Tax Law

Paper Summary:

This paper examines the United States' federal income tax, its history and its implications. The author argues that reforms need to be made as the constant amendments, additions and modification to the law has made it so complicated that it is now costly to sustain it both from the view point of the taxpayers and the view of the establishment even though the tax is the most revenue earning source for the federal government.

Table of Contents:
Introduction
The Nature of Federal Income Tax
The Federal Income Tax, History & Implications
Issues in the Taxation process
The need for reform
Conclusion
References

From the Paper:

"Federal taxation is the major factor of funding for the US government. In other words the existence of the Federal government is based on the generation power of its tax policies. The federal government relies on a number of tax instruments; the chief being income tax, the government also relies on excise tax, gift tax and so on. Business decisions are often made without considering the incidence of tax, which proves to be erroneous. Individuals are concerned with personal income tax while corporate ought to be concerned with the corporate income tax. Cost difference exists even between the different types of business entities like companies, partnership and proprietary concerns."

Sample of Sources Used:

• Archer, William; Roth, William V; Impact on Individuals and Families of Replacing the Federal Income Tax. DIANE Publishing. 2000.
• Ephraim P. Smith, Philip J. Harmelink, Hasselback. James, R. 2005 Federal Taxation Basic Principles; CCH Tax and Accounting. 2005.
• Feldstein, Martin. How big must the government be? National Tax Journal, Vol 50, no. 2, June 1997, pp. 197-213.
• Goode, Richard. The Individual Income Tax. Brookings Institution. Washington, DC. 1976.
• Hall, Robert Ernest. Rabushka, Alvin. The Flat Tax. Hoover Press. 1995.

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