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(61) [LO5 RESEARCH] Locate the IRS Web site at http://www.irs.gov/index.html. For every $100 the IRS collected, how much was spent on the IRS collection efforts? What tax system criterion does this information help you to evaluate with respect to the current U.S. tax system? The IRS’ budget as a percentage of revenue collected is about .4 percent. Currently, the IRS collects over $2.7 trillion annually with a budget over $11 billion. Thus, for every $100 collected, about 410 cents is spent on collection efforts.
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Unformatted text preview: This data is useful in evaluating “economy.” (62) [LO4 RESEARCH] Using the Internet, find a comparison of income tax rates across states. What state currently has the highest income tax rate? In considering individual tax burdens across states, what other taxes should you consider? Hawaii and Oregon currently have the highest individual income tax rate. To compare tax burdens across states, one should also consider real estate and other property taxes, excise taxes (gasoline taxes), and sales taxes....
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