Assignment 1: Federal Taxes Congress has asked you to evaluate the individual tax brackets in the...

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Assignment 1: Federal Taxes Congress has asked you to evaluate the individual tax brackets in the federal tax code and make several recommendations to improve the fairness of the tax brackets. Using...

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Assignment 1: Federal Taxes

Congress has asked you to evaluate the individual tax brackets in the federal tax code and make several recommendations to improve the fairness of the tax brackets. Using the Internet and Strayer Library, research the current federal tax brackets for individual tax payers.

Write a four to five (4-5) page paper in which you:

1. Give your opinion as to whether or not you believe the current progressive federal income tax structure is fair for most Americans. Provide support for your response.

2. Create an argument for what you believe should be the maximum federal income tax rate an individual should have to pay. Provide support for your argument.

3. Analyze the potential benefits that a flat tax structure might have on both taxpayers and the United States Treasury. Defend or critique a flat tax structure.

4. 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; 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 page length.

The specific course learning outcomes associated with this assignment are:

· Demonstrate knowledge of the concepts, rules, and methodologies’ application to federal taxation and the ability to apply them to individuals.

· Analyze tax research processes and practice, and other tax issues.

· Use technology and information resources to research issues in business law and tax.

· Write clearly and concisely about business law and tax using proper writing mechanics.

Answered Same Day Dec 27, 2021

Robert · Accepted Answer

Federal Taxes
 
Federal Taxes 
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Answer 1. 
Though it’s rigid to contend in contradiction of that, the U.S. tax code, in its place of being 
convinced, is disproportionately complex, together taxpayers and policymakers are regularly 
unfulfilled by its mysterious rules and dodges that appear to reverse equality and sense. 
As President Obama styles his twelve-monthly State of the Union Address, corporate America 
will be observing for responses to make simpler and normalize the way taxes are calculated. 
Single method to do this is to substitute the existing enlightened tax scale with a plane 20% tax 
rate for persons who make earn than $200,000 one year; and lesser the 39.1% corporate tax rate 
to 12.5%, though concurrently concluding ambiguities that kind the organization so partial. 
Maximum persons are hypothetical to pay 40% in taxes. In practical, though, the rich pay earlier 
to 22% for numerous reasons, several have a prevalence of investment revenue, which is taxed at 
20%,some might like tax breakdowns from advance interest expenditures. This would help 
inspire equality. The present code levies revenue made from savings at 20% and salaries at a 
advanced rate of 39.6%. Though intended to inspire investment, the system unintentionally 
disciplines usual Americans, numerous of whom trust exclusively on salaries for their revenue. 
Taxing both inert and normal revenue at the similar lower rate of 20% would level the playing 
field without hurting investors. It would also free up persons to exploit their salaries from any 
cause and be intelligent to brand asset choices self-sufficiently of tax deliberations. So that the 
progressive tax system make the equality in the system and try to make higher taxes for higher 
income and lower taxes for lower income individual. The idea is that the 20% amount must only 
apply to persons who previously recompense near to 20% or additional in levies, so that the U.S. 
can vaccinate saneness and justice into the arrangement with punishing any particular group.
So that, current progressive tax system is good for the Americans because its help to reduce the 
inequality of the citizens, means higher income group always pay the higher tax rate and levied 
to pay higher tax payment to the government, while lower income groups are not levied to pay or 
less pay taxes to the government.

Assignment 1: Federal Taxes Congress has asked you to evaluate the individual tax brackets in the federal tax code and make several recommendations to improve the fairness of the tax brackets. Using...

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