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You work for the Council of Economic Advisers, providing economic advice to the White House. The president wants to overhaul the income tax system and asks your advice. Suppose that the current income tax system consists of a proportional tax of 10% on all income and that there is one person in the country who earns $110 million; everyone else earns less than $100 million. The president proposes a tax cut targeted at the very rich so that the new tax system would consist of a proportional tax of 10% on all income up to $100 million and a marginal tax rate of 0% (no tax) on income above $100 million. You are asked to evaluate this tax proposal.
Would this tax system create more or less tax revenue, other things equal? Is this tax system more or less efficient than the current tax system? Explain.
Merchandise costing $2,400 was sold for $4,000 to B.J. Taylor on December 29, 2010, but the sale was recorded in 2011. The merchandise was shipped F.O.B. shipping point and was not included in ending inventory. Meyers uses a periodic inventory sys..
You will be meeting with Chris, Paula and Toby about these issues. Write a memo to the file of Peachtree addressing the issues raised in Part I and II including your analysis.
Discuss, with reasons, the apparent contradiction between the budgeted breakeven sales and production volumes and the preliminary profit achieved in the 2003 financial year and Calculate the budgeted profit before tax for the 2004 financial year. I..
It's a tax problem. john smith (age 65) is single and earns 40000$ per year as a bank examiner. He has no itemized deductions and no dependents
You must be available to make your presentation in either week 11 or 12. It is also essential to receive a mark in this assignment you attend all presentations given - Failure to do so or in any disrupt presentations being given will result in a Z..
Calculate the increase in annual after-tax profits if the higher transfer price of $1,250 per unit is used.
What amount of property tax revenue could the county report in its government-wide statements for 2012 and 2013? Describe.
Determine Emily's itemized deductions. Which of these items can and cannot be listed as medical deductions? What is her 2011 taxable income?
Based on this case study information, determine Emily's itemized deductions. Which of these items can and cannot be listed as medical deductions? Why? What is her 2011 taxable income?
Altidore Inc. operates a calendar-year-end business that suffers from dramatic seasonal variation in taxable income. For example, it often operates at a net loss for the first two quarters of the year and then operates profitably for the last two ..
What is the appropriate balance for the Allowance for Doubtful Accounts at year-end and show how accounts receivable would be presented on the balance sheet - what is the dollar effect of the year-end bad debt adjustment on the before-tax income?
ABC recently reported $42,198 of sales, $13,908of operating costs other than depreciation, and $5,423 of depreciation. The company had no amortization charges and no non-operating income. It had $8,000 of bonds outstanding that carry a 10% in..
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