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You are chief counsel to the chairman of the Joint Committee on Taxation, the body primarily responsible for identifying taxation issues and their consequences as Congress seeks to implement a comprehensive and coherent tax policy. Currently, the United States is in a bit of an economic slump. Corporate earnings reports are relatively weak; the stock market is about 25% off of its five-year highs, and tax revenues are down. Largely as a result of the last issue, the government finds itself operating under an annual deficit, and the national debt hovers around $7,000,000,000. Interest rates, however, remain at historic lows. The president has suggested a multiple-pronged attack to revitalize the economy. He has proposed permanently abolishing all capital gains taxes. He has also proposed eliminating the double taxation of dividends by excluding them from shareholders' income. To partially offset these reductions, however, he has proposed eliminating the deduction that self-employed individuals receive for medical insurance copayments as well as the home mortgage interest deduction. The chairman has asked you for your analysis of these provisions. Please prepare a memorandum outlining your thoughts on each, including, but not necessarily limited to (I) the effect of each recommendation on revenues and deficits, both in the short and long run; (II) the effect of each recommendation on the economy; (III) the relative effects of each recommendation on different socioeconomic groups of taxpayers; (IV) the relative "fairness" of each recommended change; and (V) your conclusion regarding whether any or all should be adopted.
Prepare the 2012 income statement for J. J. Putz Cruise Company
Each, evening, a disk, whichwas created during the processing run, is used to print premuimnotices that are sent to the customer. Q: Prepare a table of entities and activities
What is Renees domestic production activities deduction for the gadget in each of the following alternative scenarios
If I invest $40,000 0n January 1, 2010 in a savings account that earns interest of 8% compounded semi-annually. What will be the amount in the fund on December 31, 2015?
the comparative balance sheets for 2013 and 2012 and the statement of income for 2013 are given below for wright
Fixed Assets
Journalize the entries to record the foregoingtransactions. Indicate the amount of the interest expense in (a)2002 and (b) 2003.
Assume common stock is the only class of stock outstanding in the B-Bar-B Corporation. Total stockholders' equity divided by the number of common stock shares outstanding is called:
In 2004, Parrot Company sold land to its subsidiary, Tree Corporation, for $12,000. It had a book value of $10,000. In the next year, Tree sold the land for $18,000 to an unaffiliated firm. Which of the following is correct?
jim armstrong operates a small company that books entershytainers for theaters parties conventions and so forth. the
How many ticket packages will George need to sell to break even?
The Nichols Company uses the weighted-average method in its process costing system. The company recorded 29,500 equivalent units for conversion costs for November in a particular department.
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