What are the characteristics of an optimal tax system?
1. There is no system as optimal and will have to be introduced and changed according to the situation. But every tax system should cover maximum no. of taxpayers which will reduce the burden of a few people. 2. A good tax system will ensure collection of tax from salaried class (this is well known income) and those whose income is not directly accounted. (lawyers, doctors and professions such as these income should be clearly identified) 3. The persons aged 18 and above shall all be tax payers according to their income. 4. Differential tax system should be followed for elderly aged 65 and above with no income other than pension and women who live alone supporting children 5. At no time the tax should be more than 20% of the Income and this is possible only if more no. of people pay the tax. I consider source deduction as the best tax system as every payment will have to contrinbute for the tax with a final calculation at the end of the year for refund if any. This is possible only, when all payments are made to only one Bank ACCOUNT designated for the purpose of tax. VR
What are the characteristics of a good tax system?
That is largely a matter of oppinion. I'll toss out some ideas that I think most people would agree to: 1) Understandable: People should know exactly what they are being taxed on and what they are not being taxed on. 2) Stable/Predictible: The tax should not largely fluxuate from year to year. 3) Not Be a Disincentive: The tax should not largely encourage people to not work or to work less. 4) Fair: It should balance the 2 main issues of 'who is able to pay more' and 'who gets the most benefits out of tax revenues'. 5) Unavoidable: It should be impossible to avoid paying taxes. (ie - rich people sheltering income) There are many specifics that people would throw in here (also that I would throw in here if I were making a tax system)... but again, I believe most of those would be a matter of oppinion. I tried to give a list that almost everyone would agree on.
Which of the following is NOT characteristic of Egypt under the pharaohs?
a. Large pyramids were built as tombs for the ings b. all rulers were chosen by their people c. there were large areas of conquered territory and subject people d. there was a tax system based primarly on mineral wealth i think it is B not sure
The impact of district power equalization and The characteristics and functions of a good tax system?
A good tax system provides needed and necessary funds to a school district throughout the State. Please see the below referenced site as it goes into great detail regarding the Iowa Education frame and can more readily answer your question. District equalization, which has several variations, involves focusing on state assistance in equalizing the ability of local school districts to raise revenue, rather than establishing a minimum threshold of state financial support. The idea is to guarantee to all school districts, regardless of assessed valuation, the same revenue yield from the application of a specified tax rate. There are three primary forms of district power equalization. Percentage equalization programs involve a local school district determining the size of its budget, with the state then paying a portion of the budget based upon an aid ratio for the district which takes into account assessed valuation in the district and the state in its entirety. Guaranteed tax base programs focus on guaranteeing a designated level of assessed valuation per pupil. Guaranteed tax yield programs, in contrast, are concerned with guaranteeing a designated level of revenue per pupil
What were U.S. tax rates in 1966?
Others have already answered this question well by providing the nominal tax rates in both 1966 and present day dollars. However, one piece of the puzzle that's missing here is the difference between nominal tax rates and effective tax rates. Saying the top 1% pay 70% of their income in taxes doesn't include the myriad of deductions one can claim (such as income earned through capital gains).Unfortunately, finding reliable data on effective tax rates over time is not so clear cut. Here's a figure that purports to refute the claim that the top 1% used to pay significantly more in taxes than they do today:Source: The Obsession with Nominal Tax Rates or the Twinkie RomanticismIf this analysis is to be believed (and I haven't done any fact checking by sifting through IRS data myself, so I encourage you NOT to take this at face value), then the top 1% really haven't paid significantly more or less in taxes over the years. Again, I'm not saying this information is correct or not, but I do think we can safely say the question cannot be fully answered by looking at nominal tax rates alone.
What is a good tax software that gives good results?
The definition of a ‘good tax software’ can vary from person to person. There are a variety of tax preparation applications available in the global market - Drake, Lacerte, ProSeries and more.Typically, a good software must have the following features.Easy-to-use interface.Analytical projection tools.Compliance with the latest policies of the tax year.Trouble-free organization of documents.Guarantee from the manufacturer.Minimum hardware requirements.Smooth work operation.Pocket-friendly overall price.A software meeting the above requirements, or any specific ones that you might have, then you have found your choice. For added benefits, you can opt for tax software hosting, which offers remote access and flexible resources as per your needs. Also, cloud-hosted application eliminates the need for setting up an infrastructure, reducing those expenses, including maintenance.But if by ‘good results’ in the query you mean good or increased return amount, then there might be a problem. All tax returns if filed truly, will give you the same tax return, regardless of the software. The brains behind intelligent tax filing are of the tax preparer.