ACT405 Taxable Income Section 61 Life Insurance Policy Assignment
Section 61 indicates that gross income from whatever source derived is taxable. Select a type of income that you know to be taxable under Section 61 and prepare a cogent, academic, policy argument for why it should not be taxed.
Be sure to incorporate the following elements:
- Your cogent, academic, policy argument.
- How Adam Smiths elements of taxation are impacted by the decision to not tax the type of income you picked.
- Who in society will win or lose based on the change in policy.
- At least one unintended consequence of the change in policy.
Your paper should be minimum 2 pages with 400-500 words.
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