ACCT
3321 Federal Taxation 1
Extra
Credit Assignment
Due:
December 1, 2022 by 11:59pm
This project is the alternative project to volunteering with
VITA for 20 hours. This is a graded
project and if higher, will replace your lowest exam grade. It will be graded for content, grammar, and
overall professionalism. Like
volunteering with VITA, this project should take at least 20 hours to
complete. It should be at least 10 pages
(double spaced 12 “Times New Roman” font) with a minimum of 8 credible
references. Do not ramble or repeat
yourself unnecessarily. I am not
providing any references or resources (except for the chapter reference below)
as it is up to you to complete all research and identify appropriate resources. In your report you need to address the
following topics/questions:
1.
Evaluate the US federal tax system using the
parameters (sufficiency, equity, certainty, convenience, and economy) within
chapter 1. Some of this will be your own
opinion based on documented facts. To completely
evaluate our system, you will need to understand (and explain in your report):
a.
How much revenue the US government collects and
from what sources? This may involve
understanding how much income is generated from each individual tax bracket,
FICA, corporate taxes, etc.
b.
How much the US government spends.
c.
Other sources of funding (debt). In this area
you can discuss your opinion on how (or if) debt should be used at the federal
level.
2.
Use the same evaluation measurements as above
and design your own federal tax system (this will probably involve additional
research):
a.
How much revenue do you feel we should collect?
i.
Would this create a budget deficit or
surplus?
ii.
If a surplus, is that because you are increasing
our revenues or decreasing our expenses.
If you are decreasing our expenses, what are you decreasing and by how
much?
iii.
If this would lead to a budget deficit, then
where will you get the additional funds for our budget and what is your plan to
pay it back (or do you believe that paying the debt back is unnecessary)?
b.
What are your planned revenue sources? How much will each source provide? Be specific regarding the different types of
taxes on the federal level as well as tax rates/brackets where applicable, and
amount of income you expect to generate by area. Clearly explain any assumptions you make.
3.
After you create your system, then evaluate your
system (sufficiency, equity, certainty, convenience, and economy). Highlight any concerns/limitations you have
for your system and how do you think those areas could be mitigated.
