HomeworkLib
Question

Disadvantages of a personal consumption tax (choose all that applies) a. Administration problems b. transitional problems...

Disadvantages of a personal consumption tax (choose all that applies)

a. Administration problems

b. transitional problems of moving form an income tax base to a consumption tax base.

c. Savers will pay high life time tax liabilities than non-savers

d. determining whether gifts and bequests are consumption or income

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Point no (a) and (d) as provided in the options are the major disadvantages of a personal Consumption tax been imposed.

There naturally will be administration problems as each and every person need to act as per the directions of the state.

Similarly any recongnition between income /consumption or gifts will also be discreationary between the state and the individual .

0 0
Add a comment
Know the answer?
Add Answer to:
Disadvantages of a personal consumption tax (choose all that applies) a. Administration problems b. transitional problems...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Ch. 5- Auto Graded Tax Form Problems i Saved 2 Required information The following information applies...

    Ch. 5- Auto Graded Tax Form Problems i Saved 2 Required information The following information applies to the questions displayed below. Part 2 of 2 Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken files as a single taxpayer. Determine Ken's gross income and complete page 2 of Form 1040 (through line...

  • All of the following are general sources of federal tax law, EXCEPT: Treasury Department regulations court...

    All of the following are general sources of federal tax law, EXCEPT: Treasury Department regulations court decisions tax treaties revenue procedures 2.   The main reason taxpayers bring their case to the Tax Court is that: a.         taxpayers can be awarded attorney costs if they win b.         taxpayers do not have to pay their tax deficiency first c.         taxpayers can file their petitions to the court as late as one year after receiving an IRS deficiency notice d.         the Tax Court...

  • Note: This problem is for the 2018 tax year Lance H. and Wanda B. Dean are...

    Note: This problem is for the 2018 tax year Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) Interest income City of Albuquerque general purpose bonds $101,000 $1,000 1,100 Ford Motor company...

  • 1 Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance w...

    1 Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm During 2018, the Deans had the following receipts: Salaries (560,000 for Lance, $41,000 for Wanda) Interest income $101,000 City of Albuquerque general purpose bonds $1,000 1,100 400 Ford Motor company bonds Ally Bank certificate of deposit Child...

  • Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe,...

    Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2019, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income— City of Albuquerque general purpose bonds $1,000 Ford Motor company bonds 1,100 Ally Bank certificate of deposit 400 2,500 Child...

  • Jones Individual Tax Return

    Please complete the 2018 federal income tax return for Tim and Linda Jones.  Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040.  If required information is missing, use reasonable assumptions to fill in the gaps. Tim and Linda Jones live in Dyer brook, Maine.  Tim is the Vice-President of Sales at a small start-up company.  Linda is a former advertising executive who currently consults with former clients.  The Joneses have three children Holly...

  • PROPERTY TRANSACTIONS FOR WEEK 4 :TAX FORM COMPUTATION Lorenzo is the sole proprietor of a trampoline...

    PROPERTY TRANSACTIONS FOR WEEK 4 :TAX FORM COMPUTATION Lorenzo is the sole proprietor of a trampoline shop. During 2019, the following transactions occurred. Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1986, had an allocable basis of $40,000. Lorenzo has additional parking across the street and plans to use the condemnation proceeds to build his inventory. A truck used to deliver trampolines was sold on...

  • [The following information applies to the questions displayed below.] In the largest criminal tax case ever...

    [The following information applies to the questions displayed below.] In the largest criminal tax case ever filed, KPMG admitted it engaged in a fraud that generated at least $11 billion dollars in phony tax losses, which, according to court papers, cost the United States at least $2.5 billion dollars in evaded taxes. In addition to KPMG's former deputy chairman, the individuals indicted included two former heads of KPMG's tax practice and a former tax partner in the New York City...

  • Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe,...

    Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income— City of Albuquerque general purpose bonds $1,000 Ford Motor company bonds 1,100 Ally Bank certificate of deposit 400 2,500 Child...

  • Required information [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Please assume that gross income is $172...

    Required information [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Please assume that gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2018 To the friendly student tax preparer: Hi, it’s Shady Slim again. I just got back from my 55th birthday party, and I’m told that you need some more information from me in order to complete my tax...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT