Do you think a flat rate tax would be fairer than the curr?ent sytem we have with all the deductions?
Answers: Not a flat rate tax. My plan is to eliminate ALL taxes currently in force; All federal, state, and local taxes and levys will be eliminated and laws passed to prohibit their reinstatement.
To replace these cash sources, I propose a 30% retail sales tax with NO exceptions. No intermediate VAT, no skimming by the local governmental bodies, just a 30% sales tax at the consumer level. This will force 99.9% of those people in the country to pay tax on what they _use_, it will stimulate the economy, generate more governmental revenue than the current multi-thousand page tax code, and the very few people who will circumvent the new tax will not be in sufficient numbers to worry even the most progressive of liberals.
It's fair. It's balanced, therefore it will not even be considered by our power-hungry politicos.
No, because nearly oeveryone except the richest would be paying more in taxes, assuming you are thinking this would be a revenue neutral change.
As the rich make marginally more, they generally have a marginally increase in ways they benefit from government services (ie, roads and infrastructure, patent and copyright laws, education at state supported universities for jobs requiring college degrees, licenses such as being a doctor ect).
Hey, I can't start up my own pharmacy and be a pharmacist without a license, I can't copy DVD's and legally sell them either. Eliminate the laws that prevent me from doing those things, then get back to me arguing for a flat rate tax.
These rich people moaning about high taxes are truly scum. The richest are ripping off with paying far too few taxes from the rest of us from having better government goods and services with their propaganda. They have no appreciation for all of the government goods and services that have paved the way for them to get rich.
The best form of taxation would be a federal sales tax.
That way you would pay tax on what you spend. Then all those that work "under the table", drug dealers, some self-employed, etc. would pay taxes.
Perhaps it would be fairer. However, I would think that every taxpaying household would get a deduction equal to the poverty level income of their household size. Capital gains and the like would also have to be taxed at the same flat tax rate.
At the same time, I would think we might need some sort of consumption tax, kind of like a national sales tax. If you are rich enough to afford a car, then you also require the government to pay for infrastructure like roads, bridges, police to patrol the highways, etc. Not only that, but your demands for gasoline drive up the cost of things like heating fuel. In general, your consumption of resources drives up the cost of those resources as well, making them less affordable for people at the lower end of the economic scale. It probably costs the fire department more resources (water, time, personnel) to fight a fire at a 5000 sq. ft mansion than it does a 1200 sq. ft. single family home. And as others have said, taxing purchases raises tax revenue from those who are hiding their income from taxation (those who work under the table, drug dealers, prostitutes, etc.)
It is more fair by definition. People shouldn't be penalized (our current system) merely because they, or their ancestors worked a bit harder, or a bit smarter.
The amount reported as cost of stuff sold on the income statement is ?
Purchases $182,000Transportation-In $11,000
Inventory, January 1 $26,500
Inventory, December 31 $28,800
Purchases Return and Allowance $8,400
Answers: I agree with Boston that simply giving the answer won't do you any appropriate.
That being said, my Intermediate Accounting professor a few decades ago give some advice which I own found to be true. He said, "There are 2 things you've got to remember surrounded by accounting. They are that debits other have to equal credits, and that instigation inventory plus purchases minus ending inventory equals COGS."
That statement is an over simplification, but it should bring back you started.
Please post what YOU think the answer to your homework cross-question is and explain how you arrived at your answer. We'll then be bullish to critique your work so that you'll be able to do it yourself subsequent time without assistance. We don't do homework here otherwise.
Tax compensation?
Who e-filed already? What's your refund status?Almost big ample refund to generate me hug George Bush (almost).
Answers: E fililng usually results in a e deposit to your wall in 7-10 days if you choose that method.
You can G00GLE Wheres My reimbursement and this will link you to the IRS which will hold the status of your refund.
Last minute adjectives the way