SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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what is the disadvantage of not providing deferred tax?
We tax net income? What economic distortions would occur if we taxed gross receipts?
Discuss how a sales tax is regressive.
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- Based solely on the definitions in the chapter, is the sales tax a proportional, regressive, or progressive tax? Explain, and state how the tax might be viewed differently.arrow_forwardCan the effective rate of tax be negative? Why? or Why not?arrow_forwardTrue or false is regulatory tax is intended to achieve some social or economic end?arrow_forward
- Are deferred taxes an unfair loophole that must be closed? What are the specific concerns that have been expressed over the years and do you see the rules surrounding deferred taxes changing in the future?arrow_forwardAdopting wrongful means to show less profit to avoid tax is part of : a. Tax evasion b. Tax planning c. Tax accounting d. Tax managementarrow_forwardTaxes result in an excess burden or welfare loss, but government subsidies always result in a welfare gain. True or false? Explain fully.arrow_forward
- Explain the differences between sales taxes and excise taxes. Give an argument in favor of excise taxes. Give an argument against excise taxes.arrow_forwardSome states exclude necessities, such as food and clothing, from their sales tax. Other states do not. Discuss the merits of this exclusion in terms of both efficiency and equity.arrow_forwardWhat are the pros and cons of the Value Added Tax (VAT)?arrow_forward
- 1. If there is a conflict between a BIR Ruling and a Revenue Memorandum Ruling, which will prevail? 2.Which tax system impacts more on the rich people, and why does it impacts them more?arrow_forwardExamine the income source rules discussed in the textbook and suggest at least two current tax rules that can prevent the manipulation of the source rules to eliminate taxes.arrow_forward
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