Abstract
The paper argues that income tax on all domestic corporations - widely known as the corporation income tax - is an unnecessary burden and should be abolished. The paper discusses how proponents believe all areas of the domestic economy would benefit, and economists state that the elimination would provide an economic stimulus to the country by providing the incentive for increased production resulting in a long-term benefit to the economy. The paper explains that for this problem, the dependent variable is the dollar amount of the decrease in tax revenue not received by the U.S. Treasury, and is determined by independent variables that would include: (1) Higher tax revenue paid by individuals, and (2) revenue from other forms of taxation enacted by the U. S. Congress, needed to replace lost tax revenue from the elimination of the corporate income tax. The paper relates that the primary and most important independent variable is the anticipated higher income tax revenue paid by individuals and received by the U. S. Treasury.

Tags:statistic, project, paper

Abstract
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."

Tags:income tax, government

Abstract
This paper discusses introduction a flat tax reform in America's federal income tax law. To analyze the flat tax, the current income tax and the proposed flat tax structure is compared as well as a definition of progressive taxation. General points for and against a flat tax follow. A detailed flat tax piece of legislation prepared by United States Representative Dick Armey and United States Senator Richard Shelby are summarized and used as an example of a specific implementation of a flat tax. Finally the paper shows why a flat tax is more desirable than the current federal tax structure.

Outline:
Introduction
Flat Income Tax
Current Income Tax
Armey-Shelby Proposed Flat Income Tax
Tax Types
Progressive Tax
Definition
Example: Federal Income Tax Structure
Regressive Tax
Definition
Example: Social Security Tax
Current Income Tax
Problems
Complexity
Administration Cost
Increasing Tax Burden
Special Interest Lobbying
Flat Income Tax
"Ideal" Flat Tax
Armey-Shelby Tax Proposal
One Tax Rate
Simple Tax Form
No Tax on Savings
Elimination of Double Taxation
Zero Tax Bracket
Other Benefits
Other Definitions of Taxes
Consumption Tax
Sales Tax
Value-added Tax (VAT)
Wage Tax
Income Tax
Timing of Tax Collection
Best Choice - Flat Income Tax
Current Problem Solution
Ease of Administration
Encourage Savings and Investment

From the Paper
"There are two main reasons for mentioning that income is taxed "one time." Currently dividends paid to company stockholders are taxed both as profits for the company and dividend income for the individual who is paid the dividend. To eliminate this double taxation of dividends the company will pay corporate income taxes on its profits and the individual will not be liable for any taxes on the dividends he receives. A second reason is the elimination of taxing savings twice. If an individual puts a dollar from his paycheck that he has already paid income tax on in the bank, then any earnings on the savings is again taxed. Both of these situations inhibit savings and investment taking dollars out of the economy and recycling them through the federal government."

Tags:Dick, Armey, Richard, Shelby, progressive

Abstract
This paper argues that American income tax laws are designed with the rich in mind and a consumption-based tax is inherently more equitable to the citizens of the United States. The paper believes that the wealthy who spend more would be taxed more and the middle and lower class who want to save on their taxes could spend less. The paper also calls for the simplification of the tax code and discusses the different approaches which could be taken to implement a consumption-based tax. The paper explains the solution to the arguments against this sort of tax and asserts that the tax experts can easily extrapolate the figures needed to produce the amount of revenue required to keep the government running.

From the Paper
"In 1776 Americans revolted against their king and his government ostensibly over unfair taxation which was imposed without us having any representation in the matter. We argued that we were perfectly capable of taxing ourselves. Humorists claim we have, indeed, gotten very good at it. Americans pay their taxes without much argument and the arguments which do arise are inevitably not over paying taxes but over paying unfair taxes. Our tax laws are designed with the rich in mind and with loopholes and laws and codicils requiring a tax lawyer to decipher. Such services are available to the wealthy of this nation but not to the middle class, who must usually be content with the services of a clerk at H&R Block with a high school diploma and a week of training in tax preparation."

Tags:income, wealthy, middle, lower, class, revenue, Internal, Revenue

Abstract
This paper explains that, as proposed, the national sales tax (also called the Fair Tax) would be a 15 percent sales tax on the final purchase of goods and services at the retail level and would include the abolishment of the Internal Revenue Service. The author points out that some of the arguments for the Fair Tax are that all Americans will take home their entire paycheck resulting in revenue neutrality and that there will be no tax on business inputs. The paper relates that some of the arguments against the Fair Tax are the fear of burdening the poor who spend most of their income on retail in contrast to the wealthy who invest much of the income, and the cost of implementing a system of controls.

Table of Contents:
Objective
Introduction
History of U.S. Taxes and Tax Law
War of 1812 - The First Sales Tax
Civil War Effort - The First Income Tax Law
Congress Rules Income Taxes as Unconstitutional
The Sixteenth Amendment - Income Tax made Permanent
World War One
The Great Depression
World War II - Transformation of the Tax System
1981 - The Largest Tax Cut Ever
Yearly New Tax Acts - 1986 through 1990
Tax Acts of President George Bush
World Trade Organization Rules Corporate Tax Provision Illegal
The National Sales Tax
Three Major Proposals - Alternative Reform Initiatives
Another View of the NST
Gregory (2004) agrees with Crawford (2005) most emphatically
Another Vote for Real Reform
Primary arguments of Fair Tax proponents are as follows:
Primary Arguments of Those Against the Fair Tax
Knowledge to Assist in the Comprehension of the Fair Tax Law
The Views Expressed by 'The Ways and Means Committee - Washington"
Regressive Tax System Characteristics
Discussion

From the Paper
"The proposed 'national sales tax' would be the replacement for the personal income tax, corporate income tax, and estate and gift tax and would have an impact on the U.S. economy, the national standard of living, the cost of compliance and the degree of intrusiveness of the tax system in the lives of U.S. citizens. The NST would stand in the place of all individual and corporate income tax, transfer taxes, as well as most non-trust fund excise taxes with a single 15 percent flat-rate tax on the purchase of final goods and services at the retail level. The rate of 15% would be applicable meaning that an item costing $.85 would cost a total of $1 including tax. he present income tax system in the U.S. has several defects. The National Sales Tax plan is purported to be the answer for correcting those defects."

Tags:consumption, single-rate, regressive, classes, burden

Abstract
This paper involves an analysis of tax law sources, objectives and GAAP vs. Tax Accounting. It further summarizes the sources and objectives of modern income tax statutes. The paper concludes with a discussion of what financial statements reflect.

From the Paper
"In an essay published online by the U.S. Internal Revenue Service part of the mission of the IRS is to provide America's taxpayers with top quality service by helping them to understand and meet their tax responsibilities and by applying applicable tax law with integrity and fairness to all. The IRS is a branch of the U.S. Treasury Department with headquarters in Washington D.C. and is managed by a commissioner appointed by the President Tax laws..."

Tags:tax, gaap reconciliation, FASB, accounting rules, IRS, tax liability, voluntary system

Abstract
This paper states that artificially adjusting wages above market rates set by the supply and demand of labor increases unemployment because, when businesses cannot pass along the higher labor costs, they often eliminate workers though decreased production or by substituting them with more efficient technologies. The author points out that minimum wage laws are less effective at reducing social exclusion and are more damaging to businesses than other alternatives such as training programs and the earned income tax credit. The paper further relates that many of the new industries in our economy, such as the software industry, Internet-based businesses, communications services and equipment and biotechnology, many problems arise when applying anti-trust laws, , including network effects and low marginal costs and high fixed costs.

Table of Contents:
Minimum Wage Laws
Anti-trust - Microsoft

From the Paper
"Firms in new economy industries must invest great sums of money to develop their products, either in upfront research and development or in physical or virtual networks to create and deliver products. Microsoft is a natural monopoly business. Initially, it is expensive to produce software, but it is very cheap to make copies. The marginal cost of Microsoft's software is virtually zero, so average total costs decline with each copy sold. As the company established its lead, it becomes more difficult for competitors to compete against it with lower prices, since their own costs have to be recouped with fewer sales."

Tags:teenagers, costs, industries, marginal, network

Abstract
An Australian company wishes to purchase prefabricated birdcages from Kenya and assemble them for sale. The company is confronted by a number of choices, each of which has different tax implications. This paper will trace the forking choices and explain the tax implications of each with references to Australian and Kenyan tax law. The first choice is how to do business in Kenya itself, whether as an Australian company, a Kenyan branch or subsidiary of the Australian company, or as a Kenyan company proper. A local branch or subsidiary of a foreign company will incur 37.5% income tax, versus 30% for a local company. It would thus seem to make more sense for a tax-averse entity to set up a fully Kenyan business; although, as we shall see, there is an important exception to this rule.

From the Paper
An Australian Company Doing Business with Kenya: Some Tax and Business Strategy Implications An Australian company wishes to purchase prefabricated birdcages from Kenya and assemble them for sale. The company is confronted by a number of choices, each of which has different tax implications. This paper will trace the forking choices and explain the tax implications of each with references to Australian and Kenyan tax law. The first choice is how to do business in Kenya itself, whether as an Australian company, a Kenyan branch or subsidiary of the Australian company, or as a Kenyan company proper. A local branch or subsidiary of a

Abstract
The paper discusses how around the world there are at least 50 governments and municipalities that are known as "tax havens" because of the laws that affect taxes on income and earnings held in the offshore banks. It examines the services typically available such as tax and investment counseling and advice, security deposits of large amounts of cash through numbered or otherwise anonymous accounts and methods of transferring corporate earnings to the accounts. It provides a brief listing of the available sites around the world and looks at how the use of offshore tax havens will continue to grow as the world's economy becomes more globalized and businesses learn about the many benefits available for protecting and preserving assets.

From the Paper
"Being in the same time zone as the United States has had a sound impact on the Caribbean centers, which might account for the large number of operations in that region. Offshore banks in this region have taken "advantage of their proximity by designing products that are attractive to American individuals and companies. The Bahamas and the Cayman Islands have even gone so far as to customize their tax legislation to make it easier for US lawyers and accountants to understand and use the law on behalf of their clients"(Butler, Phelps & Gartland, 1996, 23)."

Tags:governments, municipalities, income, banks, investments

Abstract
The paper looks at how the Internal Revenue Code has defined charitable organizations and the trusts that are eligible to receive donations with tax exceptions. The paper looks at large scale sham cases that used the provisions of charity to evade tax and the resulting legislation that has removed the special status of charitable organizations and has brought them under their scrutiny. The paper looks at when a donor gets benefits of tax deductions and when a taxpayer will not be able to avail the provisions of the charity provisions where there has been an 'ear marked' donation.

Outline:
Introduction
Definition & Classification of Charity
Analysis of Taxation and its Incidence on Beneficiaries for Charities
Legislation
Benefits and Deductions
Negation of Tax Benefits, and Incidence of Tax
Beneficiaries
Sham Beneficiaries
Conclusion

From the Paper
"The definition of a trust is said to be: A separate taxable entity "for federal income tax purposes." The trusts are legally of many types, but generally are created out of the will or arrangement by a donor or creator of the trust and an appointed trustee takes the charge and responsible of the trust and all assets and property of the trust which is a new legal entity. The beneficiary or beneficiaries are the person or persons who derive benefit from the trust or are entitled to receive income or benefits from the values held by the trust. Thus the beneficiaries could be a class of persons as described by the charter of the trust eg: Visually challenged persons. Or it could even be the members of the trust including the founder, in which case too the trust being a separate entity can hold the amounts in trust for them. Thus the beneficiaries could be any person. There are business and investment trusts that are created for the purpose of business or are based on profit making and this is usually done using the capital provided by the donors or creators of the trust. This type of trust closely resembles a partnership and can be taxed as a business entity in the same way as a company. Thus there is no tax exemption as in the case of charitable trusts. (CCH Incorporated, Commerce Clearing House, CCH Tax Law, 2007) A liquidating trust likewise is formed to liquidate assets and it is taxed as a trust."

Tags:deductions, evasion, fiduciaries, beneficiaries, trusts