THE TAX LAWS SHOULD BE REFORMED TO ENCOURAGE SAVING A nation’s saving rate is a key determinant of its long-run economic prosperity. When the saving rate is higher‚ more resources are available for investment in new plant and equipment. A larger stock of plant and equipment‚ in turn‚ raises labor productivity‚ wages‚ and incomes. It is‚ therefore‚ no surprise that international data show a strong correlation between national saving rates and measures of economic well-being. If a nation’s laws
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increased to more than twenty-five thousand business leagues and collective revenues of $19.5 billion. Providing tax exemption status to companies generating
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compliance on tax law and tax revenue collection The taxpayers Service and Education is one of the key functions of Tanzania Revenue Authority (TRA) conducted in order to educate taxpayers on various tax laws issues together with any changes that are made by the government on tax matters and laws. TRA conducts various tax seminars‚ workshops and competitions periodically to all areas within the country‚ through different media like radio‚ Televisions‚ magazines‚ mobile vans and conduction of tax clubs
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JUSTIFICATION OF GST There was a burden of "tax on tax" in the pre-existing Central excise duty of the Government of India and sales tax system of the State Governments. The introduction of Central VAT (CENVAT) has removed the cascading burden of "tax on tax" to a good extent by providing a mechanism of "set off" for tax paid on inputs and services upto the stage of production‚ and has been an improvement over the pre-existing Central excise duty. Similarly‚ the introduction of VAT in the States
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president-elect‚ Donald Trump‚ has proposed tax cuts both for corporations and individuals. His proposed plan calls for a corporate tax cut of 20%--from current 35% to his proposed 15%--and personal income tax cuts for all classes. These tax cuts are intended to boost the American economy by creating more jobs and increasing the GDP. Although whether or not the tax cuts will actually bring forth those benefits will be proved overtime‚ it is predicted that such drastic tax cuts will have a global economic impact
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Bruce Bartlett’s book The Benefit and The Burden is essentially a book that talks about the existing tax code in the United States and the reason(s) it is need of a reform. The author starts the book by briefly discussing the history of Federal Income Taxation in the United States starting from the post-American Revolution period at which time there was nothing called the income tax. In fact‚ income tax didn’t get introduced in the United States until 1861. The only form of taxation before that were
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The Value-Added Tax: Is It Good for the United States? Michael D. Cobb BUS490 Business Policy Professor: Robert Brown May 29‚ 2011 The individual federal income tax system used in our country is currently extremely complicated. It is so complicated that the tax code started with about 400 pages long in 1913 to over 70k pages long today (CCH‚ 2010). It benefits higher income individuals leaving those that are at or below the poverty line in a struggle. Our government
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earning compensation income arising from personal services rendered under an employer-employee relationship where no deductions shall be allowed under this Section other than under subsection (M) hereof‚ in computing taxable income subject to income tax under Sections 24 (A); 25 (A); 26; 27 (A)‚ (B) and (C); and 28 (A) (1)‚ there shall be allowed the following deductions from gross income; (A) Expenses. - (1) Ordinary and Necessary Trade‚ Business or Professional Expenses.- (a) In General. -
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Michael McHugh Composition II Julie Herskovitz 08/10/2011 Should Governments Legalize and Tax Marijuana? Marijuana Legalization and the Revenue from Marijuana Sales The war on drugs is an expensive battle‚ as a great deal of resources and time go into catching those who buy or sell illegal drugs on the black market‚ prosecuting them in court‚ and housing them in jail. These costs seem particularly exorbitant when dealing with the drug marijuana‚ as it is widely used‚ and is likely no
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removed from the tax base by law Deductions- subtracted from the tax base rather than fully excluded. Flat tax- one single rate applied to the entire tax base. Progressive tax- rates increase as tax base increases. (Federal income tax) Tax credit- authorized deduction in gross tax liability Real and personal property taxes- Real (real estate) Personal (difficult to enforce because property is easily concealed or moved‚ with the exception of vehicles which must be registered) Excise tax- imposed on
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