Reference no: EM131783690

Assignment• From book

"The FairTax Book" by Neal Boortz

• Describe the overall purpose of the book as it is addressed early in chapter 1.

• Chapter 1 discusses the history of the income tax. How was the government of the United States funded early in the history of the republic?

• What was the act to reduce taxation in 1894 about and what happened to it?

• What did the 1894 ultimately lead to?

• Discuss the early history of the income tax withholding. Was there always a withholding?

• How did World War II affect income tax withholding?

• From chapter 3 the authors claim that corporations do not pay income tax. Please describe how this is so.

• For an individual how many hours on average is spent on compliance?

• Some individuals choose not to take advantage of all deductions for income taxes. Why so?

• What are 3 separate tax compliance costs the authors listed?

• What is meant by the embedded cost of the tax code? Please explain in detail along with the percentage amount.

• The FairTax is explained in Chapter 8. Please describe in your own words what the Fairtax is and how it would work.

• What is the percent that is suggested for the Fairtax?

• What are the advantages that the book puts forth on adopting a Fairtax in place of income taxes? There are many listed.