Tax Accounting Methods
October 19th, 2010
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Question: what do u think about the Progressive method that used to calculate the income tax ?
whats the advantages and the disadvantages of the Progressive method that used to calculate the income tax in the world , and i want to know if it is a fair method from an economic and accounting
perspectives ?
what do u think about the idea of Unification of the income tax rate in all the economic sectors .?
thanks
i mean to make the income tax rate constant for all the sectors no matter of the amount of income that generate .Answer: Consider that a single mother with a crap $8.50 hour job supporting 2 kids — and there are millions of women in that situation in the US today — would lose upwards of $9,000 per year with a flat 25% tax rate and no deductions, exemptions, or credits and the current progressive rate structure is imminently fair!
Also consider that the top 5% of earners in the US may pay 90% of all taxes, they control over 98% of all wealth. They’re getting a pretty sweet break as things are!
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South Korea aims at $4b in defense exports by 2020
South Korean President Lee Myung-bak on Tuesday (October 19) discussed with related ministers ways to further develop the defence industry based on a blueprint to reach US$4 billion in annual defence exports.
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