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5.1 Flat Tax & Political Philosophy

5.1 Flat Tax & Political Philosophy
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  • Math Help

    According to Section 61 of the Internal Revenue Code, gross income is all income from whatever source derived, including (but not limited to) the following items.

    • Compensation for services, including fees, commissions, fringe benefits, and similar items
    • Gross income derived from business
    • Gains derived from dealings in property
    • Interest
    • Rents
    • Royalties
    • Dividends
    • Alimony and separate maintenance payments
    • Annuities
    • Income from life insurance and endowment contracts
    • Pensions
    • Income from discharge of indebtedness
    • Distributive share of partnership gross income
    • Income in respect of a decedent
    • Income from an interest in an estate or trust

    You can learn more about the Internal Revenue Code by visiting Cornell University Law School or the IRS website.

  • Consumer Suggestion

    There are at least 480 forms on the IRS Web site. Together with instructions and schedules, you can download 1132 tax-form related files.

    If you need help finding and filing the correct forms, visit MSN Money for their step-by-step guide.

  • Checkpoint Solution

    Sample answer:

    Repealing the 16th Amendment before creating an alternative form of government revenue is politically naive and fiscally irresponsible. While tax reform may be necessary, careful steps need to be followed in order to maintain or increase the standard of living in the United States.

  • Comments (2)

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    Ron Larson (author)7 years ago |
    The list in Example 2 and the determination of whether the incomes are taxable or nontaxable was the opinion of my tax accountant in the Fall of 2010. Tax codes change annually and are always subject to interpretation. I have always found it surprising that you can ask two different IRS employees about tax obligations and get two different answers.
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    system user
    Guest   7 years ago |
    From what I have read, Ron Paul is against big government. I am also against big government. It would be awesome to be able to go back and rethink each step that has taken the United States toward bigger and bigger government.
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