Convert to a Zero Personal Income Tax
According to my finding, personal income tax is a direct tax levied on income of a person. A person means an individual, an ordinary partnership, a non-juristic body of a person and an undivided estate. Usually, the federal government enacts income tax and their rate to assist them with their expenses. According to Hoffman, Maloney, Raabe and Young; authors of South-western federal taxation; “the income tax has proved to be a major source of revenue for the federal government.” (2015. P. 1-4). Many governments such as the United States rely on tax to cover and finance its expenses, expenditures and functionality. However, that politic or rule is not appreciated and welcomed by everyone. In fact, some taxpayers think that there is a lot of inequality in tax allocation. Therefore, they believe that the U.S should eliminate the burden tax on them and be free of tax. Where the question, what will be a U.S without tax? We will analyze two countries that do not collect income tax, then the advantages and disadvantage of a U.S without tax income, create proposal and finally speculate on ways the U.S could make up revenue without collecting tax. There are many countries around the world that function without collecting individual income tax. They use others way to compensate and make up their revenue. The top five are Monaco, Andorra, Bermuda, Bahamas and the United Arab Emirates. All of these countries are well-known, classified as developed countries because of their living conditions. They are not underdeveloped or that poor. They live almost the same rhythm of living as the U.S but do so without levying any income tax on individual. How do they manage it? We cannot study them all, but we will focus on the United Arab Emirates and Bahamas. Like the United States, the United Arab Emirates becomes a place of a multicultural environment offering a lot of opportunities for immigrants. It is a place that attracts many foreigners like investors and laborers from all over the world. That implies incredible stimulationS WITHOUT PERSONAL INCOME TAX 3 and social choices exist, as do high training offices for expats. Debasement, while declining, is still present keeping in mind studies show openings in the legal framework, the tenet of law is decently regarded in the nation. (Henderson, 2010) Mystically, the fact that its population is growing and the need to accommodate and fulfill its engagement to meet impacted its economy but not its vision of income tax. We would think that with more people coming. Business expanding creating more social needs and intervention, the UAE government would be tempted to enact income tax. But, it chooses to be free of income tax allowing people to liv………………………….
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