76 Best Tax Questions and Answers (Q&A) - ProProfs Discuss

Which of the following powers of the state does the taxpayer receive a direct benefit in?

Caecupay
Answered: Nov 16, 2024

C. Eminent domain

Answer: C. Eminent domain In the power of eminent domain, a direct benefit results in the form of just compensation to the property owner.

1 Answer

890 views

What is the difference between Direct and Indirect Taxes?

Daniel Frederic
Answered: Jul 16, 2019

Direct and Indirect Taxes are both taxes that are levied under the authority of the government. They are the crucial components of government revenue and the economy at large. The primary...Read More

2 Answers

703 views

What is the difference between CPI and RPI?

R. Hunter
Answered: Nov 19, 2019

CPI stands for Consumer Price Index, while the full meaning of RPI is the Retail Price Index. They are two economic measures used to determine inflation, but they are different in several...Read More

3 Answers

340 views

When does the liability to pay Excise duty arises?

John Smith
Answered: Nov 16, 2024

At the time of removal of goods from the factory

1 Answer

320 views

What is the difference between VAT and Sales Tax?

E. Austin
Answered: Jun 24, 2019

The VAT, or Value Added Tax, is assessed by governments on every part of the production chain. Sales tax is applied as a percentage of all retail sales. It is a value of consumption tax. The...Read More

1 Answer

305 views

What is Trump's new Tax plan?

H. Jones, Web Content Writer
Answered: Nov 05, 2018

Trump’s new tax plan is a mish-mosh of rumors and reality. Much of the change isn’t seen in the amount of money that the average American would be paying in taxes. The only change...Read More

2 Answers

295 views

What is the difference between Average Tax Rate and Marginal Tax Rate?

Bergeront Tiffney, Computer Engineer
Answered: Jul 22, 2019

Taxes are a really horrible thing that people must pay. Almost every country, if not all, must pay some sort of taxes. Sometimes, taxes cause you to lose money from your income. Other times, the...Read More

1 Answer

280 views

What is the difference between 1040 and 1040EZ?

G. Jabez
Answered: Nov 26, 2019

1040 and 1040ez are known to be different tax forms. These are normally used by people who make less than $100,000 per year or those who do not receive income from their business. Form 1040 is...Read More

1 Answer

272 views

What form of tax is generally paid with work rather than money?

B.Lisa
Answered: Dec 12, 2017

Corvee is the name of a type of taxes that are paid with work rather than money. In the case of corvee a worker will exact a day of work to pay for taxes. They will not get paid otherwise but the...Read More

2 Answers

263 views

Why did Trump change tax plan?

A. Daniels, Professor
Answered: Nov 05, 2018

The main goal of Trump’s new tax plan was to cut taxes for the middle class. These have had a sticky history in America, and tax cuts for the wealthy tend to make it through Congress faster...Read More

2 Answers

259 views

Will Trump's tax plan really help ordinary families?

A. Daniels, Professor
Answered: Nov 05, 2018

As of the writing of this answer, all Trump’s new tax plan has done has given lower taxes to small business owners and the stinking wealthy of America. Typical American families have seen...Read More

2 Answers

254 views

Does Donald Trump stand to any benefit from his tax reform?

Christian Jackson, Content Developer
Answered: Nov 05, 2018

In the short term, yes, Donald Trump stands to gain from his tax cuts. The only major cuts have come for those who fall into the top bracket - the wealthiest of the wealthy. In the long term, we...Read More

2 Answers

253 views

How does new tax plan affect my business?

A. Daniels, Professor
Answered: Nov 05, 2018

Small businesses got a tax cut via Trump’s new tax plan. The idea is that small American businesses will be able to stand up to the big corporations by using the money they save with this...Read More

2 Answers

251 views

Why did Parliament believe that the colonists would accept the Tea Act?

Bowersd
Answered: Nov 16, 2024

Because it lowered the cost of tea.

1 Answer

249 views

How did new tax plan affect me if I own a small business?

A. Daniels, Professor
Answered: Nov 05, 2018

The new tax plan will benefit small business owners, to a degree. Small business owners will pay less in taxes, which means they have more money to invest into their businesses. However, there...Read More

2 Answers

247 views

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