Instructions Discuss the pros and cons of a National Sales Tax. Students should prepare a 3 to 5 page, double spaced paper, formatted using APA style, that includes three references. The paper should...

1 answer below »
Instructions Discuss the pros and cons of a National Sales Tax. Students should prepare a 3 to 5 page, double spaced paper, formatted using APA style, that includes three references. The paper should address pros and cons of making a change in the tax system

Answered 6 days AfterAug 17, 2022

Answer To: Instructions Discuss the pros and cons of a National Sales Tax. Students should prepare a 3 to 5...

Rochak answered on Aug 18 2022
66 Votes
Introduction
Sales tax is a tax which is levied by the state governments on all the things, i.e., products or services sold o
r leased in the state. The sales tax in the United States is ruled at the state level, that is each state has its own sales tax which it can impose on the products. Though the sales tax is imposed by the state government, but the state government can give the authority to the local government which can then impose additional taxes.
Sales tax is calculated on the purchase price, i.e., it is multiplied by the purchase price to derive the dollar value of sales tax. The highest sales tax as of date is in California which is 7.25%.
Making changes to the tax system
Changing the tax system has its pros and cons because people are used to the already existing tax system and any increase in the tax rate will mean that the people rebel as they will have to spend more than what they used to for the same product.
Also, the taxes not only impact the people but also impacts the government that makes the tax laws because they have to analyze and see the pros and cons of changing the existing tax rates, which may mean that going forward people start tax evasion which will mean that the government lose out on a lot of revenue which...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here