Several tax issues are making headlines and arousing a lot of questions. While the more notable tax issues are related to fossil fuel and estate tax, these seemingly distant taxes are actually affecting your individual tax returns in more ways than you think. in fact, top universities such as Northeastern University are actively preparing their students to deal with issues with tax code so that they can help individual and corporate taxpayers just as effectively when working on the market.
The taxation of fossil fuels, for example, is indirectly promoting the continued use of harmful fossil fuels. This is because fossil fuel companies can form MLPs (Master Limited Partnerships) and avoid corporate taxes altogether. The shift towards green energy is hampered by the presence of fossil fuel taxation issue alone.
You can find out more about other tax issues and how they affect you from the Six Issues in Taxation infographic by http://onlinebusiness.northeastern.edu/.
Tax issues have long been debated upon in terms of their actual benefits and beneficiaries. While tax is admittedly the main source of revenue for many governments all over the world, it cannot be denied than some are more successful than others in implementing it. This all boils down to how equitable it is when applied to people, properties, and prevailing economic situation.
People have been proven to be more accepting of taxes if the benefit that is expected to be derived from paying them is clear and forthcoming. Taxation becomes unacceptable especially if its results to overburdening the low-income group while enriching the high-income group. Whatever economic status a person is in though, tax issues will have its effect. Whether any tax is beneficial or not remains to be seen, thus it is always important to have an understanding of how taxation works.
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