One-Time Tax and Tax Revenue
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Please help with the following business-related problem.
Real estate magnate Donald Trump once proposed a one-time tax of 14.25 percent on the net wealth of every American with more than $10 million. Would this be an efficient way to raise tax revenue? Why or why not?
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Solution Summary
The following posting helps with an accounting problem which discusses whether one-time tax is an efficient way to raise tax revenue. A brief solution is given.
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Problem:
Real estate magnate Donald Trump once proposed a one-time tax of 14.25 percent on the net wealth of every American with more than $10 million. Would this be an efficient way to raise tax revenue? Why or why not?
Solution:
What an interesting idea!
First, it follows our view of progressive taxation meaning the more you earn, the more you pay, but this is different in that it taxes the value of assets rather than earnings.
As far as being efficient, it would not be because valuing assets of the wealthy could be difficult, very expensive, as well as almost ...
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