Review the attached pdf file Tax Foundation and do some cursory research on the various alternative tax systems below:

• The current IRC (Internal Revenue Code)
• Consumption Tax (often called the Fair Tax)
• Flat Income Tax (Income tax w/ only one rate)
• VAT (Value-Added Tax. Popular in Europe)

1) How well does the current IRC meet the principles outlined in the file (esp. the first 5)?

2) Which system seems the best to you and why?

Reflection - the students also should include a paragraph in the initial response in their own words, using microeconomic terminology, reflecting on specifically what they learned from the assignment and how they think they could apply what they learned in the workplace or in everyday life.