Abstract This paper examines the United States' federal incometax, 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 IncomeTax The Federal IncomeTax, 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."
Abstract This paper discusses the incometax controversy that exists in the State of Florida. It explores the subject of Florida adopting a personal incometax and examines several economic implications regarding the social costs and benefits of Florida's legislative and fiscal policies. The paper discusses the options for Florida in terms of whether they should adopt a personal incometax. The paper contains tables.
Table of Contents:
Introduction
In Florida...
A Balanced Tax System
IncomeTax Considerations
Perks Accompany the Lack of a Personal IncomeTax The Tax Revolt
Chronology of EIG Tax Elimination
IncomeTax Proponents, Opponents and Components
No Other Answer...
From the Paper "In response to the 2006 Florida Government Accountability Act, consistent with Florida TaxWatch, Florida state legislatures imposed substantive and procedural modifications to reportedly increase effectiveness, efficiency, and accountability among agencies, boards, and commissions. To produce good decisions for Florida taxpayers, this enhanced legislative understanding of agency needs and activities reportedly proved to be a valuable byproduct of the act. Florida Tax Watch warns that good intentions, such as those which led to the 1994 Ac passing, must be enhanced by the link of a sustained commitment of time, interest, and consequential actions on the part of legislators. ("Making Florida's Latest Government", 2006)"
Abstract This paper investigates whether and how the federal incometax receipts change given the overall tax rate for individual incometaxes. The paper also investigates whether the tax receipts exhibit a diminishing return as marginal tax rates increase. The paper concludes that there exists a meaningful relationship between the marginal incometax rate and the marginal incometax receipts.
Outline
Introduction
Model
Model Results
Initial Model
Alternative Model
Alternate Model End Notes
Initial and Alternative Model Results
Data Mining
Data Mining Results
Conclusion
Appendix A: Figures
Appendix B: Data Sources
From the Paper "Now, disregarding all the statistical minutia that may or may not be relevant the author will make the following observations regarding the alternate model. This model is depicting the predictive power of the variance of the marginal individual income tax rates among all five income quintiles to the income tax receipts at the federal level. It is apparent from the model that nearly a quarter of the variation in the marginal tax receipts can be predicted through the marginal tax rate, ceteris paribus."
Abstract This paper explores the issues and history of corporate taxation. Corporations are taxed at a rate depending on their income. This paper discusses the pros and cons of dropping the corporate tax, the methods which can be used to drop or lower corporate taxes and why. The paper includes charts and statistics concerning corporate taxes.
Table of Contents
I. The Beginning of Corporate IncomeTax II. The 1986 Tax Reform Act
III. How Does Taxes Affect Business
IV. Corporate Tax Rates
V. Decline of the Corporate IncomeTax VI. Why the Wide Range Between State and Corporate Taxes VII. How Does Corporate Tax Work with Multi-state Manufacturers?
VIII. Does the Corporate Tax Help
IX. Proposals of Corporate IncomeTax X. Need of Stimulus
XI. Future Research Concerning Corporate Taxes XII. Conclusions
XIII. Works Cited
From the Paper "Where did the corporate income tax begin? How does it affect our economy? What is the future of the corporate income tax? Will deleting corporate income tax be the answer for the economy? What about cutting part of this tax? How does the corporate income tax help the economy? These are questions that will be answered in this paper as well as how the corporate tax is affecting our economy now.
The Beginning of Corporate Income Tax
"How the corporate tax began is an example of why tax systems can be worse than they should be and how little influence the economic profession has on government policy (Norton 2). Sometimes ideals look great when they are not that sound. Corporate taxes were used during wartime until 1909, when Congress enacted a 1 percent tax on corporation income. The rate increased until 1932 to 12.5 percent when the rate was changed to the progressive rates. Norton stated, ?Surtaxes on corporate income were added for "excess profits" during both world wars. The highest peacetime rate, 52.8 percent, was reached in the sixties? (2). "
Abstract This paper looks at the low incometax credit and how many believe that the federal government should do more to help the working poor gain access to affordable housing. It defines and describes the low income housing tax credit in order to explore the advantages and disadvantages presented by such a system.The author discusses how the current plan is extremely convoluted, making it difficult for developers and tenants to comply with.
From the Paper "According to a report entitled The Low Income Tax Credit published by the Internal Revenue Service the low-income housing tax credit was created by Congress to promote the construction and rehabilitation of existing rental housing for the working poor in various neighborhoods throughout the United States. Congress also believed that the credit would raise the quantity of rental housing for individuals whose income is at or below certain income levels. 1 The report also states that another purpose behind the advent of the tax credit incentive, was the realization that it may be difficult for a private developer to collect rental income that was adequate enough to, pay the expenses associated with the development and maintenance of the housing, or to generate a return on investment adequate enough to produce the capitol needed to fund real estate projects."
Abstract This paper employs the Haig-Simons definition of income and defines the arguments for and against including dependent children in an incometax system. It then assesses 1993 changes to the Canadian incometax system regarding dependent children.
Abstract This paper examines the progressive incometax as a policy designed to redistribute income in Canada. It describes the mechanism or process, evaluates it and proposes alternatives or amendments to the current system.
A persuasive essay arguing that greater outreach and simplification efforts are necessary if the earned incometax credit (EITC) program is to have its intended economic impact.
Abstract The paper discusses how the earned incometax credit (EITC) program could contribute more significantly to the American economy. The paper first explains that a large percentage of eligible filers forego an opportunity to claim the EITC because of misunderstandings and complexity issues, while others will only file claims through professional tax preparers who receive most of the credit earnings. The paper calls for greater outreach and simplification that will result in more Americans filing claims and realizing the potential of the EITC.
Outline:
The Economic Benefit
Impediments to Full Economic Benefit
Outreach: Benefits and Shortcomings
From the Paper "Enacted in 1975, the federal earned income tax credit was the largest tax-relief effort ever directed at America's lower-income demographic. The EITC, which is targeted at individuals and families to help them offset rising living expenses, can wipe out a filer's tax liability, and often result in a refund -- even if the filer paid no taxes during the year ("It's easier than ever," No date). Throughout its 30 years of existence, the EITC has been credited with helping raise millions of Americans out of poverty, and has contributed hundreds of billions of dollars to the American economy. While the economic impact of the EITC has been mostly positive, there are still several impediments that are preventing its full value from being realized. Each year, millions of potential filers do not claim the EITC because they are under-educated on how it works or because the process is too complicated."
Abstract This paper describes in detail the advantages of the Florida incometax system. It outlines its history and presents a general point of view through a report excerpt.
Abstract This paper examines how most social workers, politicians and those of the general public who support the welfare state do so in part because they believe welfare programs help to reduce the rate of poverty. It looks at how a growing number of critics assert that such programs in fact fail to decrease poverty, because too small a share of transfers actually reaches the poor, or because such programs create a welfare/poverty trap, or because they weaken the economy. It proposes a study to assess the effects of social-welfare policy extensiveness on poverty rates.
Outline
Discussion
Pros of Raising IncomeTaxes to Redistribute Income to the Poor
Cons of Lowering Taxes and Reducing the Amount Available for Income Redistribution.
Pros of Reducing IncomeTaxes Cons of Reducing IncomeTaxes Proposals
Ways of Funding Social-Insurance (Welfare) Programs
Conclusion
From the Paper "Reducing the amount of transfer payments ultimately will increase levels of both poverty and the maladies that are associated with it. Infant and child mortality, increased crime, lack of participation in society in general, and increased medical expenses born ultimately by society can all be the results of decrease social spending (Center on Budget and Policy Priorities web site). To quote a study by the Center on Budget and Policy Priorities: ?Social insurance programs moved 1.4 million children out of poverty. Federal taxes, including the Earned Income Tax Credit, (EITC), lifted another one million children out of poverty. It is striking that taxes were nearly as effective as social insurance programs in moving children out of poverty because taxes alone would be expected to increase rather than reduce poverty."
Abstract This paper describes the successful management of the fiscal policy of the European Union (EU) through its cooperative body of subsidiary member states called the Economic and Monetary Union (EMU). The paper points out that the main aspects of the European Union's fiscal policy is balance and cooperation. However, the paper also that many member states within the EU are solely responsible for their own incometax structures as long as such programs are given a green light by the governing bodies of the EU. This paper examines various tax systems used in these EU member states.
Table of Contents:
European Union Fiscal Policy
Personal IncomeTaxes with the European Union
From the Paper "Many systems found to be popular spread throughout the EU based on the success of other major economies within the union. This shows that income tax policies "are driven by policy trends in the international community." This means that rather than the system depending on internal variables as it was designed to do, it is turning towards external political factors. Therefore, as the flat tax system gains popularity throughout the Eastern sector may in fact spur future changes within the Western portion of Europe."
Tags: balance regulations cooperation, flat tax, tier systems
Abstract A comparison of the tax systems of four different countries to the American tax system - South Africa, Mexico, Hong Kong, and New Zealand. The paper explains the American tax system and then analyzes the systems of these other four countries. It concludes with an overview of the country which is seems to the fairest to both individuals and corporations.
From the Paper "Hong Kong has a Schedular system of taxation. 0;The tax burden is light and the system is simple; (Taxation in Hong Kong) In this system the only types of income that are taxable are: salaries, profits, and property tax. This system of taxation differs from that of the United States in that 1. The system is simple and easy to understand. 2.Personal income tax rates are among the lowest in the world with a cap of 15%. 3. Corporations are only taxed at a flat rate of 16.5% and capitals gains and dividends received by another Hong Kong corporation are not taxed. 4. It does not have a worldwide tax on income."
Tags: Individual IncomeTax Corporate Income Personal Tax GST taxes sout africa, mexico hong kong new zealand
Abstract In this paper the author examines the proposal by the governor of Tennessee, to introduce a new levy on the state incometax. According to the author, the proposed levy was to cover a short fall in revenues of the state. But, as the paper proceeds to discuss, there was a firestorm of political activity that raged as the voting public very swiftly and by every means available let their legislators know an incometax would not be appreciated. The author carries on discussing all of the political issues surrounding the taxation in Tennessee, including the budget shortfalls that became apparent when the accounts were publicized. He concludes that the state of Tennessee has a large mess on their hands and some difficult decisions to make before the final voting takes place.
From the Paper "The Central Division runs from the Time Line to the North flowing Tennessee River 70 miles west of Nashville. This is now the largest population density area of the state and politically are a bunch of wishy-washy fence sitters that generally vote for the current hot button issue whether its Democratic or Republication. The Nashville area, including the manufacturing plants of Saturn, Nissan, to the south and all their allied industries plus a newly committed addition of several thousand jobs by the Dell Corporation in Nashville proper contribute heavily to the tax base but still remain third overall in contributions."
Abstract This paper overviews the current incometax system and the problems it presents, especially unfairness and over complexity. An argument is made in favor of a simpler, fairer flat tax.
Abstract This paper examines the 2000 post-election incometax cut by President George W. Bush. It illustrates that the top one percent of the American economy are the main benefactors of the tax cut, and the general irresponsibility of this political action in this period of downsizing and terrorism. The author envisions a growing defict, as often seen in other war thirsty Republican presidencies.
From the Paper "When President George W. Bush precariously entered office in 2000, he did so with a showy economic package that proposed to reduce income tax by 1.6 trillion dollars. While many economists and analysts asserted that such a promise was fiscally irresponsible, the Bush campaign, and shortly thereafter, the Bush administration insisted aggressively that the national surplus, a relic of happier economic times, would provide a cushion for a tax cut. In 2001, Congress rolled over and welcomed a 1.35 trillion dollar tax cut."
