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- What is the issue with trying to abolish all property tax? Is property tax mandated by the government or the state?Congress chose to exempt certain income from taxation, such as scholarships, gifts, life insurance proceeds, and employee fringe benefits. Given the primary purpose of IRC is to raise revenue for the government, why do you think Congress would provide for these and other exceptions?if the government should pursue the policies that have led to allowing the exclusion of certain income from US taxation. Examples of certain excluded income are child support, welfare payments and proceeds from life insurance policies. Please explain in a few sentences if you agree or disagree with these exclusions from income.
- Which of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.Which of the following would not appear on a statement of changes in fiduciary net position? Multiple Choice Due to Other Funds. Additions—Investment Earnings. Additions—Property Tax Collections for Other Governments. Deductions—Administrative Fees.14) When examining revenue transactions, which of the following transactions is classified as an exchange transaction? A) When a homeowner pays property taxes B) When a university receives a federal grant that mandates a certain type of research activity C) When an aquatic center receives cash for a group swim D) When an employer deducts money for state tax withholding
- A. Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he following items: 1. Indicate the type of your proposed taxwhat is the name, nature and purpose of the tax?2. what is/are covered transactions and who are the taxpayers? any tax exemption?Which among the type of taxes (national or local) do you think can be reduced, removed, or revised to the benefit of both the government and the common individual? Cite relevant sources such as previous research studies, taxation reform programs, and the like.Which of the following tax remedies is both beneficial to the government and taxpayer? a. Tax lien b. Compromise C. Injunction D. Forfeiture
- 1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share your thoughts on the processes and fairness associated with federal estate taxes.1. Under the constitution: Prohibition against taxation of non-stock, non-profit [educational] institutions. This exempts from taxes all revenues and assets of non-stock, non-profit educational institutions actually, directly and exclusively used for educational purposes. Exemption from taxes refers to a. RPT b. Income tax c. Donor s tax d. All of the above 2. RPT exemption covers charitable institutions, churches, and parsonages or convents appurtenant thereto, mosques and non-profit cemeteries and all lands, buildings and improvements actually, directly and exclusively used for charitable, religious and educational purposes. Charitable institution refers to a. Church providing free religious advices b. Entities providing goods and services for free c. Both a and b d. None of the above 3. Income Tax is an example of a. Personal tax b. Business tax c. Property tax d. Excise tax e. Indirect tax f. None…Congress uses the tax code to influence our behavior. Examples include deductions for mortgage interest and property taxes to steer people to home ownership instead of renting. Tax credits for purchasing products that use alternative energy are another incentive. Likewise, deductions for charitable contributions encourage charitable donations. Is this a good (i.e., proper) way for Congress to achieve economic objectives? Can you identify other tax deductions or tax credits that encourage particular behaviors?
