ACC 307 Assignment 1 Should the U.S. Convert to a Zero Personal Income Tax
- Analyze the way in which the two (2) countries that you have researched provide services and benefits to its citizens without collecting personal income taxes.
- For the countries that you have chosen, determine whether or not the U.S. could adopt their taxation model without reducing its total amount of revenue generated by collecting personal income taxes from individuals and business. Justify your response.
- Create a proposal for where the revenue would be derived if the U.S. were to adopt a zero income tax model. In your response, provide specific recommendations concerning the following:
- Suggest at least three (3) advantages and three (3) disadvantages of the U.S. adopting a zero income tax model. Provide a rationale for your response.
- Speculate on the primary way in which the federal government could make up any shortfalls if it does not collect its targeted revenue from personal income taxes, and ascertain the most significant way in which the U.S. Department of the Treasury, through the IRS, can still adhere to its fiscal and monetary policies. Justify your response.