Reforming the U.S. tax code

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Reforming the U.S. Tax Code

Reforming the U.S. tax code to eliminate tax credits and loopholes has been a frequent topic of discussion. Some political opponents argue that the law is too complex and the tax structure should be simplified. In a recent article taken from the Washington Post, the U.S. Senate's chief tax writers propose scraping the entire code and starting from scratch in their push for tax reform. The article further states that new tax provisions should (1) help grow the economy, (2) make the tax code fairer, and (3) effectively promote other important policy objectives. These objectives coincide with the goals of National Commission on Fiscal Responsibility and Reform appointed by President Obama to address the U.S.'s fiscal challenges. Research at least four (4) recent articles, within the last three (3) years, related to this issue.

Write a four to five (4-5) page paper in which you:

1.Take a position on whether or not a flat tax would be beneficial to all Americans. Provide support for your rationale.

2.Discuss the primary pros and cons of imposing lower tax rates on lower income earners and higher taxes on the higher income earners. Provide support for your rationale.

3.Based upon the support you provided in Question 2, evaluate the impact that each of the options you discussed would have on the federal deficit, and make your recommendation as to which option you favor. Provide a rationale for your response.

4.Evaluate at least two (2) of the major effects that an overhaul of the tax code would have on CPAs and other paid tax preparers, recommending a strategy to minimize the impact of the overhaul. Provide specific examples.

5.Determine which option would personally impact you and whether you are in favor of the flat tax or a progressive tax structure. Provide support for your rationale.

6.Use at least four (4) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.

Your assignment must follow these formatting requirements:

•Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

•Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

•Examine the types of taxes imposed at the federal, state, and local levels; the federal tax formula; and the rules for arriving at personal and dependency exemptions.

•Analyze the concepts of gross income and distinguish between the economic, accounting, and tax concepts of gross income and strategies to minimize gross income, maximize deductions, and minimize disallowance of deductions.

•Use technology and information resources to research issues in federal taxation.

•Write clearly and concisely about federal taxation using proper writing mechanics.

Points: 280	Assignment 1: Reforming the U.S. Tax Code
Criteria	Unacceptable Below 60% F	Meets Minimum Expectations 60-69% D	Fair 70-79% C	Proficient 80-89% B	Exemplary 90-100% A
1. Take a position on whether or not a flat tax would be beneficial to all Americans. Provide support for your rationale. Weight: 15%	Did not submit or incompletely took a position on whether or not a flat tax would be beneficial to all Americans. Did not submit or incompletely provided support for your rationale.	Insufficiently took a position on whether or not a flat tax would be beneficial to all Americans. Insufficiently provided support for your rationale.	Partially took a position on whether or not a flat tax would be beneficial to all Americans. Partially provided support for your rationale.	Satisfactorily took a position on whether or not a flat tax would be beneficial to all Americans. Satisfactorily provided support for your rationale.	Thoroughly took a position on whether or not a flat tax would be beneficial to all Americans. Thoroughly provided support for your rationale.
2. Discuss the primary pros and cons of imposing lower tax rates on lower income earners and higher taxes on the higher income earners. Provide support for your rationale. Weight: 15%	Did not submit or incompletely discussed the primary pros and cons of imposing lower tax rates on lower income earners and higher taxes on the higher income earners. Did not submit or incompletely provided support for your rationale.	Insufficiently discussed the primary pros and cons of imposing lower tax rates on lower income earners and higher taxes on the higher income earners. Insufficiently provided support for your rationale.	Partially discussed the primary pros and cons of imposing lower tax rates on lower income earners and higher taxes on the higher income earners. Partially provided support for your rationale.	Satisfactorily discussed the primary pros and cons of imposing lower tax rates on lower income earners and higher taxes on the higher income earners. Satisfactorily provided support for your rationale.	Thoroughly discussed the primary pros and cons of imposing lower tax rates on lower income earners and higher taxes on the higher income earners. Thoroughly provided support for your rationale.
3. Based upon the support you provided in Question 2, evaluate the impact that each of the options you discussed would have on the federal deficit, and make your recommendation as to which option you favor. Provide a rationale for your response. Weight: 15%	Did not submit or incompletely evaluated the impact that each of the options you discussed would have on the federal deficit, based upon the support you provided in Question 2; did not submit or incompletely made your recommendation as to which option you favor. Did not submit or incompletely provided a rationale for your response.	Insufficiently evaluated the impact that each of the options you discussed would have on the federal deficit, based upon the support you provided in Question 2; insufficiently made your recommendation as to which option you favor. Insufficiently provided a rationale for your response.	Partially evaluated the impact that each of the options you discussed would have on the federal deficit, based upon the support you provided in Question 2; partially made your recommendation as to which option you favor. Partially provided a rationale for your response.	Satisfactorily evaluated the impact that each of the options you discussed would have on the federal deficit, based upon the support you provided in Question 2; satisfactorily made your recommendation as to which option you favor. Satisfactorily provided a rationale for your response.	Thoroughly evaluated the impact that each of the options you discussed would have on the federal deficit, based upon the support you provided in Question 2; thoroughly made your recommendation as to which option you favor. Thoroughly provided a rationale for your response.
4. Evaluate at least two (2) of the major effects that an overhaul of the tax code would have on CPAs and other paid tax preparers, recommending a strategy to minimize the impact of the overhaul. Provide specific examples. Weight: 20%	Did not submit or incompletely evaluated at least two (2) of the major effects that an overhaul of the tax code would have on CPAs and other paid tax preparers, recommending a strategy to minimize the impact of the overhaul. Did not submit or incompletely provided specific examples.	Insufficiently evaluated at least two (2) of the major effects that an overhaul of the tax code would have on CPAs and other paid tax preparers, recommending a strategy to minimize the impact of the overhaul. Insufficiently provided specific examples.	Partially evaluated at least two (2) of the major effects that an overhaul of the tax code would have on CPAs and other paid tax preparers, recommending a strategy to minimize the impact of the overhaul. Partially provided specific examples.	Satisfactorily evaluated at least two (2) of the major effects that an overhaul of the tax code would have on CPAs and other paid tax preparers, recommending a strategy to minimize the impact of the overhaul. Satisfactorily provided specific examples.	Thoroughly evaluated at least two (2) of the major effects that an overhaul of the tax code would have on CPAs and other paid tax preparers, recommending a strategy to minimize the impact of the overhaul. Thoroughly provided specific examples.
5. Determine which option would personally impact you and whether you are in favor of the flat tax or a progressive tax structure. Provide support for your rationale. Weight: 20%	Did not submit or incompletely determined which option would personally impact you and whether you are in favor of the flat tax or a progressive tax structure. Did not submit or incompletely provided support for your rationale.	Insufficiently determined which option would personally impact you and whether you are in favor of the flat tax or a progressive tax structure. Insufficiently provided support for your rationale.	Partially determined which option would personally impact you and whether you are in favor of the flat tax or a progressive tax structure. Partially provided support for your rationale.	Satisfactorily determined which option would personally impact you and whether you are in favor of the flat tax or a progressive tax structure. Satisfactorily provided support for your rationale.	Thoroughly determined which option would personally impact you and whether you are in favor of the flat tax or a progressive tax structure. Thoroughly provided support for your rationale.
6. 4 references Weight: 5%	No references provided	Does not meet the required number of references; all references poor quality choices.	Does not meet the required number of references; some references poor quality choices.	Meets number of required references; all references high quality choices.	Exceeds number of required references; all references high quality choices.
7. Clarity, writing mechanics, and formatting requirements Weight: 10%	More than 8 errors present	7-8 errors present	5-6 errors present	3-4 errors present	0-2 errors present