Tax I policy paper

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lccm

Business Finance

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Tax I Policy Paper

Assignment description: This assignment is designed to help you better understand how the tax laws are set. It will write about a specific tax law provision. Assuming that the provision is about to expire, each student will write a paper that briefly summarizes the rules that pertain to their tax law provision, describes the history of how/why the tax law exists, and presents arguments for repeal or renewal of the tax law. You may also consider a tax policy which is not in place, but which you believe should be enacted. If you choose to go this route, explain the related tax law, argue why your policy is important, and explain how your recommended policy modifies existing tax law. This is a more difficult option, in my opinion. Your grade will be based on the quality and clarity of your paper, and the persuasiveness of your arguments. You may choose any tax rule you like. I understand that sometimes this level of flexibility can actually feel restricting and make it difficult to begin the project. The assignment should be turned in electronically. Length: I expect that these papers will be roughly 3 typed pages.

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Tax law
Tax laws are legal procedures which govern the way the state local and federal
governments calculate taxes owed to them by individuals as well as different institutions. Tax
laws usually cover property, corporate, income, luxury and also excise taxes. The U.S state
legislature and Congress is the one responsible for formulating majority of these laws and also
update them. In this case, we will look at the income tax law. Income tax is usually imposed on
entities and individuals and it varies depending on the respective profits or incomes of these
entities. In many cases, income taxes which are levied on businesses are referred to as corporate
tax or company’s tax. The taxes on the people as well as entities may be imposed by the country
or its subdivisions.
According to the law, each individual and entity is required to file an income tax return
each year. It helps to determine if they owe taxes to the authority or they qualify for tax returns.
Income tax is the main source of income to many governments. The government uses the funds
raised here to carry out other development projects as well as serve its citizens. In many
countries the U.S included, use the progressive tax in levying taxes. In this case, the individuals
who earn more pay more taxes and those who earn little money, pay fewer taxes. The internal
revenues service is responsible for collecting and enforcing the tax laws. It employs complex
regulations and rules regarding the income to be reported and the credit fillers as well as
deductions claimed.
There are different tax provisions in the income tax law. First, some organizations are
exempt...


Anonymous
I was having a hard time with this subject, and this was a great help.

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