Federal Taxation 1

Using Textbook  CCH Federal Taxation: Basic Principles. Smith, Hamerlink, Hasselback. 2016 Edition. Please answer in 3 pages the following questions.

  1 - Clearly, individuals are carrying a much heavier tax burden than corporations.  Is this justified?  

2 - Some economists have argued that corporate taxes should be eliminated and that only individual taxes should be paid.  Explain.  

3- Read 6570 Student Loan Interest. Recently, there has been a debate that taxpayers should be able to deduct all, as opposed to a cap of $2500.00, student loan interest in the same way that home owners are allowed to deduct all of the interest of a home mortgage.

In your opinion should the deduction for student loan interest be capped or should taxpayers be able to deduct the entire amount? Why?

Due date: Wednesday 04/15/2020

Thank you.