Tax

What are the differences between what the Federal government can do, and what the states and localities can do? What are the implications?Discuss why these differences matter.

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TAX = EXP.  From day one of this class, we discussed how the study of State and Local finance is inherently different from the issues addressed by Federal Government in their respective budgets.  How States and localities will manage through this crisis is dependent upon their prior fiscal choices. What are the differences between what … Read more

Practice workbook : In cell D7, create a formula that calculates the tax for the invoice. Use a sales tax rate of 7.5%.

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Practice workbook. Click the Challenge worksheet tab in the bottom-left of the workbook. In cell D7, create a formula that calculates the tax for the invoice. Use a sales tax rate of 7.5%. In cell D8, create a formula that finds the total for the order. In other words, this formula should add cells D3:D7. … Read more

Tax: would the government have a budget surplus or deficit under this new system with respect to these two taxpayers (assume all other factors remain constant)?is this system fair?

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Tax Every year during the tax filing season, people complain about how complex the tax system has become. Assume that Congress is considering passing legislation to do away with the current tax system and impose a 18% flat tax on all income. This means there is no longer tax free provisions such as the gain … Read more