ACC 307 Assignment, Should the USA Convert to zero personal income
Income tax refers to an annual tax levied by the government on personal income. It is charged based on how much money an individual earn from salary, interest, dividends, royalties, businesses etc. While taxes paid by workers or people with income are called individual taxes, corporations, estates and other entities also pay income taxes on their profit.Individual taxes are the top largest revenue source for the federal government in U.S.A. and globally (www.cnbc.Com, 2012). But there are some countries that chose not to deduct any taxes on the personal incomes of the citizens. Most of these countries are located in the Middle East ……………..