Project #95825 - Tax Debate Worksheet (Economics)

Tax Debate Worksheet

Ã‚Â

Career Name: Research Scientist Yearly Income: \$90,000

Flat Tax

Some Americans are supporting switching to a flat income tax rate of 15%. How much would you pay under this plan?

(Your Income) X 15% (or .15) = _______________

Calculator Tip: To multiply by a percentage, you can use your calculator in two ways. You can use the percent symbol key or you can enter the percentage as a decimal. To change a percentage to a decimal, move the decimal point two digit places to the left. Example: 20% becomes 0.20

Ã‚Â

Regressive Tax Plan

Ã‚Â

 Mark Ã¢â‚¬Å“XÃ¢â‚¬Â next to the row that matches your yearly income. Proposed Regressive Plan Calculate your tax. For example, \$10,000x40%=\$4,000 in tax. Ã‚Â 40% on income up to \$25,000 Ã‚Â Ã‚Â 30% on income between \$25,000 and \$34,000 Ã‚Â Ã‚Â 25% on income between \$34,000 and \$44,000 Ã‚Â Ã‚Â 20% on income between \$44,000 and \$80,000 Ã‚Â Ã‚Â 10% on taxable income over \$80,000 Ã‚Â TOTAL Ã‚Â Ã‚Â

Ã‚Â

Progressive Tax Plan

Ã‚Â

 Mark Ã¢â‚¬Å“XÃ¢â‚¬Â next to the row that matches your yearly income. Proposed Regressive Plan Calculate your tax. For example, \$10,000x10%=\$1,000 in tax. Ã‚Â 10% on income up to \$25,000 Ã‚Â Ã‚Â 20% on income between \$25,000 and \$34,000 Ã‚Â Ã‚Â 25% on income between \$34,000 and \$44,000 Ã‚Â Ã‚Â 30% on income between \$44,000 and \$80,000 Ã‚Â Ã‚Â 40% on taxable income over \$80,000 Ã‚Â TOTAL Ã‚Â Ã‚Â

Ã‚Â

Reflection

Ã‚Â

 Reflection Questions Your Responses Is federal income tax a direct or indirect tax? Explain your response. Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â What are the main differences between the flat, regressive, and progressive tax plans? Ã‚Â Under which plan would you pay the most in taxes? Under which plan would you pay the least in taxes? Ã‚Â Which tax system would benefit you the most? Explain your response and refer to your specific career. Ã‚Â Do you think the plan that benefits you most is the most fair for everyone? Explain your response. Ã‚Â Imagine you marry and your spouse earns \$50,000 per year. You will be filing your taxes together. Does this change your opinion of the proposed tax plans? Explain your response. Ã‚Â

Ã‚Â

 Subject Business Due By (Pacific Time) 11/24/2015 04:00 pm
TutorRating
pallavi

Chat Now!

out of 1971 reviews
amosmm

Chat Now!

out of 766 reviews
PhyzKyd

Chat Now!

out of 1164 reviews
rajdeep77

Chat Now!

out of 721 reviews
sctys

Chat Now!

out of 1600 reviews

Chat Now!

out of 770 reviews
topnotcher

Chat Now!

out of 766 reviews
XXXIAO

Chat Now!

out of 680 reviews