A Client Has Recently Learned of a Proposed Tax Bill

question 63

Essay

A client has recently learned of a proposed tax bill that would increase the tax rates on investment gains by 5 percent. The president does not support this increase. Please describe for your client the process by which new tax legislation is created and how the president's disapproval may influence the enactment of the bill.

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Definitions:

Height

The measurement of someone or something from head to foot or from base to top.

Breathing Rate

The number of breaths taken within a set amount of time, an important aspect of respiratory health.

Hyperventilation

Rapid or deep breathing that can lead to decreased levels of carbon dioxide in the blood, possibly causing lightheadedness or tingling in the limbs.

Becomes Rapid

Accelerates in speed or activity.