Federal Tax Current Event
The current Republican leadership race has seen Herman Cain as a front-runner for leadership of the Republican Party and thus, a potential presidential candidate for the 2012 election. One of the main components of his campaign is his proposal of a flat taxation plan for citizens of the United States, known as the "9-9-9" tax plan. This plan proposes to replace the current federal tax code with a flat taxation plan of 9% national sales tax, 9% personal income tax, and 9% corporate tax across the board for all Americans. In the article "Herman Cain's murky 9-9-9 tax plan," the author argues that this plan simply would not fiscally work out and that it would lead to an unfair distribution of the tax burden (Hitzlik, 2011).
Hitzlik argues that flat taxation plans such as the one proposed by Cain tend to not result with their positive intended outcomes, and he questions why such tax plans continue to be proposed when their effectiveness has not been appropriately demonstrated (Hitzlik, 2011). Furthermore, having every citizen pay the same percent proportionate to their income in taxes has not proven to be an effective solution for creating fairness and stimulating the
The discussion starts with a description of democratic tax program proposed in the 1930s that was intended to more fairly distribute wealth. The plan sought for taxes to essentially eliminate any income over $1 million and any accumulated wealth over $3 million. The money that would have been raised through this plan was intended to be directed towards guaranteed annual incomes, free college tuition, old-age pensions, and homestead grants (Hitzlik, 2011). Around the same time another proposal was put forth by a Socialist author than ran for governor of California who sought to end poverty in the state…
same-sex marriage refers to a legal married union between two persons of the same sex. In other word, same sex partner is a man legally married to another man or a woman legally married to another woman. Since same sex marriage is a new development in the United States, the federal government has faced challenges in treating the tax issues of same-sex individuals entering into marriage. The IRS's (Internal
Ned and Marge's Taxes Ned and Marge Childcare Transactions and Taxation Ned, Marge Thank you for your concern for accurately reporting taxes for this previous tax year. In the following response, your specific cases have been considered. As Ned has been paid in the amount of $95,000 by Marge for childcare for Maggie, under IRS regulations, if Ned babysits for relatives or neighborhood children, whether on a regular basis or only periodically, the rules
Employee Compensation Deduction Tax Research Memorandum Mr. Jones, President From: Tax Accountant, CPA Tax Treatment of Employee Compensation in Business Deductions Facts Mr. Jones is the President of a corporation owned by him and members of his family. Mr. Jones was paid $48,000 in salary and the corporation paid $12,000 in a pension plan contribution on Mr. Jones's behalf for the tax year. The IRS Agent claims that both the salary paid to Mr. Jones and
Itemized Deductions The Federal Tax system that is managed by the Internal Revenue Service (IRS) contains many complicated rules and regulations that presents many problems and issue for taxpayers wishing to abide by these laws. Itemized deductions is one method of self-reporting that taxpayers choose to use to file their returns. The purpose of this essay is to examine the use of itemized deductions on federal income tax returns. This investigation
Accounting Court Case Brief-Federal Tax Class United States vs. St. Pierre, 599 F. FACTS The Staab Agency acts as an agent for out-of-state trucking companies looking to register trailers in Maine. Shirley St. Pierre, the appellant in this case, owned all of Staab after buying it from its previous owner in 1991. Under her leadership, the company flourished, growing from about four employees and 4,000 customers in 1991 to 17 employees and 37,500 customers
Federal Government Tax The main source of government income is taxes. The government taxes various organizations in the economy differently to ensure that adequate revenue is collected. Corporate use loopholes in the tax system to reduce the tax paid to the federal government. The government should eliminate these loopholes to improve tax collection. Some taxes such as gift and estate tax as they are counter productive. Changes made to the federal
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