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Acct 616 Final Exam (Example)

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The FairTax Proposal Student’s Name Institutional Affiliation The FairTax Proposal The FairTax can be regarded as a proposal that is primarily aimed at reforming the U.S. federal tax code. Its core objective is to replace the federal taxes with a single national consumption tax on various retail sales. Some of the federal taxes that are to be replaced include the federal income taxes such as capital gains taxes corporate income taxes and the alternative minimum tax. Additionally the proposal will also eliminate the payroll taxes which include the Medicare taxes and social security tax. The tax plan will have the core objective of abolishing all corporate and personal income taxes and those taxes that are usually levied on estates gifts alternative minimums and capital gains among others. The taxes will be replaced with a retail sales tax of approximately 23 percent that will be administered by the relevant sales (Anderson 2012). While the proposals would mainly include a rebate that shields the low-income individuals from the tax increase the rebate would not be essential in shielding the middle-income persons from bearing the brunt. Besides the tax proposals would result in a decline in the economy a reduction in consumer expenditure and an increase in the unemployment rates. Overall the proposal would take advantage of various supply-side effects and act as powerful disincentives to consumption and expenditure. References Anderson J. E. (2012). Public finance. New York: Cengage Learning “FairTax” Proposals to Replace State Income and Business Taxes With Expanded Sales Tax Would Create Serious Problems. (2018). Center on Budget and Policy Priorities. Retrieved 22 January 2018 from and-business-taxes-with-expanded-sales-tax-would Seger D. (2012). Freer markets within the USA: Tax changes that make trade freer within the USA. Phasing-out supply-side subsidies and leveling the playing field for the working person. London: Author House [...]

Order Description:

Prepare a 3 to 4 page paper based on a tax system that has been proposed to replace the current tax system, the Value Added Tax system, tax savings strategies to avoid Estate Tax or the Fair Tax Act Proposal.   Explain the expected impact on the economy, the IRS and other factors that may be relevant.  Include at least 3 references.  APA format is expected.

Subject Area: Accounting

Document Type: Reports

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Words 1100

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