Explain the link between your tax system and income distribution.
Taxation Utopia Research Paper
Imagine that you have been given a unique opportunity to draft your own tax system. I am sure we all have felt at some point that our current or past tax system is biased or unfair. Well, here is your chance.
By using http://econ.glendale.edu/index.php website, use this tax game simulation to create your own mythical economy.
You will need to create your own rate for the following:
1. Income tax
2. Property tax
3. Wealth tax
4. Payroll tax
5. Corporate income tax
6. Sales tax
7. Excise tax
Please keep in mind that your utopia needs to generate sufficient revenue to afford its infrastructure. Set your own revenue target. Once the game is played, you can readjust taxes to achieve your desired outcome.
Step 1. Do your research and compare at least three different countries and their tax systems
Step 2. Develop your own tax system. Summarize the tax rates used.
Step 3. Print out your summary results.
Step 4. Explain the link between your tax system and income distribution.
Step 5. Justify your chosen tax system.