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Predicted Effects Of The FairTax
The ''Fair Tax Act'' (/) is a Bill (proposed law), bill in the United States Congress for changing tax laws to replace the Internal Revenue Service (IRS) and all Federal government of the United States, federal Income tax in the United States, income taxes (including Alternative Minimum Tax), payroll tax#United States, payroll taxes (including Federal Insurance Contributions Act tax, Social Security and Medicare taxes), corporate tax in the United States, corporate taxes, capital gains taxes, gift taxes, and Estate tax in the United States, estate taxes with a national retail sales tax, to be levied once at the point of purchase on all new Good (economics), goods and Service (economics), services. The proposal also calls for a monthly payment to households of citizens and legal resident aliens (based on family size) as an advance rebate of tax on purchases up to the poverty level. Supporters argue that a consumption tax, such as the FairTax, would have a positive impact on availabl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fair Tax Act
FairTax was a single rate tax proposal in 2005, 2008 and 2009 in the United States that includes complete dismantling of the Internal Revenue Service. The proposal would eliminate all federal income taxes (including the alternative minimum tax, corporate income taxes, and capital gains taxes), payroll taxes (including Social Security and Medicare taxes), gift taxes, and estate taxes, replacing them with a single consumption tax on retail sales. The proposed ''Fair Tax Act'' (/) would apply a tax, once, at the point of purchase on all new goods and services for personal consumption. The proposal also specified a monthly welfare payment for low-income earners to offset the regressive tax impact. This was styled by advocates as an "advance rebate", or "prebate", of tax on purchases up to the poverty level. Kotlikoff, 2005 First introduced into the United States Congress in 1999, a number of congressional committees have heard testimony on the bill; however, it did not move fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital (economics)
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." A typical example is the machinery used in factories. Capital can be increased by the use of the factors of production, which however excludes certain durable goods like homes and personal automobiles that are not used in the production of saleable goods and services. Adam Smith defined capital as "that part of man's stock which he expects to afford him revenue". In economic models, capital is an input in the production function. The total physical capital at any given moment in time is referred to as the capital stock (not to be confused with the capital stock of a business entity). Capital goods, real capital, or capital assets are already-produced, durable goods or any n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Municipal Bonds
A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation. Typically, only investors in the highest tax brackets benefit from buying tax-exempt municipal bonds instead of taxable bonds. Taxable equivalent yield calculations are required to make fair comparisons between the two categories. The U.S. municipal debt market is relatively small compared to the corporate market. Total municipal debt outstanding was $4 trillion as of the first quarter of 2021, compared to nearly $15 trillion in the corporate and foreign markets. Local authorities in many other countries in the world issue similar bonds, sometimes called local authority bonds or other names. History Municipal debt predates corporate debt by several centuries—the early Ren ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sixteenth Amendment To The United States Constitution
The Sixteenth Amendment (Amendment XVI) to the United States Constitution allows Congress to levy an income tax without apportioning it among the states on the basis of population. It was passed by Congress in 1909 in response to the 1895 Supreme Court case of '' Pollock v. Farmers' Loan & Trust Co.'' The Sixteenth Amendment was ratified by the requisite number of states on February 3, 1913, and effectively overruled the Supreme Court's ruling in ''Pollock''. Prior to the early 20th century, most federal revenue came from tariffs rather than taxes, although Congress had often imposed excise taxes on various goods. The Revenue Act of 1861 had introduced the first federal income tax, but that tax was repealed in 1872. During the late nineteenth century, various groups, including the Populist Party, favored the establishment of a progressive income tax at the federal level. These groups believed that tariffs unfairly taxed the poor, and they favored using the income tax to s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Engineering (political Science)
Social engineering is a top-down effort to influence particular attitudes and social behaviors on a large scale—most often undertaken by governments, but also carried out by media, academia or private groups—in order to produce desired characteristics in a target population. Social engineering can also be understood philosophically as a deterministic phenomenon where the intentions and goals of the architects of the new social construct are realized. Some social engineers use the scientific method to analyze and understand social systems in order to design the appropriate methods to achieve the desired results in the human subjects. Overview Decision-making can affect the safety and survival of billions of people. The scientific theory expressed by German sociologist Ferdinand Tönnies in his 1905 study ''The Present Problems of Social Structure'', proposes that society can no longer operate successfully using outmoded methods of social management. To achieve the best outcome ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Deduction
Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable income, while credits reduce tax. Above and below the line Above and below the line refers to items above or below adjusted gross income, which is item 37 on the tax year 2017 1040 tax form. Tax deductions above the line lessen adjusted gross income, while deductions below the line can only lessen taxable income if the aggregate of those deductions exceeds the standard deduction, which in tax year 2018 in the U.S., for example, was $12,000 for a single taxpayer and $24,000 for married couple. Limitations Often, deductions are subject to conditions, such as being allowed only for expenses incurred that produce current benefits. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Illegal Immigration To The United States
Illegal immigration to the United States is the process of migrating into the United States in violation of federal immigration laws. This can include foreign nationals (aliens) who have entered the United States unlawfully, as well as those who lawfully entered but then remained after the expiration of their visas, parole, TPS, etc. Illegal immigration has been a matter of intense debate in the United States since the 1980s. The illegal immigrant population of the United States peaked by 2007, when it was at 12.2 million and 4% of the total U.S. population. Estimates in 2016 put the number of unauthorized immigrants at 10.7 million, representing 3.3% of the total U.S. population. Since the Great Recession, more illegal immigrants have left the United States than entered it, and illegal border crossings were at the lowest in decades until 2021, when a record of 1.7 million people were caught trying to cross the southern border illegally. Since 2007, visa overstays have acc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crime
In ordinary language, a crime is an unlawful act punishable by a state or other authority. The term ''crime'' does not, in modern criminal law, have any simple and universally accepted definition,Farmer, Lindsay: "Crime, definitions of", in Cane and Conoghan (editors), '' The New Oxford Companion to Law'', Oxford University Press, 2008 (), p. 263Google Books). though statutory definitions have been provided for certain purposes. The most popular view is that crime is a category created by law; in other words, something is a crime if declared as such by the relevant and applicable law. One proposed definition is that a crime or offence (or criminal offence) is an act harmful not only to some individual but also to a community, society, or the state ("a public wrong"). Such acts are forbidden and punishable by law. The notion that acts such as murder, rape, and theft are to be prohibited exists worldwide. What precisely is a criminal offence is defined by the criminal law o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Environment
The natural environment or natural world encompasses all living and non-living things occurring naturally, meaning in this case not artificial. The term is most often applied to the Earth or some parts of Earth. This environment encompasses the interaction of all living species, climate, weather and natural resources that affect human survival and economic activity. The concept of the ''natural environment'' can be distinguished as components: * Complete ecological units that function as natural systems without massive civilized human intervention, including all vegetation, microorganisms, soil, rocks, atmosphere, and natural phenomena that occur within their boundaries and their nature. * Universal natural resources and physical phenomena that lack clear-cut boundaries, such as air, water, and climate, as well as energy, radiation, electric charge, and magnetism, not originating from civilized human actions. In contrast to the natural environment is the built envir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Liberties Of The United States
Civil liberties in the United States are certain unalienable rights retained by (as opposed to privileges granted to) citizens of the United States under the Constitution of the United States, as interpreted and clarified by the Supreme Court of the United States and lower federal courts. Civil liberties are simply defined as individual legal and constitutional protections from entities more powerful than an individual, for example, parts of the government, other individuals, or corporations. The explicitly defined liberties make up the Bill of Rights, including freedom of speech, the right to bear arms, and the right to privacy. There are also many liberties of people not defined in the Constitution, as stated in the Ninth Amendment: ''The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.'' The extent of civil liberties and the percentage of the population of the United States who had access to these ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Growth
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real gross domestic product Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ..., or real GDP. Growth is usually calculated in real terms – i.e., real vs. nominal in economics, inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measures of national income and output, Measurement of economic growth uses National accounts, national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Business
International business refers to the trade of goods, services, technology, capital and/or knowledge across national borders and at a global or transnational scale. It involves cross-border transactions of goods and services between two or more countries. Transactions of economic resources include capital, skills, and people for the purpose of the international production of physical goods and services such as finance, banking, insurance, and construction. International business is also known as globalization. To conduct business overseas, multinational companies need to bridge separate national markets into one global marketplace. There are two macro-scale factors that underline the trend of greater globalization. The first consists of eliminating barriers to make cross-border trade easier (e.g. free flow of goods and services, and capital, referred to as "free trade"). The second is technological change, particularly developments in communication, information processing, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
