Federal taxation | Accounting homework help
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In 2017, Motley Fool reported that the U.S. Government spends about $2.7 trillion for various kinds of social insurance (Social Security, Medicaid and Medicare, unemployment compensation, veterans’ benefits, and the like). Please click here to view their report.
In addition, another $604 billion, or 15.3% of total spending, went for national defense; net interest payments on government debt were about $240 billion, or 6.1%. Education aid and related social services were about $114 billion, or less than 3% of all federal spending. Despite the services and benefits that the government provides, many taxpayers dread paying income taxes while considering 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 University Online Library (which can be accessed at https://research.strayer.edu), identify and research one country and compare that country’s tax model (or lack thereof) to the tax model of the United States.
Write a four to five (4-5) page paper in which you:
- Analyze the way in which the country you have researched provides services and benefits to its citizens, either through the collection of taxes or otherwise.
- For the country that you have chosen, determine whether the U.S. could adopt their taxation model without reducing its total amount of revenue (as currently generated by collecting income taxes from individuals and businesses).
- Justify your response.Suggest at least two (2) advantages and two (2) disadvantages of the U.S. adopting the system that the other country uses. Provide a rationale for your responses.
- Speculate on the primary way in which the Federal Government could make up any shortfalls if it does not collect its targeted revenue from the collection of taxes.
- Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and similar websites do not quality as academic resources.
