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Essay's paper info
| Topic: |
Business
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| Number of pages / Number of words: |
5 / 1210 |
Essay's paper body
Business would no longer be allowed to depreciate assets either by straight
line or accelerated method each year. The assets can be written off immediately as investment in real capital. (Idea House, 7). However, there are advantages and disadvantages to the flat tax rate.
The advantages are:
- It would reduce the tax rate for many Americans
- It would eliminate double taxation
- It would simplify tax preparation for both individuals and corporations
- Corporations would be allowed to expense all investments ? avoid the complex depreciations
- It would eliminate the questions of who should pay more and reduce income taxes for low income families
The disadvantages are:
- It would eliminate deductions for mortgage interest payments
- It would eliminate deductions for charitable donations
- Corporations would no longer be able to deduct interest payments on debt
- Corporations would no longer be exempt from social security, health, or life insurance
- No deduction for State and Local taxes and no tax advantages for Municipal Bonds
(Tax Reform: It's Time For A Change, 2)...
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However, there are advantages and disadvantages to the flat tax rate.
The advantages are:
- It would reduce the tax rate for many Americans
- It would eliminate double taxation
- It would simplify tax preparation for both individuals and corporations
- Corporations would be allowed to expense all investments ? avoid the complex depreciations
- It would eliminate the questions of who should pay more and reduce income taxes for low income families
The disadvantages are:
- It would eliminate deductions for mortgage interest payments
- It would eliminate deductions for charitable donations
- Corporations would no longer be able to deduct interest payments on debt
- Corporations would no longer be exempt from social security, health, or life insurance
- No deduction for State and Local taxes and no tax advantages for Municipal Bonds
(Tax Reform: It's Time For A Change, 2)...
Essay fragment
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