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1、Part5-TheUnitedStatesRevenueSystemChapter21—FundamentalTaxReform:TaxesonConsumptionandWealth1.a.Theincometaxis50percent,soZachpays50%*$10,000=$5,000inincometaxesinthefirstperiod・Inthesecondperiod,heearns$500ininterest(10%ofsavings=10%*$5,000=$500),sohepaystaxe
2、soninterestof50%*$500=$250.ThepresentvalueofZach^slifetimetaxpaymentsequals$5,000+[$250/(1.1)]=$5,227.27.b・Inthesecondperiod,Zachhassavingsandinterestequalto$5,500.Hecanconsume$3,667inperiod2andmustthenpay50%*$3,667=$1,833.50inconsumptiontaxes.Thepresentvalueo
3、fZach9slifetimetaxpaymentsisthenequalto$5,000+[$1,833.50/(1.1)]=$6,667.ThesecalculationsdemonstratethetransitionalprobleminmovingtoaconsumptiontaxbecauseZachhadtopayhightaxesduringperiod1whenheearnedmostofhisincome,andthenhadtopayhightaxesduringperiod2whenhedi
4、dhisconsuming.2.Theburdenoftheestatetaxincludestheresourcesusedinestateplanningandtheeffectsofestateplanning.Manyfamiliesmayaltertheirbehaviorinreactiontotheestatetaxand,ifthisresultsinlessefficiency,theestatetaxcreatesanexcessburdenthatisnotreflectedbythenumb
5、eroftaxableestatesortheamountoftaxrevenuecollected.3.Thereisafundamentalconfusionhere.Thereisnoreasontoassumethattheincidenceofageneralconsumptiontax(aVAT)willbethesameastheincidenceofapartialfactortax(corporateincometax).4.a.Forafangivingamillion-dollarballto
6、McGwireorSosa,therewouldbeafederalgifttaxliability.Dependingonthefan'scircumstances,itcouldreach$150,000ormore・Thepersonreceivingthegiftowesnotax.b・Ifthefankeepstheball,thefanwouldowenotaxnow.Buttheballwouldbecomepartofhisorherestate,taxableafterdeathunderthee
7、statetax.c.Thefancanavoidtaxentirelybygivingtheballtoacharity,sincehecouldentirelydeductthevalueoftheballfromhistaxableincome.Thecharitycouldselltheball;theproceedsfromthesalewouldnotbetaxed.d.Ifthefansellstheball,thefanowestaxonthenetproceeds,justasthesellero
8、fanypropertywould.Thetransactionwouldputthefaninthehighesttaxbracket,sothatthemarginaltaxrateontheproceedswouldbe39.6percent.e.Ifthefanholdsontotheballforayear,itbecomesalong-termc
