Imagine that you have been given a unique opportunity to draft your own tax system. I am sure we all have felt at some point that our current or past tax system is biased or unfair. Well, here is your chance.
Research tax systems of 5 other countries (not US). Compare those tax systems. Then, using the results from your research, create your own mythical economy using AI (see handout attached for details).
You will need to create your own rate for the following:
1. Income tax
2. Property tax
3. Wealth tax
4. Payroll tax
5. Corporate income tax
6. Sales tax
7. Excise tax
Please keep in mind that your utopia needs to generate sufficient revenue to afford its infrastructure. Set your own revenue target.
Please remember to address all of the following in your papers:
Step 1. Do your research and compare 5 different countries and their tax systems
Step 2. Develop your own tax system using AI. Summarize the tax rates used.
Step 3. Draft 10-15 page paper – 12 font, double spaced. Explain the link between your tax system and income distribution.
Step 4. Justify your chosen tax system in your paper.
