A tax is when the government charges the people depending on the income of an individual, corporation, or trust, as well as the value of an estate. There are also other forms of taxes, like consumer sales taxes, use taxes and real estate taxes, and many others. The main importance in assessing tax is to form the revenue that is to be used for the needs and development of the public. A tax is not voluntary but had to be paid by the citizens and payment is an enforced contribution exacted pursuant to legislative authority. The government is responsible for administering and implementing internal revenue laws. It is part of the Department of Finance and treasury. The students can rely on BookMyEssay for any kind of  Taxation Law assignment help.

Types of Taxes

  • A consumption tax may be a tax on the money individuals pay, not the money individuals earn.
  • Sales taxes that state and native governments use to lift revenue, area unit a sort of consumption tax.
  • An excise tax on a specific good, such as alcohol or gasoline, is another example of a consumption tax.
  • Some economists and presidential candidates have planned a federal consumption tax for the U.S. that could replace capital gains and dividends.

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Progressive Tax

This is a tax that is higher for taxpayers with more money. In a progressive tax system like the U.S. federal income tax, wealthy individuals pay tax at a higher rate than less wealthy individuals. This is why wealthy Americans are taxed more than middle-class Americans and middle-class Americans are taxed at a higher rate than working-class Americans. All the homework help is delivered following the University guidelines as provided by the students.

Regressive Tax

A regressive tax is one that is not progressive. This could either mean that the tax is lower for rich people or that the tax is flat (everyone pays an identical rate).

What is a flat tax regressive? People with lower incomes would feel the effect of a flat tax more strongly than people with higher incomes. To a multi-millionaire, the tax would translate to a substantial decrease in quality of life.

To somebody creating $30,000 a year, a 15% tax would mean a serious dent in spending power. The writers of BookMyEssay offer unique and plagiarism-free content like Taxation Law assignment writing help.

Proportional Tax

A proportional tax is that the same as a flat tax. Taxpayers at all income levels would pay the same “proportion” in taxes. As explained above, proportional taxes are regressive taxes.

These styles of taxes area unit common in state-level sales taxes however not common at the federal level. BookMyEssay is always competent in delivering the assignments of the students like homework help within the stipulated deadline.

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