Problem
1. Describe the formula for computing individual taxable income. Why do you think this formula is so much more complicated than the formula for computing corporate taxable income?
2. How would you describe the three sources of tax law and the importance of each? Which source do you think is the most important?
3. Explain the relationship between tax base and tax rate in determining the revenue collected by the government. Give an example of how a particular tax would fit into the various components of the equation.