[SOLVED] Income Tax Rates
It was reported in the news that the U.S. Government spends $3.6 trillion per year to fund Social Security, Medicare, homeland defense and safety, education, transportation, and the interest on debt obligations. In spite of the services and benefits that the government provides, many taxpayers dread paying income taxes but consider them a necessary evil. Consequently, there is much debate about the inequities contained within the tax code, due to tax shelters and tax credits provided to some taxpayers which thereby increase the tax burden on others.?Using the Internet and the university library and research at least two (2) countries that have a zero income tax rate.Write 2 pages paper in which you:Analyze the way in which the two (2) countries that you have researched provide services and benefits to its citizens without collecting personal income taxes.For the countries that you have chosen, determine whether or not the U.S. could adopt their taxation model without reducing its total amount of revenue generated by collecting personal income taxes from individuals and business. Justify your response.Suggest at least three (3) advantages and three (3) disadvantages of the U.S. adopting a zero income tax model. Provide a rationale for your response.Create a proposal for where the revenue would be derived if the U.S. were to adopt a zero income tax model. In your response, provide specific recommendations concerning the following:The proposed tax base.Whether or not tax payers at certain income levels should be exempt from taxation.The primary way in which the IRS would calculate the tax rate in order to ensure that the same level of tax revenue would still be collected.The primary way in which your plan will achieve equity.Use at least four (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.