...Federal tax reform has been a topic of discussion for some time now. As the national deficit has continued to increase over the past few years, so has the priority for this analysis. Although a number of proposals have been submitted, the problem is coming to an agreement on how exactly the code should be reformed, if reformed at all versus starting with a brand new code altogether. The problem is that there is no cookie cutter tax system that will be fair to all. With that being said, is a flat tax the way to go? There is no tax system that would be beneficial to all Americans. Just like any tax reform, a flat tax system has its own set of pros and cons. For example, a flat tax system would eliminate the current extensive tax code that is extremely difficult to interpret. It would result in an easier understanding of the tax code as well as reduce the chance for errors and tax fraud (Sonic, 2013, para. 7). Additionally, it would cause a reduction in the need for paid tax preparers, which is actually a pro and con. It would save taxpayers money by eliminating the need for paid tax preparers but at the same time would also cause a reduction in the workforce for that industry (Sonic, 2013, para. 7). As a result, this would cause a rise in the number of displaced workers’ as well as putting numerous tax software companies out of business. Moving on, a flat tax would eliminate the ability to create tax loopholes by the government, as previously done, for personal favors or campaign...
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...it Time for a Flat Tax? Flat tax is defined as an income tax system in which everyone pays the same tax rate no matter his or her income. In 1913, the United States established an income tax to raise money for the government. In our current system, income tax is applied to various parties. Individuals, companies, corporations, an almost every entity that produces an income gets taxed. However, partnerships are not taxed. To calculate the taxable income, allowable deductions are subtracted from the total income. There are specific rules and guidelines for income taxation depending on the person or entity filing. For example, someone with a higher income is going to be taxed at a higher rate than someone with a lower income. Taxpayers generally self assess their income tax by filing tax returns to the IRS. Currently, filing for income tax requires, lengthy instructions, record, keeping, forms, worksheets and schedules. With all these necessities, it causes headaches for the taxpayers involved. This also does not include Social security taxes and Medicare taxes, which just keep adding to the money the filer has to pay and the costs that it takes to have an individual calculate everything to get to the gross income. One may ask how do we get rid of the headaches while still maintaining the income level for the United States government? One idea is establishing a flat tax rate for everyone. A flat tax is an income tax rate that everyone pays the same tax percentage across the...
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...federalism arrives. Working with the federal, state and local government there has to be a solution to the transportation policy. The Transportation Policy as we know it today started as the Interstate program according to Shirayanagi, H., & Kitamura, Y. (2011) “in 1956 also called the 1956 Federal-Aid Highway Act, appropriated $25 billion (about $197 billion in 2009 dollars) to build 41,000 miles of multi-lane, limited access highways.” (p.253) While it was done to connect states and make it easier for economic center to connect it helped develop travel within cities themselves. These highways were built with 90 percent federal funding the only problem was that the local government did not get any money to improve the transportation systems. Fast-forward to August 2005 according to Shirayanagi, H., & Kitamura, Y. (2011) “ the Safe, Accountable, Flexible, Efficient Transportation Equity Act: (SAFETEA-LU) which is our current transportation policy signed by President George W. Bush, authorized $286.5 billion dollars to fund our nation’s transportation network through September 2009…” (p.257) The bill expired on September 30, 2009 and has been extended multiple times since that date. The main reason Congress cannot come up with a new policy because first and for most the federal government does not want to fund state and local projects without any help from that state,...
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...Con: Longer Wait Times When health care is extended to everyone, it can be used too often. And with "free" access, a patient may go to the emergency room with the sniffles, causing longer wait times for those who have real emergencies. Access to family doctors and specialists may also be limited due to too many patients and not enough doctors. Read more: http://www.livestrong.com/article/30692-pros-cons-universal-health/#ixzz1KlELOteI The costs that are required for universal health care are an enormous obstacle to overcome before any meaningful policy can be adopted. Most countries that provide universal health care have some kind of tax that is paid by citizens for the cost of the insurance. A tax can also come in the form of a premium that is paid for services. Once the issue of costs has been resolved, then universal health care can be seen as a viable option for the future of health care. Read more: Pros & Cons of Universal Health Insurance | eHow.com http://www.ehow.com/about_5233236_pros-cons-universal-health-insurance.html#ixzz1KlEm3WTE Con: Raised Taxes Although universal health care is often touted as "free," it is typically government-run. Taxes would need to be raised to accommodate for universal health care, and many Americans could be adverse to their taxed earnings paying for the health care of someone who doesn't work at all. Read more: http://www.livestrong.com/article/30692-pros-cons-universal-health/#ixzz1KlEzao5G pro There are several...
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...LOTUS CAR RENTAL/ALTERANTIVE FUEL VEHICLES Stephen McCauley Comm/215 University of Phoenix June 7, 2013 INTRODUCTION Lotus car rental, one of the world’s leading car rental companies, is in a position to take advantage of a great opportunity. This is an opportunity to be one of the first car rental services to provide our consumers with alternative options to fuel-powered vehicles, and to rise above the competition. Adding alternative fuel vehicles to our car rental fleet will increase our car rental turnover and improve the company's image to consumers. Creating a fleet of Alternative fuel vehicles for Lotus rental cars would be a very wise decision. There is a strong movement towards using alternative fuels for many reasons. The consumers are now motivated to drive vehicles that not only protect the environment, but also save money. More and more car manufactures are providing vehicles that use alternative fuels or flex fuels. This movement in the market place is gaining momentum. It would be wise for Lotus to lead this market by providing this service to the consumer. Today environmentally concerned consumers are looking for ways to not only save the environment, but also save money. Oil prices are constantly on the rise and turmoil in the oil producing regions has not helped alleviate the problem. Taking these considerations and research into account, we feel that Louts Rental Cars should invest in an alternative fuel vehicle fleet. BACKGROUND ON ALTERNATIVE FUELS ...
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...Policy Making and the Federal System Obama Care Ashford University: POL-201 August 18, 2014 Policy Making Obamacare The United States Government plays a big role in the policies or programs that the citizens can like or dislike but really don’t have the overall say. When it comes to the policies that get put into place not everyone is going to be happy with it. Sure, some policies will benefit some people more than others and some can just plain benefit the ones who run the country. Obamacare has some history behind the issues, benefits, and policies that will be placed on Americans to abide by. Here are some of the pros and cons of such a policy and how they weigh in weather or not if it is good or bad depending on how it affects you and your family. The Pros of Obamacare What greatly increases these conflict and debates are rooted in the constitutional framework of federalism, which is derived from the 10th Amendment. Federal health care policy “Obamacare” is one of these conflicting issues that have a significant federalism component that requires national, state, and local interaction. This has also leaded to a great deal of potential tension among different levels of government. Obamacare is an overall Medicaid expansion that is supposed to be one of the biggest milestones within healthcare reform by insuring up to 21 million Americans over the next decade. This expansion to Medicaid is supposed to provide the nation’s poorest with health coverage...
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...alternative as directed and aiming at 16% after tax return and tax rate of 38%. Identification of Issues and related alternatives: • Debt to Equity Ratio of 1.23 more than 1 reveals that more than half of assets are financed by debt. • $3.6 million required for repairs of hull before 2013. • Gross profit of 60% has not increased much over past three years it will affect operating income if there is a decline in sales. • Operating profit of .23% in 2012 seems to decline from 2011 of .26% implies company earns less per dollar of sales. • Accounts Receivable of 2.6 days in 2012 increased as compared to 2.3 days in 2011 .Should re-assess credit policies to ensure timely collection. • Return on equity is not growing at an increasing rate as compared to growth of 2010 to 2011 company will grow less towards downturn. Alternative 1: Divesting the dry dock Pros • Savings on expenses amounting to $5,674,000 Cons: • Unavoidable maintenance cost of $2 million for each ship • Damage relationship with government, employees and city • Lost contribution to the overall profitability of the company. • Negative cash inflow of $1,172,000.00(Appendix 2) • Not supported by manager of dry docks. Alternative 2: Targeting a more profitable market segment Pros: • Offers unique services and special amenities • Good skilled hospitality staffs and Captains • Passengers less than 40 are more compared to industry standards. Cons:...
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...significant repair to the United States healthcare since Medicare and Medicaid passed in 1965. In this paper, the key points that will be discussed are obamacare policy, it pros and cons, if it raises any issues with federalism and the policys effectiveness. Obamacare is aimed at helping the underinsured to gain insurance. With this plan everyone would have health insurance regardless of income, or anything that would stop the person from attaining health insurance. The Affordable Care Act is a watershed in U.S. public health policy. Through a series of extensions of, and revisions to, the multiple laws that together comprise the federal legal framework for the U.S. health-care system, the Act established the basic legal protections that until now have been absent: a near-universal guarantee of access to affordable health insurance coverage, from birth through retirement.(Rosenbaum, 2010) Obamacare is a name used by critics of President Obamas efforts to reform health care. Its a common term used to describe the Patient Protection and Affordable care Act of 2010. ObamaCare contains many benefits, especially for low and middle income families and businesses. ObamaCare also contains some obstacles for larger firm that dont insure their employees and certain aspects of the healthcare industry. The Pros and Cons boil down to this, Obamacare the average American has a lot to gain and little to lose, while some larger firms and consequently their employees may notice negative...
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... Families and individuals currently carrying insurance will be able to keep those plans. Tax credits will be issued to families and individuals that make less than four hundred percent below federal poverty line, who do not qualify for Medicaid. Also, there will be a requirement to health care insurances to cover reproduction preventatives for women without and fees or co-pays. Next, a brief history of the policy will be discussed (Obamacare, n/a.dd). A system of federalism is lacking in the Obamacare Policy. Federalism was created to balance the power between federal and state governments. Obamacare is lacking the governance of state and local entities, leaving the federal government as the sole power. The federal government is forcing an individual mandate to every individual to purchase health insurance, but legally is it the states that have the authority to make the final decisions on governmental programs. There is tension that if the states buck the federal government of the issue, they may lose federal funding for Medicaid. There are pros and cons to the new policy (Obamacare, 2010). There are several pros to Obamacare. It was created to reduce the overall health care deficit by having every individual care health insurance. This would promote health and be a preventive to the emergency room. Those who can afford insurance will be added to Medicaid or given a tax break to purchase insurance. Children can stay on their parent’s plans up to age twenty six...
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...RESULT 12 4.0 DISCUSSION AND CONCLUSION 12 5.0 REFERENCES 13 1.1. Abstract The Government of Malaysia on its latest Budget 2011 has announced on their intention to implement the Goods and Services (GST) tax system by middle year of 2011 and therefore, will replace the present tax system which is known as Sales and Service tax (SST). It was first announced by the previous Prime Minister, Datuk Seri Abdullah Ahmad Badawi in 2005. The primary objective of the government in replacing the previous SST system with GST is for the economy development and also to generate more revenue for the country since Malaysia is facing a bad budget deficit. Goods and Services tax is being practiced by more than 140 countries worldwide which most of the countries that are practicing it are the developing countries including our neighbors, Singapore and Thailand. However, there has been much protest, notably from the people against this new tax system. Throughout the research, it will determine on the people’s thought regarding the GST system and why are they against it. A brief explanation about GST system will be given first, in terms of the meaning and the workflow of the system as a way in conformity with their raw perception about the system before they understand it. This research will use the citizen of Malaysia as the sample. 1.2. Introduction...
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...Gertrude Edwards Clement Yedjou 12/08/214 The amount of energy in an isolated system is conserved eventually, energy can be changed from its original form to a different form are from one object to another. This energy law applies use which is taken energy and changing into a different form, one example is Solar Energy; energy from the sun can be changed in to useable energy for homes, schools, hospitals etc. The energy conservation law also applies to considering that some energy is wasted during the change, it’s impossible to change energy and not waste some of it. Cons and Pros of fossil fuel and oil, natural gas, and coal are pros consist of higher efficiency, it’s less expensive than none conventional reason being it’s easy to change and process them also has the ability to power the globe, the cons of fossil fuels are they have the biggest emitters of greenhouse gases which is mainly the reason for climate change and global warming. Coal mining creates quakes that’s also believed, they are none renewable so that makes it the biggest con. Nuclear Energy creates small amounts of oxygen and it generates huge amounts of electrical energy. Waste is radioactive when produced in these plants. Uranium is the energy source which has a limited supply; nuclear power plants could encourage terrorist attacks. This source of energy is renewable. Solar energy it provides energy to homes with solar panels and there’s no up keep required most of the energy is produced in...
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...I. Background of the Study The company is engaged in manufacturing business. The company is currently uses absorption costing. In early August, it had a new marketing vice president in the name of Terry Silver and found the July’s Financial Statement as puzzling and asking why the company is not using variable costing. II. Problem Statement 1. Critique the various pros and cons of the variable costing proposal that were presented in the meeting. What arguments would you add? 2. Should Landau adopt variable costing for its monthly income statements? III. Objectives 1. To cite and evaluate the pros and cons of Absorption Costing versus Variable Costing 2. To evaluate the usage of Absorption Costing versus Variable Costing 3. To adapt an accurate costing system that would depict the monthly income statement of Landau Company IV. Areas of Consideration The Financial Statements of Landau Company was examined to show the application of Absorption Costing and Variable Costing as well as the pros and cons of it usage. PROS | CONS | Terry Silver doesn't understand income changes in absorption costing attributable solely to production volume changes. To mc, this is an important reason to consider seriously the introduction of variable costing for monthly management reports. | Marketing will underprice products if only the variable cast per unit is emphasized. | It eliminates time-consuming and argumentative fixed overhead allocations...
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...both beneficial and harmful to mankind as a whole; however, the pros of legalization far outweigh the cons. The most common argument against marijuana is that if it were to be legalized that it could have adverse health effects, especially when used in large doses; but any substance can be harmful if not taken in moderation. Why are substances such as tobacco and alcohol legal, when they all carry equal risks and benefits? Why is marijuana unfairly controlled and restricted without consideration to the facts? Cigarettes are legal yet one in ten smokers will have lung or heart related complications that have been directly linked to the tar in cigarettes by many studies, including the 2014 Surgeon Generals Report. The study details the correlation between lung and heart complications and smoking cigarettes. The possible applications for marijuana In medicine are astounding; even in the early stages of medical marijuana research, leaps and bounds are being made in pain relief and management for the sick, elderly and terminally ill. It is truly helping millions of people around the world manage a whole range of ailments. To ignore the facts about marijuana is a step back for society as a whole. Almost 25,000 different commercial and industrial products can be made from hemp/marijuana, including: milk, clothes, paper and medicine. Why is this valuable resource not available to the general public? The Marijuana Tax Act of 1937 was largely due to an effort by businessmen Andrew...
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...Long-term Goals/Objectives Goal #1: Increase profit before tax over the Next 5 Fiscal Years from 2015 to 2019 by 40% in Asia. In the past three years, HSBC Holding plc’s profit before tax was 18,680, 22565, and 20649 million dollars respectively. Asia’s profit before tax was 14,625, 15853, and 18030 million dollars respectively. This proportion of Asia’s profit was as high as 78.3%,70.3%, and 87.3%. Therefore, i can believe that HSBC bank’s major profit from Asia. [1] Table 1 shows the profit before tax of geographical regions [pic][2] Why we has goal in Asia? According to the above table, we can see that Asia had the extremely high profit before tax compared to other parts of world. Also, Asia is the region which has the largest number of developing countries in the world. Such as China, India, Indonesia, and Malaysia. Especially, with China’s economic reform deeply, there has more investment opportunities will emerge. Why we hasn’t goal in Middle East and North Africa? We also can found Middle East and North Africa had a continued momentum of increased. But, we still made a decision we hasn’t goal in Middle East and North Africa. There has two reasons, the first reason is there has low level of economic. The second reason is local political instability increases investment risk. Strategic Options and choices In order help HSBC Holding plc to meet the goals and objectives, three strategies, expansion in China, restore customer confidence, product...
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...Problem Statement: What Costing System Landau Company should best represent Landau Company’s Monthly Income Statement? Objectives: 1. To cite Pros and Cons of the chosen costing system 2. To choose and adapt a new costing method that better manages the cost of Landau Company’s Monthly Income Statement Areas of Consideration: 1. The significant Increase of sales in July over June. 2. Lack of control over long run costs that can bankrupt a company. 3. Landau’s margin on products for the months of June and July. 4. The company is looking for a new approach for internal managerial purposes. Alternative Courses of Action 1. Variable Costing System Pros * Provides benchmark on the profitability of manufactured products * It simplifies the bookkeeping of the company * It helps in establishing a responsible accounting in the company from which it identifies what the costs should be, who are the responsible personnel and whether costs are still under control. * Reduce time consuming efforts of allocating fixed overhead to individual products * Advantageous in making periodic management decision for the use in internal reports * Profit for a period is not affected in the changes in inventories Cons * Variable costing is usually prepared on a monthly basis. The information in the reports may not be used or too insignificant for the next accounting period. * Variable costing cannot produce reliable tax reports or any external reports...
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