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Problem Solving 33 5) Complete this table for both the plans Modified Flat Tulis Grup Icec lose after Lectele a household per household as $29.000 $79.000 S96.000 The third proposal we'll consider is a progressive tax, where lower income groups are taxed at a lower percent rate and higher income groups are taxed at a higher percent rate. For simplicity, we're going to assume that a household is taxed at the same rate on their incone 6) Set progressive tax rates for each income group to bring in enough money. There is no one right answer here - just make sure you bring in enough money! Group Income per Tax rate Income tax Total tax Income after household (4) ellected for all tases per household households household $12.000 $29.000 $30.000 $79.000 SI 5295 This better total 7) Discretionary income is the income people have leftover after paying for necessites like rent food, transportation. The cost of base desc e with income since housing and car costs are higher, he way to proportionally. For each income group, estimate their sential and calculate their discretionary income Then compute the effective role for each planet to disc ary incemeather Income Taxation Many people have proposed various revisions to the income tax colkction in the United States. Some, for example, have claimed that a flat tax would be fairer. Others call for revisions to how different types of income are taxed, since currently investiment income is taxed at a different rate the wage income. The following two projects will allow you to explore some of these ideas and draw your own conclusions. Project 1: Flat tax, Modified Flat Tax, and Progressive Tax. Imagine the country is made up of 100 households. The federal government needs to collect $800,000 in income taxes to be able to function. The population consists of 6 groups: Group A: 20 households that earn $12.000 each Group B: 20 households that eam $29,000 each Group C: 20 households that cam S50,000 cach Group D 20 houscholds that cam $79.000 each Group E: 15 households that cam S129,000 each GroupF: S households that cam 295,000 each This scenario is roughly proportional to the actual United States population and tax needs. We are going to determine new income tax rates. The first proposal we'll consider is a flat tax-one where every income group is taxed at the same percentage tas rate 1) Determine the total income for the population (all 100 people together) 2) Determine what flat tax rate would be necessary to collect enough money. The second proposal we'll consider is a modified flat-lax plan, where everyone only pays taxes on any income over $20,000, So everyone in group A will pay no taxes. Everyone in group B will pay taxes only on 59.000 3) Determine the total murable income for the whole population 4) Determine what flat tax rate would be necessary to collect enough money in this modified system Group Income Discretionary Effective Effecthe rate. modified Effective rate progressive rate, flat (estimated) household S12.000 $29,000 S50,000 579,000 5129,000 $295,000 8) Which plan seems the most fair to you? Which plan seems the least fair to you! Why? Project 2: Calculating Taxes. Visit www.is.gov, and download the most recent version of forms 1040, and schedules A, B, C, and D. Scenario 1: Calculate the taxes for someone who camed S60,000 in standard wage income (W-2 income has no dependents, and takes the standard deduction. Scenario 2: Calculate the taxes for someone who camed S20,000 in standard wage income. S40,000 in qualified dividends, has no dependents, and takes the standard deduction (Qualified dividends w earing on certain investments such as stocks.) Scenario 3: Calculate the taxes for someone who camed SO,000 in small business income, has no dependents, and takes the standard deduction Based on these three scenarios, what are your impressions of how the income tax system treats these different forms of income (wage, dividends, and business income! Scenario 4: To get a more realistic sense for calculating taxes, you'll need to consider itemized deductions Calculate the income taxes for someone with the income and expertes listed below. Mamed with 2 children, film jointly Wage income $50.000 combined Paid sales tax in Washington State Property taxes paid: 53200 Home mortgage interest paid: 4800 Charitable gifts: 51200