Should the U.S. Convert to a Zero Personal Income Tax?
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.
Suggest at least two (2) advantages and two (2) disadvantages of the U.S. adopting a zero income tax model. Provide a rationale for your response.
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:
The proposed tax base.
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.
Analyze the concepts of gross income and distinguish between the economic, accounting, and tax concepts of gross income and strategies to minimize gross income, maximize deductions, and minimize disallowance of deductions
Use technology and information resources to research issues in federal taxation.
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