ACC610 Week 1 Discussion 1 Income Tax Law

Hello class,

The drafting of new federal income tax legislation is quite systematic, objective, and extensive, including many different internal and external stakeholders. Procedures, as they stand, are and befit a society based on democracy. When multiple influential parties are briefed and given opportunities to shape the final law, we have completed the democratic viva voce.

In essence, the following steps are taken when presenting, organizing, and endorsing government personal evaluation law:

·         Once a concession to the enactment is reached, a proposed charge bill is drafted in the House (appointed or responsible committee).

·         From there, the entire House will have an opportunity to review, amend, and vote on the bill.

·         The Senate will then take up the bill, and before it gets to the entire Senate, the Finance Committee can make changes.

·         Once the Senate approves a measure, it is sent to a conference committee comprised of representatives and senators to work out the details of a compromise version.

·         Once a compromise has been reached, the proposal is returned to the House and Senate for approval. The document is then delivered to the President for signature after approval by both chambers. The appropriate departments, including the Internal Revenue Service and the Treasury Committee, will take the necessary actions to ensure the legislation is implemented if the President gives his consent (Khalfan et al., 2020). Regardless, if the President rejects the accusation, it should be sent back to the House so that the President’s ideas can be established.

·         Suppose the President rejects the revised measure after negotiations. In that case, the bill can still become law with a simple majority vote in both houses of Congress, and the President’s veto would be nullified.

While the basic premise of how a bill is presented, organized, and supported appears to be sufficiently basic, the cycle isn’t as essential because external factors uniquely affect in terms of social, monetary, IRS, and federal courts. This is because the motivation behind a taxation law is to raise income to cover the expenses of operating the public authority. Political considerations will also influence the law (Bakija, 2019). Therefore, famous people give the following additional information on the topics mentioned above:

·         Tax laws are enacted to encourage particular behaviors, industries, and services. For example, the charge laws of creative works tend to favor mechanical propels.

·         Benefits and incentives provided by employers to employees, such as tax-free medical benefits or tax-free repayment of qualified educational expenses, are governed by the Internal Revenue Code. In addition, retaliation for gambling losses is an example of an unacceptable form of social behavior that the implementation of charge legislation can weaken.

·         Specifically, it refers to issues like figuring out how to split the tax bill in half and other similar issues like gauging the effects of growth.

·         Discuss the impact of state law on establishing a duty arrangement for extraordinary interest and other related topics.

·         S. Internal Revenue Service and Federal Courts. The Internal Revenue Service (IRS) was established to enforce tax laws and collect taxes. Some agreements aid the IRS in carrying out its duties.

Do you think the process is fair? Why or why not?

Based on what has been said above, the existing process is equitable regarding public hearings and consultations with other federal government branches. But the external factors may force the political party that controls the House and the Senate to pursue a strategy that isn’t perceived as sensible by all. Our generation has seen this tactic before, most notably in the context of a tax reform bill.

References

Bakija, J. (2019). Documentation for a comprehensive historical U.S federal and state income tax calculator program. Working Paper, Williams College.

Khalfan, S. S., Kitindi, E., & Chalu, H. (2020). Income tax law simplification and tax compliance: a case of medium taxpayers in Zanzibar. Business Management Review, 23(June).