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Suppose you explain the concept of an inflation tax to a friend. You correctly tell them, "When a government prints money to cover its expenditures instead of taxing and borrowing, it causes inflation. An inflation tax is simply the erosion of the value of money from this inflation. Therefore, the burden of the tax lands on those who hold money." Your friend responds, "What's so bad about that? Rich people have all the money, so an inflation tax seems fair to me. Maybe the government should finance all of its expenditures by printing money." • Is it true that rich people hold more money than poor people do? • Do rich people hold a higher percent of their income as money than poor people? • Compared to an income tax, does an inflation tax place a greater or lesser burden on the poor? Explain. • Are there any other reasons why engaging in an inflation tax is not a good policy? • Who is responsible for who is wealthy and who is not wealthy in this country and why? • How does money flow from the less fortunate to the more fortunate? Is the system broken? Explain your viewpoint and properly cite your references. Be sure to identify the difference between what is an opinion and what is based upon research. To what degree is this an ethical question and not an economics one? Be sure to explain your reasoning.
Callie is admitted to the Adams & Beal Partnership under the goodwill method. Callie contributes cash of $20,000 and non-cash assets with a market value of $30,000 and book value of $15,000 in exchange for a 20% ownership interest in the new partners..
Explain wheather you would have chosen a different solution for labor costsand justify it
Revenue from a contract with a customer. A company must account for a contract modification as a new contract if. When multiple performance obligations exists in a contract, they should be accounted for as a single performance obligation when
Send letters directly to third parties who hold the client's inventory and request they respond directly to us. which type of audit evidence and balance related audit objective is?
Fischer Company has decided to begin accumulating a fund for plant expansion. The company deposited $20,000 in a fund on January 2, 2012. Fischer will also deposit $60,000 annually at the end of each year, starting in 2012. The fund pays interest at ..
Illustrate how a manufacturing company or a service company of your choice uses JIT, and then determine three to four (3-4) benefits of JIT for that particular organization.
To start the new business, the company will need to purchase 60 brand new sailing catamarans at $10,000 per each. Unlike surf boards, catamarans are more durable and it takes 15 years for each to fully depreciate (under MACRS). "Ocean Adventures Co."..
On September 1, 2012, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,000. At the time of purchase, Aumont’s balance sheet showed assets of $620,000, liabilities of $200,000, and owners’ equity of $420,000. The fair value of..
What is appropriate journal entry if direct materials of $50,000 and indirect materials of $3000 are sent to the manufacturing plant floor?
How to Retrieve Financial Statements. The financial statements of all U.S. publicly traded companies are a matter of public record.
Robert is a sole proprietor who uses the calendar year as his tax year. On July 20, 2015 he acquired and placed in service a business machine, a 7-year asset, for $50,000. No other property was acquired in 2015. What is the amount of depreciation all..
How much external financing will the firm have to seek? Assume there is no increase in liabilities other than that which will occur with the external financing.
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