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Essay / Research Paper Abstract
This 4 page paper evaluates the concepts of the gross taxation system and the modified gross taxation system. Effects of such systems are discussed in terms of individual taxation and corporate taxation. The flat tax is discussed Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: RT13_SA343gts.rtf
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Unformatted sample text from the term paper:
they have one of the best systems in the world, and that they are for example taxed less than the people of Europe. While there are those who like the
ides of the gross income taxation system, there are others who like to modify that in order to redistribute wealth. To a large extent, the United States embraces a modified
gross income tax system. The way that the U.S. system works is that people earn income and they must report every last cent, even if the income is from
unemployment insurance or from lottery winnings or illegal activity. All income is reported each year, usually on a form 1040. Yet, what citizens pay taxes on is an adjusted gross
income. For example, when one fills out tax forms, they are allotted a certain amount of deductions against the gross amount of income. If for instance, an individual has an
inordinate amount of medical bills, or pays a high amount of property tax or mortgage interest, they may be able to deduct a slew of items on Schedule A. In
the end, the individual only has to pay taxes on the gross amount earned after it is modified for various things such as health insurance if the taxpayer is self-employed
or for child care payments made for youngsters under a certain age. In this way, a variety of things are considered and further,it is a graduated system where those earning
over a certain amount are not entitled to all deductions. At the same time, the system has been deemed fair by most as when one calculates percentages, it is thought
that the wealthy have enough tax advantages that they barely pay the same percentage as for example a middle class individual earning much less. In different parts of
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