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Should the U.S. Convert to a Zero Personal Income Tax? (Example)

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 Should the US Convert to a Zero Personal Income Tax? Name Institutional Affiliation There are several countries in the world that have a zero personal income tax rate. One of them is the United Arab Emirates. The government utilizes alternative approaches to generate funds which are then re-directed to the provision of basic services and benefits to the citizens. Some of these sources of revenue include tourism agriculture manufacturing and the most importantly oil and gas (Profile). The UAE oil was discovered in 1958 becoming the main source of revenue for the country. But as the economy gradually progressed and became better the government moved from overdependence on oil as the main source of income and began to diversify into other areas like tourism agriculture and manufacturing. Agriculture is a key sector in the UAE economy and it contributes significantly to the generation of revenue by the government. It revenue. This involves borrowing from both the private sector and other countries. References Askari H. (2007). Middle East Oil Exporters. Cheltenham: Edward Elgar Pub. Bird R. M. & Zolt E. M. (2010). Dual income taxation and developing countries. Colum. J. Tax L. 1 174. Greenberg S. (2015). Options for Broadening the U.S. Tax Base. Tax Foundation. Retrieved 20 August 2016 from Harrison M. (2010). Taxation and the GCC States. Gulf One Lancaster Centre for Economic Research Report. Lancaster University Management School Lancashire. Kotlikoff L. J. (1993). The Economic Impact of Replacing Federal Income Taxes with a Sales Tax. Cato Institute. Prayag G. & Hosany S. (2014). When Middle East meets West: Understanding the motives and perceptions of young tourists from United Arab Emirates. Tourism Management 40 35-45. PROFILE . United Arab Emirates (UAE). In United States Library of Congress. Siddiqui A. (2011). Comprehensive Economics (3rd ed.). Laxmi Publications. [...]

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Analyze the way in which the one (1) country that you have researched provides services and benefits to its citizens without collecting personal income taxes. For the country that you have chosen, determine whether or not the U.S. could adopt their taxation model without reducing its total amount of revenue generated by collecting personal income taxes from individuals and business. Justify your response. Suggest at least two (2) advantages and two (2) disadvantages of the U.S. adopting a zero income tax model. Provide a rationale for your response. Create a proposal for where the revenue would be derived if the U.S. were to adopt a zero income tax model. In your response, provide specific recommendations concerning the following: The proposed tax base. Whether or not tax payers at certain income levels should be exempt from taxation. The primary way in which the IRS would calculate the tax rate in order to ensure that the same level of tax revenue would still be collected. The primary way in which your plan will achieve equity. Speculate on the primary way in which the federal government could make up any shortfalls if it does not collect its targeted revenue from personal income taxes, and ascertain the most significant way in which the U.S. Department of the Treasury, through the IRS, can still adhere to its fiscal and monetary policies. Justify your response. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length

Subject Area: Accounting

Document Type: Reports

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Words 1375

Pages 5

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