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Explore the federal income tax options and examine the fiscal and societal outcomes of those...

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Accounting

Explore the federal income tax options and examine the fiscal and societal outcomes of those options. Referencing your textbook and at least two additional academic sources, respond to the following questions:

  1. Describe the current income tax structure. What are the federal income tax and rates? What is the purpose of the federal income tax?
  2. What are the three types of income taxes, and how do they differ in application? In other words, what is the intended outcome of each income tax?
  3. What is a flat tax, and why do flat tax proponents think of it as the best option? What are the economic disincentives of a flat tax?
  4. How is Social Security affected by tax rates? How can tax policy protect and secure Social Security for future generations? Provide at least three examples.
  5. How do Social Security and other government programs imply a market failure? Explain in detail.
  6. Why does the labor market (supply and output) greatly affect taxes and equality/inequality?

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