ACC 307 (NEW) WK 7 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 Library, research one (1) country that has a zero income tax rate.
Write a four-five (4-5) Pagess paper in which you:
- Analyze the way in which the one (1) country that you have researched provides services and benefits to its citizens without collecting personal income taxes.
- For the country 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.
Further details are hidden…