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A tax system that does NOT include capital gains in the tax base: Question 4 Select one: a. encourages tax avoidance by inviting taxpayers to convert otherwise taxable income receipts in to non-taxable capital receipts b. helps to ensure that the income tax base is as comprehensive as possible c. violates vertical equity as the poor usually have more capital gains than the wealthy d. contributes to the neutrality of the tax system by ensuring that investment choices are unaffected by it

A tax system that does NOT include capital gains in the tax base: Question 4 Select one: a. encourages tax avoidance by inviting taxpayers to convert otherwise taxable income receipts in to non-taxable capital receipts b. helps to ensure that the income tax base is as comprehensive as possible c. violates vertical equity as the poor usually have more capital gains than the wealthy d. contributes to the neutrality of the tax system by ensuring that investment choices are unaffected by it

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A tax system that does NOT include capital gains in the tax base: Question 4 Select one: a. encourages tax avoidance by inviting taxpayers to convert otherwise taxable income receipts in to non-taxable capital receipts b. helps to ensure that the income tax base is as comprehensive as possible c. violates vertical equity as the poor usually have more capital gains than the wealthy d. contributes to the neutrality of the tax system by ensuring that investment choices are unaffected by it
Transcribed Image Text:A tax system that does NOT include capital gains in the tax base: Question 4 Select one: a. encourages tax avoidance by inviting taxpayers to convert otherwise taxable income receipts in to non-taxable capital receipts b. helps to ensure that the income tax base is as comprehensive as possible c. violates vertical equity as the poor usually have more capital gains than the wealthy d. contributes to the neutrality of the tax system by ensuring that investment choices are unaffected by it
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