If you could freeze your wealth to reduce the tax on your death but not affect your income, would you? Would you consider having your value frozen from a tax perspective but not from a wealth perspective?
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Bb4.
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- Give an argument in favor of taxes on wealth like the estate tax. What potential problems would there be in trying to enforce a new wealth tax on living individuals?Rich Americans have already paid income tax on the earnings that made them rich in the first place. Isn’t taxing wealth double taxation?Do you thinks taxes are moral? Explain your answers
- The Social Security tax is often described as a regressive tax since only earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?Even though transfer taxes do not affect all individuals, individuals affected by a transfer tax can experience a high tax liability. What taxes are not considered a transfer tax? Tangible personal property is taxed by state and local governments. What is an example of something that is not considered tangible personal property? What is an example of something that excise tax is not levied on?Assume that the tax on dividends and the tax on capital gains is the same. All else equal, what would a prudent investor prefer? A. More information is needed. B. The prudent investor would prefer dividends—a dollar today is always worth more than a dollar to be received in the future. C. The prudent investor would be indifferent between receiving dividends or capital gains. D. The prudent investor would prefer capital gains—the capital gain tax liability can be deferred until gains are realized.
- Is it right to avoid taxes as much as you can?Why do you think the Tax Reform Act of 1986 affected the desirability of investing in real estate syndications?Which one of the following correctly states a purpose of the generation-skipping transfer tax (GSTT)? A) To encourage the transfer of wealth to younger generations B) To ensure transfer taxes are paid at each generation by transfer taxing wealth when it is transferred to a skip person C) To discourage generation-skipping transfers by using up the transferor's gift or estate tax credit amounts more quickly D) To substitute the GSTT for any gift or estate tax due on the transfer instead of imposing the gift or estate tax
- If you are a tax adviser, would you advise to claim the deduction in full amount or be capitalized and depreciate?Which of the following will be considered as tax evasion? Reducing tax by paying gift aid donations Reducing tax by buying an electric car so that first year allowance is claimed By not declaring a source of income and the actual income intentionally By utilizing a loophole in the tax system without violating the tax lawThe money you receive back because you have overpaid your taxes is called a tax return. a. true b. false