EBK SOUTH-WESTERN FEDERAL TAXATION 2019
42nd Edition
ISBN: 9781337671927
Author: Raabe
Publisher: Cengage Learning
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- As stated in the text, the federal income tax is the largest revenue-producing tax in use in the United States. Why do you think the income tax produces more revenue than any other tax?arrow_forward3. Suppose that the U.S. personal income tax system became a flat tax system, in which all taxpayers paid a certain percentage of their incomes in tax, and in which there are no exemptions or deductions. In which way(s) could this flat tax be more regressive than the present U.S. system? In which ways could it be more progressive than the present system?arrow_forwardAssume that the United States Congress passes a tax law that provides for a "rebate" to taxpayers. One of the goals of the rebate is A. Increase consumer disposable income and expand the economy. B. Increase consumer disposable income and contract the economy. C. Decrease consumer disposable income and expand the economy D. Decrease consumer disposable income and contract the economy.arrow_forward
- Discuss the major features of the federal income tax system.arrow_forwardWhich of the following is not deductible from gross income? * Community tax Excise tax Documentary stamp tax Foreign income tax claimed as tax creditarrow_forwardBasic community tax is an example of _______ while income tax is a kind of _______.arrow_forward
- Which of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax d) Corporate taxarrow_forwardThe current federal income tax structure is progressive in nature. First, explain what that means. Second, regarding the proposal for a "flat tax", comment on both justification for and major obstacles to enactment.arrow_forwardBased 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_forward
- What is the difference between a progressive tax, a proportional tax, and a regressive tax?arrow_forwardThe federal income tax is Group of answer choices flat rate. progressive. integrative. regressive.arrow_forwardAll except one are examples of direct taxes. * Transfer taxes Property tax Capital gains tax Excise tax on production of certain commoditiesarrow_forward
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