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Chapter 1 An Introduction to Tax,,




Question;(1);[LO4] What are some of the;taxes that currently are unique to state and local governments? What are some of the taxes that the federal;state, and local governments each utilize?;(2);[LO4] The state of Georgia;recently increased its tax on a pack of cigarettes by $2.00. What type of tax is this? Why might Georgia choose this type of tax?;(3);[LO4] What is the difference;between a sales tax and a use tax?;(4);[LO4] What is an ad valorem tax? Name an example of this type of tax.;(5);[LO4] What are the differences;between an explicit and an implicit tax?;(6);[LO4] When we calculate average;and effective tax rates, do we consider implicit taxes? What effect does this have on taxpayers?;perception of equity?;(7);[LO4] Benjamin recently bought;a truck in Alabama for his business in Georgia.;What different types of federal and state taxes may affect this;transaction?;(8);[LO5] Kobe strongly dislikes;SUVs and is appalled that so many are on the road. He proposes to eliminate the federal income;tax and replace it with a $50,000 annual tax per SUV. Based on the number of SUVs currently owned;in the United States, he estimates the tax will generate exactly the amount of;tax revenue currently collected from the income tax. What is wrong with Kobe?s proposal? What type of forecasting is Kobe likely;using?;(9);[LO5] What is the difference;between the income and substitution effects?;For which types of taxpayers is the income effect more likely;descriptive? For which types of taxpayers;is the substitution effect more likely descriptive?;(10);[LO5] What is the difference;between horizontal and vertical equity?;How do tax preferences affect people?s view of horizontal equity?;(11);[LO3, LO5] Montel argues that a;flat income tax rate system is vertically equitable. Oprah argues that a progressive tax rate;structure is vertically equitable. How;do their arguments differ? Who is;correct?;(12);[LO3, LO5] Discuss why;evaluating vertical equity simply based on tax rate structure may be less than;optimal.;(13);[LO4, LO5] Compare the federal;income tax to sales taxes using the ?certainty? criterion.;(14);[LO5] Many years ago a famous;member of Congress proposed eliminating federal income tax withholding. What criterion for evaluating tax systems did;this proposal violate? What would likely;have been the result of eliminating withholding?;(15);[LO5] ?The federal income tax;scores very high on the economy criterion because the current IRS budget is;relatively low compared to the costs of a typical collection agency.? Explain why this statement may be considered;wrong.


Paper#38130 | Written in 18-Jul-2015

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