Debate against the 16th Amendment Stacy Wiley Debate against the 16th Amendment The 16th Amendment to the U. S. Constitution reads that “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration.” This issue on income taxation had started in the early 19th century when the Corporation Excise Tax Act of 1909 was enacted. Mitchell Bros. Co., a manufacturing company of lumber, filed a complaint for being taxed the erroneous amount on the gross sale of manufactured lumber. The manufacturing company bought a timberland at a cost of $20 per acre ($49/ha) in 1903. In 1908, its value increased to $40 per acre ($99/ha). From 1909 to 1912, Mitchell Bros. Co. paid taxes according to its land value of$40 per acre ($99/ha) when it should have only been taxed on its land value of $20 per acre ($49/ha) since the Corporate Excise Tax Act was enacted only in 1909.
Question 8 Which of the following is considered information rather than data? Question 9 Which of the following is an application program? Question 10 An information system that provides relevant data to help businesspeople choose the appropriate course of action is called a(n) ________. Question 11 All of the following are profitability ratios EXCEPT ________. Question 12 Who is recognized worldwide as the body with sole responsibility and authority to issue pronouncements on international accounting standards?
By 1909, nearly one-third of the nation's manufactured goods were produced by only one percent of the industrial companies. Massive business mergers and reorganizations touched off a national debate over what the national government could and/or should do about the trusts. Many progressives as well as business leaders generally favored moderate reforms that would promote economic progress while protecting private
STR 581 Week 4 Capstone 2 www.StudentWhiz.com 1. Internal reports that review the actual impact of decisions are prepared by: • the controller • department heads • factory workers • management accountants 2. Horizontal analysis is also known as: • trend analysis • vertical analysis • linear analysis • common size analysis 3. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? • most common form of organization • reduced legal liability for investors • lower taxes • harder to transfer ownership Click here to download STR 581 Week 4 Capstone 2 4.
Investment (i): spending by firms on new factories, office budilidngs, machiner and inventories, and spending by households on NEW houses. 3. Government purchases (G): Spending by federal, state and local governments on goods and services. 4. Net exports (NX: The value of exports minus the value of imports.
The Federal National Mortgage Association, commonly known as Fannie Mae, is a stockholder-owned corporation chartered by Congress in 1968 as a government sponsored enterprise, but founded in 1938 during the Depression. Contrary to some beliefs, Fannie Mae does not make home loans directly to consumers, but rather functions as an intermediary in the U.S. secondary mortgage market. By purchasing and securitizing mortgages, Fannie Mae facilitates liquidity in the primary mortgage market by ensuring that
Controlling Corporate Influence In the modern era of progress, many innovative methods of organization have been introduced to mankind. A handful of such structures, like the United States government, come with a system of checks and systems, while the rest are left unbalanced and open to exploitation. But nature demands every system to reach an equilibrium point and become stable. In the phenomenal national bestseller, Fast Food Nation, Eric Schlosser states that “a person can now go from cradle to grave without spending a nickel at an independently owned business”(Schlosser, 5).He argues that present-day corporations are allowed to expand at the expense of small, independently owned businesses. When a fast food giant, such as McDonald’s,
Big Business in the Industrial Age Business ruled during the years after the Civil War. Just before the Civil War, Congress passed legislation allowing businesses to form corporations without a charter from the U.S. government. After the Civil War, these corporations came to dominate much of American business, and, in the process, to define American life. The era of Big Business began when entrepreneurs in search of profits consolidated their businesses into massive corporations, which were so large that they could force out competition and gain control of a market. Control of a market allowed a corporation to set prices for a product at whatever level it wanted.
Teodoro Moscoso is referred to as the architect of Operation Bootstrap. Under this program, which began in 1948, the island became increasingly industrialized. Envisioning that a densely populated island like Puerto Rico with now over 1000 persons per square mile, could not subsist on an agrarian system, the government [Departamento de Fomento (Industrial)] encouraged the establishment of factories. Puerto Rico enticed US companies by providing labor at costs below those on the mainland, access to US markets without import duties, and profits that could enter the country free from federal taxation. Fomento invited investment of external capital, importing the raw materials, and exporting the finished products to the U.S. market.
After all, half of the ships on the open seas were registered in Britain. She controlled about one third of the world’s trade. Most importantly, the British initiated the unstoppable process known as the industrial revolution that ultimately changed the world with new inventions such as the railway, steam power and electricity. Although, on the one hand, Britain brought many benefits in colonial states by upgrading the country’s natives people through inventions they already possessed in their country. But on the other hand, they have not made it to help humanity and to improve their lives.