Should the U.S. Convert to a Zero Personal Income Tax? Accounting homework help

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Assignment 1: Should
the U.S. Convert to a Zero Personal Income Tax? 

In a recent news article located at http://www.nbcnews.com/business/economy/heres-where-your-federal-income-tax-dollars-go-f654971,
NBC News reported that the U.S. Government spends $3.6 trillion per year to
fund Social Security, Medicare, homeland defense and safety, education,
transportation, and the interest on debt obligations. In spite of the services
and benefits that the government provides, many taxpayers dread paying income
taxes but consider them a necessary evil. Consequently, there is much debate
about the inequities contained within the tax code, due to tax shelters and tax
credits provided to some taxpayers which thereby increase the tax burden on
others. 

Using the Internet or Strayer Library, research
at least two (2) countries that have a zero income tax rate.

Write
a four to five (4-5) page paper in which you:

  1. Analyze the way in
    which the two (2) countries that you have researched provide services and
    benefits to its citizens without collecting personal income taxes.
  2. For the countries
    that you have chosen, determine whether or not the U.S. could adopt their taxation
    model without reducing its total amount of revenue generated by collecting
    personal income taxes from individuals and business. Justify your response.
  3. Suggest at least three
    (3) advantages and three (3) disadvantages of the U.S. adopting a zero
    income tax model. Provide a rationale for your response.
  4. Create a proposal
    for where the revenue would be derived if the U.S. were to adopt a zero
    income tax model. In your response, provide specific recommendations concerning
    the following:
    1. The
      proposed tax base.
    2. Whether
      or not tax payers at certain income levels should be exempt from taxation.
    3. The
      primary way in which the IRS would calculate the tax rate in order to
      ensure that the same level of tax revenue would still be collected.
    4. The
      primary way in which your plan will achieve equity.
  5. Speculate on the primary
    way in which the federal government could make up any shortfalls if it
    does not collect its targeted revenue from personal income taxes, and ascertain
    the most significant way in which the U.S. Department of the Treasury,
    through the IRS, can still adhere to its fiscal and monetary policies. Justify
    your response.
  6. Use at least four
    (4) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic
    resources.

Your
assignment must follow these formatting requirements:

  • Be typed, double spaced,
    using Times New Roman font (size 12), with one-inch margins on all sides; citations
    and references must follow APA or school-specific format. Check with your
    professor for any additional instructions.
  • Include a cover
    page containing the title of the assignment, the student’s name, the
    professor’s name, the course title, and the date. The cover page and the
    reference page are not included in the required assignment page length.

The
specific course learning outcomes associated with this assignment are:

Examine the types of taxes imposed at the federal, state, and local
levels; the federal tax formula; and the rules for arriving at personal and
dependency exemptions

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