● ● ● BASIC PRINCIPLES OF A SOUND TAX SYSTEM Fiscal Adequacy - sources of revenue should be sufficient to meet the demands of public expenditure. Equality or theoretical Justice - tax burden should be in proportion to the taxpayer's ability to pay. (Ability-To-Pay Principle) Administrative Feasibility tax laws should be capable of convenient, -

● ● ● BASIC PRINCIPLES OF A SOUND TAX SYSTEM Fiscal Adequacy - sources of revenue should be sufficient to meet the demands of public expenditure. Equality or theoretical Justice - tax burden should be in proportion to the taxpayer's ability to pay. (Ability-To-Pay Principle) Administrative Feasibility tax laws should be capable of convenient, -

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter1: An Introducti On To Taxation And Understa Nding The Federal Tax Law

Section: Chapter Questions

Problem 46DQ

See similar textbooks

Related questions

Q: 3. Identify the tax policy that you believe is the most important in today's society.

A: The tax policy which is most important in today's society is the equitable distribution of taxthe…

Q: 1st statement – Tax exemptions are strictly construed against the government. 2nd Statement - When…

A: only statement second is correct, because whenever there is doubt regarding the taxability of an…

Q: e effect of financial distress and taxation on gearing? A. Both constrain gearing B. The…

A: Gearing in accounting means how much is the debt against the equity in the capital structure of the…

Q: Objective Question: What is a crucial step in the tax return process for businesses that involves…

A: Strategic tax planning Strategic tax planning is essential in forecasting the company's financial…

Q: **Tax Planning and Compliance Accounting: A Comprehensive Case Study** *Introduction:* In the…

A: Eliminating the incorrect options:A) To complicate financial transactions: Transfer pricing…

Q: Which of the following is not an underlying objective of the income tax laws? A. Income tax laws…

A: solution: following are the underlying objective of the income tax laws: 1. Income tax laws enable…

Q: not use ai please

A: FEEL FREE TO ASK FOR CLARIFICATIONS

Q: Question Content Area Which of the following provisions of the Internal Revenue Code can be used to…

A: The objective of the question is to identify the provision of the Internal Revenue Code that can be…

Q: A) Which do you think is the most important among the three inherent powers of the state? Why? B) If…

A: Tax refers to the amount paid by the citizens of the country to the government. tax is paid every…

Q: Anti-avoidance provisions _______. a.eliminate tax planning by taxpayers. b.are provisions in the…

A: Anti-avoidance provisions are rules or measures put in place by governments or regulatory bodies to…

Q: Jamareo has found a "favorable" authority directly on point for his tax question. Required: a. If…

A: Internal Revenue Service-The United States government organization in charge of obtaining federal…

Q: The ideal taxation system is a good tax system, that is, it must comply government needs whose…

A: Government charges two different taxes from its customer. One is direct tax and the other is…

Q: fiscal

A: Introduction: Tax can be defined as mandatory levy by the government on the citizens of the country.…

Q: A tax system that does NOT include capital gains in the tax base: Question 4 Select one: a.…

A: When someone sells a capital asset, like stocks, bonds, property or other investments for more than…

Q: Statements of procedures that affect the rights and obligations of taxpayers or the public in…

A: As per IRC, a revenue procedure seems to be a statement of procedure that affects taxpayers' rights…

Q: Which of the following taxes are regressive, rather than progressive? A. Federal estate tax B. None…

A: A Regressive Tax is the kind of tax in which the income of the assessee does not make a difference.…

Question

100%

• Fiscal Adequacy - sources of revenue should be sufficient to meet the
demands of public expenditure.
●
BASIC PRINCIPLES OF
A SOUND TAX SYSTEM
●
Equality or theoretical Justice tax burden should be in proportion to
the taxpayer's ability to pay. (Ability-To-Pay Principle)
-
Administrative Feasibility tax laws should be capable of convenient,
just and effective administration.
-
A) Which do you think is the most
important among the three inherent powers of
the state? Why?
B) If a tax law violates one of the three principles
of sound tax system, is it necessarily null and
void? Explain your answer.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

• Fiscal Adequacy - sources of revenue should be sufficient to meet the demands of public expenditure. ● BASIC PRINCIPLES OF A SOUND TAX SYSTEM ● Equality or theoretical Justice tax burden should be in proportion to the taxpayer's ability to pay. (Ability-To-Pay Principle) - Administrative Feasibility tax laws should be capable of convenient, just and effective administration. - A) Which do you think is the most important among the three inherent powers of the state? Why? B) If a tax law violates one of the three principles of sound tax system, is it necessarily null and void? Explain your answer.
Which one of the following statements is NOT correct about taxation? (A) Taxes produce revenue for government operations. (B) Itemized deductions provide a larger deduction amount than the standard deduction. (C) Taxation is used to influence the behavior of individuals, businesses, nonprofit entities, and even the government. (D) Tax rates and deductions are impacted by a taxpayer’s filing status.
If a government wants to obtain the maximum tax revenue it should A. use static tax analysis. B. not assess the highest possible tax rate. C. assess the highest possible tax rate. D. use an ad valorem system for collecting taxes.
MC: Topic: Income Taxation Which of the following statements is not correct? * The “Benefit-Protection Theory” is the source of the “Doctrine of Symbiotic Relationship” while the Theory of Taxation is based on the Lifeblood Doctrine. The power to tax is unlimited, comprehensive, plenary and supreme that it can reach over into any jurisdiction to seize upon person or property. The Constitution grants exemption from income tax on its revenues and from real property tax on assets used actually, directly and primarily for educational purposes. Tax law can be imposed for a special purpose and not merely aimed at revenue collection. A person cannot object or resist the payment of taxes solely because no personal benefit to him can be pointed as arising from the tax.
I. Multiple Choice: Choose the correct answer. 1. The levying and imposition of tax and the collection of tax are processes which constitute the taxation system. a. Basis of Taxation b. Aspects of Taxation 2. No person shall be imprisoned for the non-payment of this. c. Nature of Taxation d. Theory of Taxation c. Income Tax d. Property Tax a. Excise Tax b. Poll Tax 3. Tax which is demanded from the persons whom the law intends or desires to pay it. a. Income 4. Tax where the rate increases as the tax base increases. b. Direct c. Indirect d. Excise c. Regressive d. Proportional a. Indirect 5. Catriona Grace, a taxpayer, gives the following reasons for refusing to pay a tax. Which of her reasons is not acceptable for legally refusing to pay the tax? a. That she has been deprived of due process of law. b. The she will derive no benefit from the tax. c. That there is lack of territorial jurisdiction. d. That the prescriptive period for the tax has lapsed. 6. Wiley Cyprus, a Canadian…
A memorandum or other form of communication used to report the results of tax research will include which of the following? a. The list of individuals consulted in the process b. A list of facts used in arriving at the solution c. A general statement of the issue d. A letter from the IRS confirming that the research is accurate and binding e. The solution recommended and the logic or reasoning supporting it
A “tax” has been defined as a compulsory payment which is made to a governmental authority and a. Which is not penalty or fine b. Which is paid in exchange for specific benefit to the taxpayer c. Which is to be used for the public good. d. Two of the above.
Contrast FICA and FUTA as to the following: a. Purpose of the tax. b. Upon whom imposed. c. Governmental administration of the tax. d. Reduction of tax based on a merit rating system.
According to the Supreme Court, would it be good tax policy to use income as computed by financial accounting principles as the correct measure of income for Federal income tax purposes? Explain.
Effective tax planning. Explain the key elements of effective tax planning. What are some of the most popular tax management strategies?
Which of the following is not an administrative remedy available to the government? a. Assessment b. Distraint C. Tax Avoidance D. Tax Lien
How do the concepts of gross income and exclusions reflect the underlying principles of equity and efficiency in the tax system? Provide 2 - 3 examples of different types of income and exclusions, and discuss how these examples illustrate the balance (or imbalance) between ensuring fairness among taxpayers and promoting economic growth.