Public finance is an area of study that has received a great deal of attention throughout the years. In recent years public finance has become more of a critical issue because of the economic recession that has plagued the country. There are various methods of public finance that exist and remain as a popular way for local and state governments to raise revenues. For the purposes of this discussion the issue of property taxes will be the focus as it pertains to local governments and the use of "user taxes" to help pay for local government services.
Public finance is described as "the branch of economics that studies the taxing and spending activities of government (Rosen, 2003)." Additionally public finance deals with the issue of both positive and normative analysis. Positive normative analysis involves factors related to cause and effect whereas normative analysis refers to ethical issues associated with the assignment…...
mlaWorks cited
Anderson E. (2009) Sharing the Wealth: What Happens to Municipalities when Counties Decide to Change the Local Sales and Use Tax Distribution Method. http://www.mpa.unc.edu/students/documents/EmilyAndersonsCapstone.pdf
Bahl, (2004). "Local government expenditures and revenues." Management Policies in Local Government Finance. 5th edition
Dornfest, A.S.,Van Sant, S., Anderson, R., Brown, R. (2010) Journal of Property Tax Assessment & Administration. 7 (4), 107-111.
Hosseini, B. (2010) . Chapter 4 to the Rescue: California Attempts to Prevent the Unjust Reallocation of Local Sales and Use Taxes. McGeorge Law Review; 41(3), p600-606
676).
Some argue, however, that the assessment of property taxes in the United States has become regressive. That is, low-income homeowners pay proportionately more of their income on property tax than their high-income counterparts. This situation has developed as homeowner incomes have slowed while property values have raised rapidly. Not all experts agree on whether property taxes are regressive or progressive. Those who argue that property taxes are progressive point to the fact that property taxes tend to reduce the return on capital (p. 690). The net effect of this is that investment in poorer areas decrease and so do rents so that property values decrease as well. The lower property values serve to decrease the property assessments and, therefore, the corresponding property tax, however, there is a delay in the timeframe.
Whether or not property taxes are regressive or progressive will continue to be debated. egardless, such taxes have become…...
mlaReferences
Taxes on Wealth, Property, and Estates.
Property & Income Tax
Tax Caps/Schools
Tax revolts seem to be an American tradition. Since the American Revolution, American citizens have fought the payment of what they felt were unjust taxes. School taxes have not been any exception to this. Proposition 13 (California), Proposition 2 1/2 (Massachusetts) and the New York State 2% property tax cap all have marked similarities but were born during radically different times. In this short essay, the author will research the three and compare and contrast their initial intentions, successes or failures. e will consider whether these laws were instituted by the vote of the public or of only their representatives. Further we will consider if municipalities or other unites were impacted in the same manner, namely schools, towns, village and/or cities. Primarily, this examination will be from the perspective the educational leadership as these financial topics impact education and the operations of their school districts.
Analysis
Property taxes are the manna…...
mlaWorks Cited
Bal, N.K., & Nunes, R.G. Massachusetts Department of Revenue, Division of Local Services. (2007).
Levy limits: A primer 1 on proposition 2 1/2. Boston: Massachusetts Department of Revenue.
Ferreira, F. (2009). You can take it with you: Proposition 13 tax benefits, residential mobility, and willingness to pay for housing amenities. Journal of Public Economics, 94, 661 -- 673.
Hakim, D. (2011, May 24). Deal reached in albany to cap property taxes. Retrieved from http://www.nytimes.com/2011/05/25/nyregion/in-albany-agreement-is-reached-to-cap-property-tax-increases-at-2-percent.html?_r=1&pagewanted=all .
But some cities like Oakland Park say they have planned ahead for the cuts (yman, Hafenbrack & Kleindienst, 2007). Regardless, the loss of revenue will include firing many employees, like the 1,000 Miami-Dade County employees who already learned the county was eliminating their jobs to provide property tax relief in 2007-2008. Countywide, if the new reforms are passed, 1,200 positions will be eliminated in Miami-Dade. Only 375 of them are administrative positions. Most of them involve transit, corrections, parks, aviation. However, the state assures residents that necessary members of the fire and police department will not be laid off in any counties, and some positions targeted for cutbacks will be transferred to other departments, and simply not renewed ("County Budget Provides Tax Relief, Loss of Jobs," Local10 News, 2007).
Despite the concerns about the loss of jobs, the consensus is that the relief is necessary, especially for low-income seniors. As…...
mlaWorks Cited
Calzadilla-Fiallo, Elizabeth. "Miami-Dade County Fire Chiefs to Discuss Proposed Tax
Rollback at News Conference." 11 Jun 2007. 9 Dec 2007. http://www.miamidade.gov/MDFR/advisories/07-06-14-tax-rollback.asp
County Budget Provides Tax Relief, Loss of Jobs." Local10 News. 13 Jul 2007.
Defining the Problem Comment by Fischer, Kahlib: One paragraph.
People often commit crimes and while only Christ can save people, the law made by the government can at least guide people into doing what is deemed right by society. While only Christ removes evil, policies introduced by the government can promote control. The H.R.614 - Protect Our Schools from Tax Delinquents Act of 2017 is a bill that aims to reduce tax delinquency in owners of property that rent to Section 8 voucher holders. The bill is aimed at reducing the possibility of property owners not paying their taxes in a timely manner and having the paid taxes used to cover the cost of schools (cover taxes) (Congress, 2017).
May: Biblical guidelines and principles
The Two main principles to discuss here is ‘Man is Sin’ and ‘Jesus Christ is the only means of ultimate salvation’. Government interventions like the bill proposed will only…...
mlaCBO. (2017, September 27). H.R. 244, Consolidated Appropriations Act, 2017. Retrieved from
Congress. (2017, January 23). H.R.614 - 115th Congress (2017-2018): Protect Our Schools from Tax Delinquents Act of 2017. Retrieved from https://www.congress.gov/bill/115th-congress/house-bill/614?q=%7B%22search%22%3A%5B%22public+property%22%5D%7D&r=1DiNitto, D. M., & Johnson, D. H. (2016). Social welfare: Politics and public policy. Boston, Mass. [u.a.: Pearson.Famguardian. (2017). COURT CASES RELATING TO INCOME TAXES. Retrieved from https://famguardian.org/Subjects/Taxes/CourtCases/CourtCases.htmKraft, M. E., & Furlong, S. R. (2017). Public policy: Politics, analysis, and alternatives. CQ Press.https://www.cbo.gov/publication/52708
Ryder Appraisal DistrictIntroductionRyder Appraisal District (RAD) is the county agency responsible for property taxation in Ryder County, South Carolina. Over the years, taxpayers have expressed concerns about the inequities in residential property tax assessments in Ryder County. In response to these concerns, James Bradford, the newly-elected Ryder County Tax Commissioner, has proposed a simplified property tax assessment plan. The plan aims to minimize changes in individual taxes, maintain revenue neutrality, and reduce the workload of RAD appraisers. However, before implementing the new plan, Bradford wants to determine the accuracy of the square footage estimates in the current database and use the available data to estimate the flat tax amount and the tax rate per square foot under the new system.Statistical AnalysisTo determine the accuracy of the square footage estimates in the current database, I compared these estimates with the actual square footage values obtained by the staff appraiser. The UNIVARIATE…...
Government: Fiscal Policy
One of the policies that the local and the federal governments have strived to streamline in order to help the local citizens who are old and disabled is the property tax exemption for senior citizens and disabled persons. This is one policy that is complex to understand ye it is crucial to do so since it is the good understanding of the same that will enable one to apply and benefit from the government tax relief.
The article outlines some major points that need to be understood by the elderly and disabled in line with property tax exemption. There are four factors, the age or disability, ownership, residency, and income requirements that the article outlines for one to be eligible for the property tax exemption in Washington State. The article outlines that on the 31st December of the year of eligibility the individual must have been 61 years old…...
mlaReferences
Washington State Department of Revenue, (2016). Property Tax Exemption for Senior Citizens and Disabled People. Retrieved May 22, 2017 from http://dor.wa.gov/Docs/Pubs/Prop_Tax/SeniorExempt.pdf
Although Daggett's proposal is harsh, the next governor should consider instating this measure, or a similar type of proposal.
The reason for high property taxes in New Jersey is multifaceted. In theory, property taxes are supposed to be equal in the aggregate: "Equalization as between individual properties within a municipality is an ongoing function. It is an important concern since its aim is to stimulate a continuous striving to ensure each individual parcel of property bears its just share of the property tax burden," but the rise of high-cost properties in districts with a substantial middle class population have made this goal of proportionality elusive (Short and simple, 2009, NJSLOM). In recent years, the poor and middle class have assumed a disproportionately large burden of supporting local budgets relative to the value of their property in the state.
hile a more equitable balancing of the tax burden by creating more affordable…...
mlaWorks Cited
Lu, Adrienne. (2009). Daggett says he'd cut N.J. property tax burden. Inquirer Trenton Bureau.
Retrieved October 4, 2009 at http://www.philly.com/philly/business/homepage/20090930_Daggett_says_he_d_cut_N_J__property_tax_burden.html
NY, NJ highest payers of property tax: Report ranks 775 counties by taxes paid; why are taxes increasing and what can you do about it? (2006, October 4). CNN Money.
Retrieved October 4, 2009 at http://money.cnn.com/2006/10/03/pf/property_taxes/index.htm
Tax Returns for C Corporation and Partnerships
Tasty Treats and Beverages is a registered company in the United States. The company was incorporated in 2004, and operates under the C Corporation for the tax purpose. A C-corporation refers as a business entity subject to the federal income tax. A company operating under the C Corporation can enjoy host of tax credit that can assist it to enjoy a tax reduction that the company has to pay to the federal government. This paper uses the excerpt from the Tasty Treats & Beverages, Inc. annual income statement to prepare the tax return for the company.(See Appendix 1).
Tasty Treats & Beverages, Inc.
Income Statement ($)
For year ended December 31, 2013
Revenue from sales
1,500,000
Total Expenses
(885,050)
Income before taxes
284,450
Federal income tax expense
96,713
Net income after taxes
187,737
As being revealed in the company statement of income data, the income before tax was $284,450 and federal income tax expenses was $96,713. The paper…...
tax system of one country with that of another is an exercise fraught with dificulties and ultimately doomed to failure . tax system will never be much more than a reflection of strongly national cultures and forces. discuss this statement in the light of your knowledge of comparative tax system in developing and/or developed countries i
Tax Systems
The following pages focus on analyzing the factors of influence on different countries' taxation systems. The paper begins with an introductory section that allows readers understand the point-of-view used in this paper. The following section refers to describing the taxes pand taxation systems used by most countries and their objectives, in order to understand the similarities and differences between these taxation systems. The paper continues with the analysis of several factors that influence countries' tax system design, like cultural factors, technological developments, and natural resources. In order to exemplify this, the taxation systems…...
mlaReference list:
1. Pasekova, M. et al. (2011). Comparative Analysis of Tax Systems: Some Evidence from CEE Countries. World Academy of Science, Engineering, and Technology. Retrieved February 27, 2012.
2. Greenhouse, S. (2011). Tiny Tax on Financial Trades Gains Advocates. The New York Times. Retrieved February 28, 2012 from http://www.nytimes.com/2011/12/07/business/global/micro-tax-on-financial-trades-gains-advocates.html?_r=1&pagewanted=all .
3. Ross, M. (2004). Does Taxation lead to Representation? Cambridge University Press. Retrieved February 28, 2012.
4. Seto, T. (2008). Four Core Principles of Tax Design System: Introduced and Applied to the Taxation of Multinationals. Loyola Law School. Retrieved February 28, 2012.
To minimize the impact on business and property owners, the tax should be one that they can apply at the consumer level. An excise tax raises the cost of goods, whereas a sales tax does the same thing but forces the consumer to pay. A property sales tax would already be applied at the consumer level.
As a citizen, I will not necessary see benefit from these taxes -- it depends on what the taxes are used for. ith regards to paying other taxes, I am only concerned with my total tax burden. Shifting taxes from one type to another, if it for me is tax neutral, is irrelevant. I would prefer that my taxes are reduced overall, and if these taxes facilitate that, then I would prefer them.
orks Cited:
IRS. (2008). Business taxes. Internal Revenue Service. Retrieved February 11, 2010 from http://www.irs.gov/businesses/small/article/0,,id=98966,00.html...
mlaWorks Cited:
IRS. (2008). Business taxes. Internal Revenue Service. Retrieved February 11, 2010 from http://www.irs.gov/businesses/small/article/0,,id=98966,00.html
Tax Equity and Fairness
Taxes on property are also known as ad valorem tax imposed on the real value of the estate or other assets that an individual owns. The local government imposes these property taxes and charges are on a recurring basis (Mikesell, 2014). For example, a homeowner either pays their taxes on a yearly basis or gives a monthly fee as part of the mortgage payments. It is worth noting that these taxes are subject to fluctuation basing on the jurisdiction assessment of the property's worth by looking at factors like its market value, condition, location and the changes to the apportioned amount to the various tax recipients. For instance, when residents of a given community vote to have the millage rate increased for their school system, this affects the tax rate on homeowners. Therefore, the tax levied is increased on their properties, and the reverse applies; when the…...
mlaReference List
Laureate Education (Producer). (2008). Budget management functions: Revenue [Video file]. Retrieved from https://class.waldenu.edu
Mikesell, J. L. (2014). Fiscal Administration: Analysis And Applications For The Public Sector (9th ed.). Boston, MA: Wadsworth
Taxes
Tax laws affect taxpayers because they create the taxpayer and govern all aspects of the taxpayer's obligation to the state. Without tax law, there would be no taxpayer; it is the tax laws that create the obligation to pay taxes, and the punishments for non-payment. Tax laws establish who pays taxes, at what rate they pay taxes, the punishments for late or non-payment, and the establish the tax collection body (IRS) and grant that body the authority to run the tax system. Taxation is one of the major ways in which the state can influence behavior in a democratic country. States have long reserved the right to taxation, and the exclusivity of this right has been a feature of government for centuries. Today, there are usually specific rules regarding what layer of government can levy taxes for what purpose. Taxes have different names, too, including excise taxes, income taxes, capital…...
ased on the income stream, what is the estimate of the market value of the property this year?
The estimated property value for the building this year would be: $1,723,231.00. This number was calculated by adding the net operating income together, to determine the underlying present value of the asset.
Here are some issues concerning the physical property which may adversely affect its future cash flows. How will you deal with the following? 1. Roof needs $50,000 worth of repair work. 2. Several (6) heat pumps as part of your HVAC (Heating, Ventilation, Air Conditioner) system need to be replaced at a cost of $5,000 each. A workout facility is planned for the lower level at a cost of $125,000.
The total amount of repairs that the building will need is $205,000.00. This can be broken up over a series of five years, by investing a consistent amount of $41,000.00 per year. This…...
mlaBibliography
Impressive in Syracuse. (2009). CEOs for Cities. Retrieved from: http://www.ceosforcities.org/blog/entry/2201
Tax Liability
A preview of capital structure issues
In regards to the overall business environment, capital structure has profound implications of the business, irrespective of its industry. For one, a firm's capital structure is then the composition or 'structure' of its liabilities. For example, a firm that sells $40 billion in equity and $160 billion in debt is said to be 20% equity-financed and 80% debt-financed. The firm's ratio of debt to total financing, 80% in this example is referred to as the firm's leverage. This leverage has implications on the entire firm. For example, leverage in many respects is a double edges sword. On one hand, leverage can amplify gains for firms. However, if used incorrectly, leverage can also amplify loses. As such, firms must be cognizant of its capital structure as complacency can hinder overall business performance. Debt and equity financing, can have a profound implications on the business overall.…...
mlaReferences:
1) Myers, Stewart C.; Majluf, Nicholas S. (1984). "Corporate financing and investment decisions when firms have information that investors do not have." Journal of Financial Economics 13 (2): 187 -- 221
2) Baker, Malcolm P; Wurgler, Jeffrey (2002). "Market Timing and Capital Structure." Journal of Finance 57 (1): 1 -- 32.
3) Lyandres, Evgeny and Zhdanov, Alexei, Investment Opportunities and Bankruptcy Prediction (February 2007) Available at SSRN: http://ssrn.com/abstract=946240
4) Timmer, Jan (2011). Understanding the Fed Model, Capital Structure, and then Some.
Since we do not know what you have put in your first page, it is a little difficult to tell you where to start on your second page. What we are going to do is go over some of the negative effects of gentrification and give you some links to find more information about those negative effects. Hopefully, this will help you get over your writer’s block and get past page two.
At first glance, gentrification may seem like a positive. After all, gentrification means an upward trend economically for a historically economically disadvantaged neighborhood. However, long-term residents....
Here are a few unique and fresh essay topics for a thesis on affordability of housing:
1. Examining the impact of tiny house communities on housing affordability and community development
2. Analyzing the role of co-housing and co-living models in addressing affordable housing challenges
3. Investigating the potential of modular and prefabricated housing as a solution for affordable housing shortages
4. Exploring the effectiveness of community land trusts in preserving affordable housing options in gentrifying neighborhoods
5. Evaluating the intersectionality of race, class, and housing affordability in urban planning and policy-making decisions.
6. Understanding the relationship between homelessness and affordable housing strategies in cities across the....
Local Government Issues: Essay Topic Ideas
Local government plays a significant role in the well-being of communities. However, various issues can arise within local governments, impacting the lives of residents and the effectiveness of governance. Here are ten compelling essay topic ideas that explore local government issues:
1. The Impact of Property Taxes on Affordable Housing: Examine the relationship between property tax rates and the availability of affordable housing in a local community. Discuss the challenges faced by low-income residents and explore potential policy solutions.
2. Citizen Participation in Local Decision-Making: Analyze the extent to which citizens participate in local government decision-making processes.....
Essay Topic 1: Fiscal Challenges of Local Governments
Introduction: Discuss the increasing financial pressures faced by local governments, including declining tax revenues, rising service demands, and unfunded pension liabilities.
Body Paragraph 1: Explore the impact of state and federal policies on local government funding, such as budget cuts and revenue restrictions.
Body Paragraph 2: Analyze the role of property taxes as a major source of local revenue and the challenges associated with maintaining fair and equitable assessments.
Body Paragraph 3: Discuss alternative revenue sources, such as fees, user charges, and sales taxes, and their potential advantages and disadvantages.
Conclusion: Offer....
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