SWFT Comprehensive Volume 2019
42nd Edition
ISBN: 9780357233306
Author: Maloney
Publisher: Cengage
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Should the IRS and the Department of the Treasury consider alternative tax systems, such as Flat Tax, National Sales Tax or “Fair Tax”, or Value-Added Tax as viable options for the US taxpayer, compared to the current Federal Tax System? What are the challenges and benefits of adopting and implementing each system?
3. Suppose that the U.S. personal income tax system became a flat tax system, in which
all taxpayers paid a certain percentage of their incomes in tax, and in which there are no
exemptions or deductions. In which way(s) could this flat tax be more regressive than the
present U.S. system? In which ways could it be more progressive than the present
system?
The Social Security tax is often described as a regressive tax since only earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?
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- As stated in the text, the federal income tax is the largest revenue-producing tax in use in the United States. Why do you think the income tax produces more revenue than any other tax?arrow_forwardWhat do you think is the reason why governments grants "exclusion from the gross income"arrow_forwardThe government should tax itself? Yes or noarrow_forward
- Does the concept of a progressive (and fair) tax system become undermined by the ability to tweak the Tax Code to suit Congress' purposes in terms of driving social policy?arrow_forwardPrior to the adoption of the 16th amendment, in Pollock v. Farmers’ Loan and Trust Co. the Supreme Court held that: An unapportioned tax on the income from land is not a direct tax, and therefore constitutional. An unapportioned tax on the income from land is a direct tax, and therefore unconstitutional. An unapportioned tax on the income of land is an indirect tax, and therefore constitutional. An unapportioned tax on the income of land is an indirect tax, and therefore unconstitutional.arrow_forwardDo you think the tax system is fair ? explain.arrow_forward
- 1. If there is a conflict between a BIR Ruling and a Revenue Memorandum Ruling, which will prevail? 2.Which tax system impacts more on the rich people, and why does it impacts them more?arrow_forwardWhat are the constitutional limitations on the State's power to tax?arrow_forwardThe current federal income tax structure is progressive in nature. First, explain what that means. Second, regarding the proposal for a "flat tax", comment on both justification for and major obstacles to enactment.arrow_forward
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