In Connection with Facilitating the Function of the IRS in the Administration

question 152

Essay

In connection with facilitating the function of the IRS in the administration of the tax laws,comment on the utility of the following:
a. An increase in the amount of the standard deduction.
b. Dollar and percentage limitations on the deduction of personal casualty losses.
c. Availability of interest and penalties for taxpayer noncompliance.

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Definitions:

Consumer Safety

Measures and regulations aimed at preventing harm to consumers and ensuring that the products they use are free from dangerous defects.

Rent Seeking

An economic concept referring to the practice of individuals or firms using their resources to gain government favors or advantages without creating new wealth, often through lobbying or other non-productive means.

Wealth Transfer

Refers to the movement of assets or capital from one individual, group, or entity to another, often as a result of inheritance, gifts, or strategic financial planning.

Society's Expense

The costs or negative outcomes borne by the general public or society at large, often as a result of business activities or policies.