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Tax Advantages and Disadvantages

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The town of Seaside has decided to construct a new sea aquarium to attract tourist. The cost of the measure is to be paid by a special tax. Although most of the townspeople believe the sea aquarium is a good idea, there is disagreement about how the tax should be levied.

Suggest three different methods of levying the tax and the advantages and disadvantages of each.

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Solution Summary

This is a discussion of options relating to providing a tourist attraction in a small town. The discussion centers on how to raise the funding, the potential impacts, and the advantages/disadvantages of each option.

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This can be accomplished in one of the following ways:

1) Provide for additional taxes through increasing the mill levy on property , thus increasing property taxes.

Advantages include small increases in taxes for all property owners who should reap the rewards of the increased tourism, thus gaining the entire community participating in this endeavor.

Disadvantages include increasing property taxes for a long period of time with no potential for reducing this tax burden --- may go on ...

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