Essay Question Answers

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The economic benefit doctrine is a state of a person's wealth versus actual money received by financial transactions. The economic's view of money is not practical for tax purposes. One person's view of wealth can differ greatly from another person's view of wealth. The economic concept places heavy emphasis on the future.

The following is an example of the economic benefit doctrine:

I own a home today and the fair market value of the home is $250,000. Five years from today, the home appreciates in value to $375,000. On "paper" my portfolio has increased by $125,000. My wealth has increased in value, but until I sell the property, there is not a tax liability.

a.

Taxation in the United States dates back to the Constitution. The Constitution is the source of power to tax. The Constitution empowered Congress to "lay and collect taxes, duties, imports and excises, to pay the debts and provide for the common defense and general welfare of the United States". Tax laws as we know today are derived from the Sixteenth Amendment, passed by Congress on July 12, 1909. The 16th amendment gives Congress the power to lay and collect taxes on incomes, from whatever source derived.

b.

The legislative process for most bills following the following process:
The tax bill is screened by the House Ways and Means Committee - Then, consideration by the House of Representatives (if defeated, back to Ways and Means Committee) Next, if passed, referred to the Senate Finance Committee. Hearings are heard which could result in amendments of the bill. Once passed, the next step is to go to the Senate for consideration. If House and Senate differ, the bill is sent to the Joint Conference Committee. Assuming the passage of the bill by the House and Senate, the tax bill is sent to the President for approval or veto. Once approved by the President, the tax bill…...

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