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Essay / Research Paper Abstract
This 5 page paper is written in two parts. The first part looks at the vehicles that may be used to reduce, income, capital gains and estate tax. The second part of the paper defines and explains the concepts of an open and a closed economy. Examples of both types of systems are discussed. The bibliography cites 4 sources.
Page Count:
5 pages (~225 words per page)
File: TS65_TEopenclose.doc
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Unformatted sample text from the term paper:
the first is to create credits which may be held against tax liabilities to reduce the overall amount due, the second is to move the assets into an environment which
lessens or eliminates the accumulation of taxation liabilities. Looking first at income tax one of the main tools to reduce this tax is the use of income tax credits.
Some tax credits are non refundable, meaning that they can reduce the tax due only. Others may be refundable; which means that the tax payer could theoretically reduce their tax
to a level where there is a refund due, with a net benefit for the tax payer. Tax credits may be obtained for a number of different types of credit.
These include credits for having children, the child care tax credit, credits for care costs for other dependents, credits for individuals who are over the age of 65 years or
who are disabled, energy tax credits for investment in energy efficient equipment. There have also been temporary tax credits, such as the American Opportunity tax credit to support undergraduate study
and first time home buyers credit. The making of charitable contributions, certain payments into employers retirement plans may reduce income tax. Capital gains tax may be reduced with tools such
as a 401k and IRAs, these are tax deferred tools, where tax is only payable when the funds are withdrawn. This is a benefit as it allows the growth to
take place on the gross earnings. Index funds and managed mutual funds may also reduce capital tax liabilities due to the way that the finds are managed minimizing the
buying and selling of assts which trigger a capital gains event. Longer term investments where there is limited potential to trigger an event may also be useful. Estate tax
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