AC 630 TAX SYSTEM ASSIGNMENT Due 9/14/20 by 5pm Central Standard Time 50 Points (5% of final grade) Late assignments not accepted STRUCTURING YOUR OWN TAX SYSTEM You are in charge of writing the tax law for a country that has five families. The country has a total taxable wage income this year of $250,000. In addition, households earned $25,000 in capital gains. The country's government needs to raise at least $50,000 for defense, schools, roads, and government salaries. The following information is available for each of the five families: Family 1: $10,000 income 3 children No investmentso capital gains Family 2: $25,000 income O children No investmentso capital gains Family 3: $45,000 income O children No investmentso capital gains Family 4: $70,000 income 1 child $5,000 additional income from capital gains Family 5: $100,000 income O children $20,000 additional income from capital gains Discuss the details of the tax law that you choose to enact and its effect on each of the five families. Upload your assignment in Canvas by the due date. Format: Part 1 a listing of your individual laws (no fancy law language needed, just a list describing exactly how you will tax your residents) Part 2: a discussion about the reasoning behind why you chose your individual laws Part 3a calculation of how your laws affect each of the live families