Tax-Chapter 1-1

Federal Income Taxation, Principles and Policies (University Casebooks)

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Unformatted text preview: Chapter 1-Introduction The Power to Tax-Direct Tax-tax demanded from the very person who is intended to pay it; apportioned among the states in accordance with their respective populations -Indirect Tax-tax paid by a person who can shift the burden of the tax to someone else or who at least is under no legal compulsion to pay the tax Apportionment Among the States-The rule of apportionment to which direct taxes must conform requires that after Congress has established a sum to be raised by direct taxation, the sum must be divided among the states in proportion to their respective populations -Determines the share that has to be collected within each state Personal Income-Personal Income is the sum of: 1. The market value of rights exercised in consumption and 2. The change in the value of the store of property rights between the beginning and end of the 2....
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Tax-Chapter 1-1 - Chapter 1-Introduction The Power to...

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