Under the most recent tax reform act, Congress doubled the exemption for the estate tax while retaining the gift tax rules. Proponents of the estate tax says it allows the wealthy to create multi - generational wealth which does not benefit the country economically. They also argue that it creates family empires. Opponents of the estate tax claim that paying the estate tax causes many families to have to sell family businesses in order to pay the estate tax and that in most cases taxes have already been paid on the accumulated wealth that is being passed on. Describe your position on the estate tax and why it should be maintained, increased, decreased or eliminated according to your beliefs.

Take a country like Sweden where tax levels are very high at 55% of GDP, but where PDI is also high at 70% of GDP. These statements seem contradictory. Calculate the size of social transfers, as a % of GDP

adequately protected. Private property rights do not conflict with human rights. They are human rights. Private property rights are the rights of humans to use specified goods and to exchange them. Any restraint on private property rights shifts the balance of power from impersonal attributes toward personal attributes and toward behavior that political authorities approve. That is a fundamental reason for preference of a system of strong private property rights: private property rights protect individual liberty. Armen A. Alchian is an emeritus professor of economics at the University of California, Los Angeles. Most of his major scientific contributions are in the economics of property rights. Which of the following are a violation of a person's property rights: Government using eminent domain laws to force the sale of property Zoning laws which prevent commercial buildings to be built in residential neighborhoods Regulations which prevent loud exhausts on automobiles Affordable…

When the income tax was first proposed in 1894, it was ruled unconstitutional? True or false

Suppose you return to college and earn an MBA, after which you get a middle-management position with General Mills, the firm that makes Lucky Charms and other breakfast cereals. If the tax rates are the same as in 2018 and your starting salary is $90,000, how much will General Mills pay on your behalf in federal social insurance taxes?

According to economic theory, which of the following is NOT a feature of an ideal tax system? Multiple Choice   It should be easy to administer.   It should bring in sufficient cash flows to finance public projects.   It should distribute tax burden equitably.   It should not change the efficient allocation of resources in the markets.   It is dependent on an ideal tax system.

President Clinton has seized the cigarette excise tax as an expedient and politically correct means of increaseing federal revenue. In 1994 the federal government took in $12 billion from the present 24-cents-per-pack tax. If the tax were quadrupled to $1 a pack, Clinton figures tax revenues would increase by more than $50 billion over three years. Those added revenues would help finance the heath care reforms the president so dearly wants. Professor Gary Becker, a Nobel Prize-winning economist at the University of Chicago,says Clinton math is wrong. The White House assumed that cigarettes sales would drop by 4 percent for every 10 percent increase in prices, not the full adjustment of smokers' behavior. Over a three-year period, cigarette consumption is likely to decline by 8 percent for every 10 percent increase in price-twice as much as Clinton assumed.As a result,the $1-a-pack tax will bring in much less revenue than President Clinton projected.   According to Professor Becker, by…

During the Trump Presidency the administration sought to reduce the research budget of many federal agencies including the National Institutes of Health. Bloomberg reported: President Donald Trump is proposing big cuts to biomedical research as part of a budget to reduce discretionary spending at the Department of Health and Human Services by 23 percent -- a move likely to provoke outcry from lawmakers, research groups, drugmakers and patients. The proposal would cut the budget of the National Institutes of Health -- which conduct and fund medical research by $5.8 billion, or about 18 percent from 2017 levels. The Office of Management and Budget called the change "a major reorganization of NIH's institutes and centers to help focus resources on the highest priority research and training activities." "We believe that this cut is dead on arrival on Capitol Hill," said Spencer Perlman, an analyst at Veda Partners. Democrats and Republicans have in the past supported the research agency…

Write an essay about: Evaluation of the Hong Kong tax system (20%) Effectiveness of the Hong Kong tax system towards reduction of wealth inequality (20%) Optimal tax change recommendations for wealth redistribution (40%) Other possible measures for reduction of wealth inequality (20%)  It is about 1,000 to 1,500 words.

There are several books that cover important information to validate the fact that LOCAL government IS the level of government that has a MUCH GREATER impact on the daily lives of Americans than any other level of government and ironically it is the level of government that gets the least attention from the public and from the media. Participation in local government affords citizens the most control over their own lives but unfortunately it is the level of government with the least voter turnout. Sad but true. Answer the following question: Texas is one of seven states without a state income tax. Should Texas establish a state income tax? Explain 3 advantages and 3 disadvantages and your stand on this issue.