Solved by verified expert :Assignment
1: Should the U.S. Convert to a Zero Personal Income Tax?
Due
Week 7 and worth 280 points
In a recent news article located athttp://www.nbcnews.com/business/economy/heres-where-your-federal-income-tax-dollars-go-f654971,
NBC News reported that the U.S. Government spends $3.6 trillion per year to
fund Social Security, Medicare, homeland defense and safety, education,
transportation, and the interest on debt obligations. In spite of the services
and benefits that the government provides, many taxpayers dread paying income
taxes but consider them a necessary evil. Consequently, there is much debate
about the inequities contained within the tax code, due to tax shelters and tax
credits provided to some taxpayers which thereby increase the tax burden on
others.
Using the Internet or Strayer Library,
research at least two (2) countries that have a zero income tax rate.
Write
a four to five (4-5) page paper in which you:
Analyze the way
in which the two (2) countries that you have researched provide services
and benefits to its citizens without collecting personal income taxes.
For the
countries 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
three (3) advantages and three (3) 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
four (4) 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.
The
specific course learning outcomes associated with this assignment are:
·
Examine
the types of taxes imposed at the federal, state, and local levels; the federal
tax formula; and the rules for arriving at personal and dependency exemptions.
·
Analyze
the concepts of gross income and distinguish between the economic, accounting,
and tax concepts of gross income and strategies to minimize gross income,
maximize deductions, and minimize disallowance of deductions
·
Use
technology and information resources to research issues in federal taxation.
·
Write
clearly and concisely about federal taxation using proper writing mechanics.
Grading
for this assignment will be based on answer quality, logic / organization of
the paper, and language and writing skills, using the following rubric.
Points:
280
Assignment
1:Should
the U.S. Convert to a Zero Personal Income Tax?
Criteria
Unacceptable
Below 60% F
Meets Minimum Expectations
60-69% D
Fair
70-79% C
Proficient
80-89% B
Exemplary
90-100% A
1.
Analyze the way in which the two (2) countries that you
have researched provide services and benefits to its citizens without
collecting personal income taxes.
Weight:
10%
Did
not submit or incompletely analyzedthe way in which
the two (2) countries that you have researched provide services and benefits
to its citizens without collecting personal income taxes.
Insufficiently
analyzedthe way in which the two (2) countries that
you have researched provide services and benefits to its citizens without
collecting personal income taxes.
Partially
analyzedthe way in which the two (2) countries that
you have researched provide services and benefits to its citizens without
collecting personal income taxes.
Satisfactorily
analyzedthe way in which the two (2) countries that
you have researched provide services and benefits to its citizens without
collecting personal income taxes.
Thoroughly
analyzedthe way in which the two (2) countries that
you have researched provide services and benefits to its citizens without
collecting personal income taxes.
2.
For the countries 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.
Weight: 15%
Did
not submit or incompletely determinedwhether 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 for the countries that you have chosen. Did not submit or
incompletely justified your response.
Insufficiently
determinedwhether 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 for the
countries that you have chosen.Insufficientlyjustified
your response.
Partially
determinedwhether 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 for the
countries that you have chosen.Partiallyjustified
your response.
Satisfactorily
determinedwhether 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 for the
countries that you have chosen.Satisfactorilyjustified
your response.
Thoroughly
determinedwhether 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 for the
countries that you have chosen.Thoroughlyjustified
your response.
3.
Suggest at least three (3) advantages and three (3)
disadvantages of the U.S. adopting a zero income tax model. Provide a
rationale for your response.
Weight:
15%
Did
not submit or incompletely suggestedat least three
(3) advantages and three (3) disadvantages of the U.S. adopting a zero income
tax model. Did not submit or incompletely provided a rationale for your
response.
Insufficiently
suggestedat least three (3) advantages and three (3)
disadvantages of the U.S. adopting a zero income tax model.Insufficientlyprovided
a rationale for your response.
Partially
suggestedat least three (3) advantages and three (3)
disadvantages of the U.S. adopting a zero income tax model.Partiallyprovided
a rationale for your response.
Satisfactorily
suggestedat least three (3) advantages and three (3)
disadvantages of the U.S. adopting a zero income tax model.Satisfactorilyprovided
a rationale for your response.
Thoroughly
suggestedat least three (3) advantages and three (3)
disadvantages of the U.S. adopting a zero income tax model.Thoroughlyprovided
a rationale for your response.
4a.
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 proposed tax base.
Weight:
5%
Did
not submit or incompletely createda proposal for
where the revenue would be derived if the U.S. were to adopt a zero income
tax model. Did not submit or incompletely provided specific recommendations
concerning the proposed tax base.
Insufficiently
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Insufficientlyprovided
specific recommendations concerning the proposed tax base.
Partially
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Partiallyprovided
specific recommendations concerning the proposed tax base.
Satisfactorily
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Satisfactorilyprovided
specific recommendations concerning the proposed tax base.
Thoroughly
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Thoroughlyprovided
specific recommendations concerning the proposed tax base.
4b.
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 whether or not tax payers at
certain income levels should be exempt from taxation.
Weight:
5%
Did
not submit or incompletely createda proposal for
where the revenue would be derived if the U.S. were to adopt a zero income
tax model. Did not submit or incompletely provided specific recommendations
concerning whether or not tax payers at certain income levels should be
exempt from taxation.
Insufficiently
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Insufficientlyprovided
specific recommendations concerning whether or not tax payers at certain
income levels should be exempt from taxation.
Partially
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Partiallyprovided
specific recommendations concerning whether or not tax payers at certain
income levels should be exempt from taxation.
Satisfactorily
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Satisfactorilyprovided
specific recommendations concerning whether or not tax payers at certain
income levels should be exempt from taxation.
Thoroughly
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Thoroughlyprovided
specific recommendations concerning whether or not tax payers at certain
income levels should be exempt from taxation.
4c.
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 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.
Weight:
5%
Did
not submit or incompletely createda proposal for
where the revenue would be derived if the U.S. were to adopt a zero income
tax model. Did not submit or incompletely provided specific recommendations
concerning 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.
Insufficiently
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Insufficientlyprovided
specific recommendations concerning 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.
Partially
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Partiallyprovided
specific recommendations concerning 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.
Satisfactorily
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Satisfactorilyprovided
specific recommendations concerning 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.
Thoroughly
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Thoroughlyprovided
specific recommendations concerning 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.
4d.
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 primary way in which your
plan will achieve equity.
Weight:
5%
Did
not submit or incompletely createda proposal for
where the revenue would be derived if the U.S. were to adopt a zero income
tax model. Did not submit or incompletely provided specific recommendations
concerning the primary way in which your plan will achieve equity.
Insufficiently
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Insufficientlyprovided
specific recommendations concerning the primary way in which your plan will
achieve equity.
Partially
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Partiallyprovided
specific recommendations concerning the primary way in which your plan will
achieve equity.
Satisfactorily
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Satisfactorilyprovided
specific recommendations concerning the primary way in which your plan will
achieve equity.
Thoroughly
createda proposal for where the revenue would be
derived if the U.S. were to adopt a zero income tax model.Thoroughlyprovided
specific recommendations concerning the primary way in which your plan will
achieve equity.
5.
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.
Weight:
15%
Did
not submit or incompletely speculatedon 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; did not submit or
incompletely ascertained 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. Did not submit or incompletely justified your
response.
Insufficiently
speculatedon 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; insufficiently ascertained 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. Insufficiently
justified your response.
Partially
speculatedon 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; partially ascertained 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. Partially
justified your response.
Satisfactorily
speculatedon 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; satisfactorily ascertained 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. Satisfactorily justified your
response.
Thoroughly
speculatedon 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; thoroughly ascertained 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. Thoroughly
justified your response.
6.
4 references
Weight:
5%
No
references provided
Does
not meet the required number of references; all references poor quality
choices.
Does
not meet the required number of references; some references poor quality
choices.
Meets
number of required references; all references high quality choices.
Exceeds
number of required references; all references high quality choices.
7.
Writing Mechanics, Grammar, and Formatting
Weight:
15%
Serious and persistent errors in
grammar, spelling, punctuation, or formatting.
Numerous errors in grammar, spelling, and
punctuation.
Partially free of errors in
grammar, spelling, punctuation, or formatting.
Mostly free of errors in grammar,
spelling, punctuation, or formatting.
Error free or almost error free
grammar, spelling, punctuation, or formatting.
8.
Appropriate use of APA in-text citations, reference section and format
Weight:
5%
Lack of in-text citations and / or
lack of reference section.
In-text citations and references are given,
but not in APA format.
In-text citations and references
are provided, but they are only partially formatted correctly in APA style.
Most in-text citations and
references are provided, and they are generally formatted correctly in APA
style.
In-text citations and references
are error free or almost error free and consistently formatted correctly in
APA style.
