Reforming the U.S. Corporate Tax System to Increase Tax Competitiveness

Reforming the U.S. Corporate Tax System to Increase Tax Competitiveness Essay example
College
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Finance & Accounting
Pages 9 (2259 words)
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Taxation System (Full Name) (Subject) (Name of Professor) (Date) Table of Contents I. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 II. Purpose of the study . . . . . . . . . . . . . …

Introduction

. . . . . . . . . . . . . . . . . . 3 Progressive System of Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 – 6 Provisions on Tax Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 – 7 IV. Tax Reforms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 – 9 V. Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 VI. Bibliography (Last Name) 1 Taxation System I. Introduction Taxation is the means by which the sovereign body raises income through collection from natural or juridical persons to defray the expenses of the government so that the latter could perform its functions. Without taxes, the government cannot exist as it will not be able to deliver the services expected from them by the constituents. Although one of the fundamental powers of the State, the exercise of the power of taxation however should not be abused. Certain principles must guide its application so as to make it as equitable and efficient to all stakeholders as it must be. Since taxation generally depends on income, taxes should be proportionate thereto and should not go beyond the net income; otherwise, the same would constitute as part of the expense already that could deprive the income-earner of the fruits of his labor. ...
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