added tax are three very different and unique tax systems. All three tax systems have similarities and differences. By comparing these three tax systems we can understand their advantages and disadvantages and see which one is the best for the United States. Currently, the United States uses an income tax called the progressive-rate tax system. This tax rate system is very complex and requires taxpayers to complete multiple forms, compute deductions, and…

WRITTEN QUESTIONS 1. IDENTIFY THE CURRENT STATUTORY REQUIREMENTS FOR TAX COMPLIANCE AND LIST AND CALCULATE THE TAX LIABILITIES FOR HOUZIT PTY LTD UNDER TAXATION LEGISLATION. STATUTORY REQUIREMENTS a. Business Registration. Registering the business organisation will enable the company to register itself to the following in order to comply with the legal requirements set by the government to regulate business entities. • Tax File Number (TFN) • Australian Business Number (ABN) • Goods and…

Counting priorities Budgeting involves much more than setting priorities and allocating money. As Albert Einstein claimed, “not everything that can be counted counts and not everything that counts can be counted (Lewis & Hildreth , pp.17).” Immediately, Einstein’s suggestion implies that certain things cannot be immediately counted for by placing a value to them. Accurately enough, this is the case when dealing with a budget. Simply stated, a budget is no longer static bougette limited by its…

rates increase as earnings climb. Also, progressive taxes allow the people with the greatest amount of resources to fund a greater portion of the services, that all people and businesses rely on, such as roads and first responders. The fairness in a taxation system requires that those with the greatest amount of money to pay, should pay more tax than those with a lesser capacity to…

Taxes are an integral part of any economy. As a responsible Bronx Tax Payer, you are supposed to pay your taxes and file your returns on time. While these are important exercises, most people consider this to be a formality or a burden hence do not understand the intricacies of the process and things related to it. Did you know that as a tax payer, there are certain rights that you have? Paying taxes is not only a duty but it also comes with some benefits and rights that you as a responsible…

The Commonwealth of Massachusetts has item H.3933 on the agenda, which is a constitutional amendment that is designed to increase the tax percentage on individuals residing in the state that have a yearly income of one million dollars and above. The tax proposal is heavily surrounded by the use of numbers as it would raise the current percentage four points from 5.15% to 9.15%. Currently in the state as of 2014, data has indicated that approximately 15,000 people resided in the state with annual…

For over a century, churches have been exempt from paying taxes. With the decline of religious association in the last several years and the advancements in American society, the validity of tax exemptions has been questioned. Some people believe that organizations that are exempt from paying taxes are given an unfair advantage over organizations that are required to pay taxes. Others believe that tax exemptions are necessary for such organizations. There are many different viewpoints on the…

Churches started receiving tax exempt status in 1894, making the United States economy miss out on hundreds of billions a year in property tax income. It's a complete violation of separation of church and state where being a tax exemption is a privileged and not a right. The biggest problem to me is the fact of separation of church and state are a main issue, but letting them remain tax exempt causes all american people, even those who oppose all religious doctrine, support religion by having to…

Many states are considering imposing regulations to collect internet sales tax within their respective states, except Alabama, who is currently collecting internet sales taxes. Businesses are arguing that if they don’t have a physical presence or store within the state, then it is unfair to collect internet sales tax. The U.S Supreme Court has decided that internet companies can sell goods without collecting a sales tax as long as they have no physical location in that state. New York, Rhode…

The United States has an intricate economy. Many factors must come together to form that full picture that is the economy. Examples of such components include taxes, government instituted welfare programs, environment protection, military spending, and international trade policies. These are the major categories that affect the United States’ economy. Since they do have an effect of the economy, changes in how taxes are determined, welfare programs conducted, the amount of environmental…