Name three possible simplifications in the Federal Tax System. Give the pros and cons of each simplification.?
398263
Like ^ said, do your own homework! haha... can't say I blame ya for trying though!
201657
I have asked this same quesion about the United States tax code. Several years ago I did a research essay on fixing what is wrong with our tax system. I came to the conclusion that many millions of dollars, hours of preparation, and trees which are used to print hundreds of different tax forms and schedules, could be saved by implementing a simple flat rate tax system for individuals. No huge deductions for the tax dodging wealthy, a lower tax bill for the average worker, and a more streamlined internal revenue service which would in turn leave more federal dollars for other public services. State tax systems could also use such an overhaul.\nIf Canada's system is anything like ours, real change is long overdue.
359977
It sounds nice and simple, but it is not.  A flat tax would benefit the rich more than the poor.  A flat tax would wipe out mortgage interest deduction that would limit the regular folk the ability to buy a house.
106491
Raises taxes or lowers taxes.
463110
Great idea -\n\n- no tax exemption status until at least three miracles are performed in the presence of IRS agents.
386409
Fair Tax would substitute a consumption tax (sales tax) in place of federal income tax.  Might work, but also might interfere with consumer spending, because taxes would rise with rising purchases.  Also some question as to whether there would be large exclusions, exemptions or deductions from the national sales tax.
261084
What do you propose as an alternative?  You babble on about "FAIR TAX" and yet you don't define what you think if fair.  Please explain.
55006
Basically your standard deduction is doubled and your tax will be at a lower rate. If there are kids, you have more deductions depending on your income and their ages.
1032933
CURRENT DEBATES ON THE VALUE ADDED TAX\n\nThe merits and demerits of the VAT are widely debated. Four arguments have been put forward in favour of the tax:\n- Revenue Potential;\n- Neutrality in Implementation\n- Efficiency;\n- Simplification of the Tax System.\n\nRevenue Potential...\nThe VAT is appropriately described as a broad based tax. In its pure form, the tax is implemented with few zero-rated items and exemptions, which ensure that the tax base is comprehensive. Because the tax is levied on a buoyant base, it creates a valuable\nsource of revenue, particularly for countries with a limited income tax base and countries that encounter problems with the implementation of the property tax. \nNeutrality in Implementation...\nA single rate value added tax with few exemptions and zero rated goods is considered non-distortionary or neutral with respect to economic behaviour. Consumers are not encouraged to change their pattern of consumption as the tax is applied on a comprehensive base. Additionally, if VAT on capital goods is fully credited, firms are not encouraged to change their method of production.\nEfficiency...\nThe tax is economically efficient as it is levied on the value added and avoids the cascading effects of some indirect taxes. It replaces numerous inefficient, distortionary and badly administered taxes. The introduction of an entirely new tax system creates the opportunity to revamp the administrative mechanism for the existing tax system.\nSimplification of the Tax System...\nThe VAT replaces complicated systems of indirect taxes levied at various rates and administered by various institutions. In addition, the VAT helps with the reduction in tax evasion because the invoice system is used as a control mechanism through the audit trail it creates.\n\n\nThe disadvantages of the VAT are generally related to the difficulties of administering the tax and the distributional effects of the tax. In relation to the macroeconomic variables, VAT has a favourable impact on export earnings, but contributes to higher prices during the period of implementation.\n\n\nVAT and Macroeconomic Variables\n\nInflation...\nCountries have experienced higher rates of inflation with the introduction of VAT, generally associated with the higher dependence on indirect taxes and the process of shifting the burden of indirect taxes to the consumers. Ignoring variations in price and demand elasticities, it is generally argued that price\nrises by the net effect of the VAT. This rarely occurs in practice. The impact on price is further complicated as businesses may take the opportunity to increase prices for reasons not associated with the VAT.\nExports...\nExports are zero-rated in the VAT systems, which means that they are completely free from taxes. It is Eastern Caribbean Central Bank therefore argued that the VAT has a favourable impact on exports and could improve the country’s balance of\npayments.\nSome CARICOM countries have experimented with the implementation of VAT with varying degrees of success.
376129
Any way you slice it the government needs to pay for the services that people demand. I would support any modification of the tax code that would get the public at large to buy into the system. That means that the obvious corruption in the way federal money is spent and the way in which contracts are awarded has to be dealt with.  The budget process in Congress is hopelessly broken and needs to be reformed.  In short, a sales tax would be simpler and indeed would be a better system but it needs to be accompanied by other reforms.
1134520
Issue one ....  Environmental responsibility - I want to be able to live and not just survive.\n\nIssue two ....   Bring home the troops - I don't like spending my money so that the rich can get richer.\n\nIssue three ...  Government accountability returned to the people of the U.S. and out of the multinationals (large businesses with global interests).\n\nI'll vote for anyone who can address my concerns and not just in words but in action.
840374
The easiest income tax system would be to throw it out and implement a national sales tax.  Tax everything but food at a rate somewhere between 1 and 5 percent and people wouldn't even have to do taxes.  The only people doing taxes would be business owners and they are already doing state sales taxes, at least in the states that have sales tax.
203971
Pros, everyone pays the same amount of tax.\nCons, everyone pays the same amount of tax.  (Its all relative, for low income individuals, paying 17% of their income in taxes would be a very large amount, but for a high income individual 17% is more money, but not as much of an issue.)  Just a basic answer.
89250
Read Neal Boortz's book "The Fair Tax".  \nThe fair tax gets rid of all federal income and payroll taxes and replaces it with a 23% consumption tax.  \n\nPeople get a prebate each month to cover taxes on the basic necessitys of life. \n\nYou get your whole check (gross) not just net.\n\nCorporate taxes presently account for 23% of an items price now.  That would disappear so you would be paying about the same for everything.\n\nAnd with no corporate taxes America would become the worlds biggest tax shelter.  Industries would be running over each other to set up shop in the US.\n\nCheck it out.\n\nMy 2 cents
751909
One of the best alternatives to all types of tax is the expenditure tax. Do away with council, income and corporate taxes and have a flat 30% expenditure tax. True, prices will increase in the short term but so will the income and hence we will have a balance. Also, this will mean that immigrants & assylum seekers will also pay the full tax and hence will not run away with using the services without pay anything.
154629
difficulties: additional responsibilties, taxes, and working\nBenefits: freedom, the power to effectively make a difference, greater respect from other adults\n(somehow benefits was harder for me to answer:-P)
758177
I'm not doing all your homework for you, but I'll help.  The biggest disadvantage of sole proprietorship is liability.  If the business goes belly up, they can come after your personal assets.  Also you are more susceptible to lawsuits.