many years ago a famous member of congress proposed eliminating federal income tax withholding. what criterion for evaluating tax systems did this proposal violate? what would likely have been the result of eliminating withholding?

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02-09-2022
Business

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many years ago a famous member of congress proposed eliminating federal income tax withholding. what criterion for evaluating tax systems did this proposal violate? what would likely have been the result of eliminating withholding?

Sagot :

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Tutorconsortium254 Tutorconsortium254 · Answer 1 · 2022-09-10T15:06:20-04:00

Eliminating withholding would go against the convenience criterion, which states that a tax system should be made to make it easier to collect taxes without putting an undue burden on either taxpayers or the government (i.e., a tax system should make collection as easy as possible).

Eliminating withholding would have probably hindered tax collection and boosted aggression among taxpayers (or tax evasion). Prior studies indicate that when taxpayers owe higher taxes upon submitting their return, they are more prone to pursue more aggressive tax stances.

What is income tax?

Income tax is a type of direct tax that governments impose on the earnings of their constituents. The central government must levy this tax, according to the Income Tax Act of 1961. In its Union Budget each year, the government has the authority to alter the tax rates and income brackets.

Income does not just refer to funds received in the form of wages. It also includes "revenue from other sources," which includes income from real estate, corporate earnings, professional gains (such as bonuses), and income from capital gains. Additionally, the government frequently offers some wiggle room so that different deductions can be made from a person's income before the amount of tax to be levied is determined.

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many years ago a famous member of congress proposed eliminating federal income tax withholding. what criterion for evaluating tax systems did this proposal violate? what would likely have been the result of eliminating withholding?

Sagot :

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