1. Craft an essay discussing the impact of the South African mineral revolution. Focus your attention on the economy( domestic and foreign), labor, colonialism, and emerging racial policy. What do you consider to be the most enduring impact of the mineral discovery? 2. Compare the systems of “direct” and “indirect rule” used by colonial administrations in Africa. Focus your attention on the objectives, methods, impact, and what you consider to be the legacy of such policies. You must specific examples to support your response. 3. imagine that you were asked to teach HST 336: History of Africa From pre-historic times to the 19th century. List and annotate then to twelve topics you will focus on in your class. Append three sources you will use for the class. 4. Comment fully of the reasons for European conquest of Africa in the late 19th century. How and why did conquest take place so quickly? You must support your response with substantial factual evidence. PA 5305, Public Finance and Budgeting 1 Course Learning Outcomes for Unit VII Upon completion of this unit, students should be able to: 5. Evaluate a model budget. 5.1 Analyze taxation impact on budget allocations. 5.2 Determine the internal and external challenges of public services and goods. 8. Apply practical methods to reconstructing finance and budgeting techniques. 8.1 Identify financial policy of a municipal stabilization fund. Reading Assignment Chapter 14: Taxation of Personal Income in the United States Chapter 15: Taxation of Corporate Income Unit Lesson The United States tax code has become unfathomably complex (Glastris, 2011). The federal tax code that impacted most Americans on April 15, 2015, was 74,608 pages long. “That is 187 times longer than the code was a century ago” (Russell, 2015a, para. 2). Tax reform can be viewed as simplifying the tax code through extending the tax base, which can be done by eliminating or lowering exemptions and deductions. Reform, experts suggest, should simultaneously reduce marginal tax rates (MTR) while creating a more progressive tax system (Common ground on tax, 2015). Although simplicity is the goal, some argue that it leads to unfair and/or unreasonable outcomes (Russell, 2015b). Many presidents have historically had success in shaping tax policy. A review of tax reform efforts can aid us in understanding the evolution of the United States tax code. Experts affirm that efforts to account for how the distribution and allocation from income tax impacts public budgets should be a central focus of government officials (Galper, Rueben, Auxier, & Eng, 2014). The 1981 Economic Recovery Tax Act cut marginal income tax rates significantly for all taxpayers from 70% to 50% of top tier earnings and from 14% to 11% for lower tier earnings (Silliman, 2008). Later in 1986, the income tax system was overhauled. Personal income tax rates and brackets were sharply reduced, and the elimin ...

1. 1. Craft an essay discussing the impact of the South African
mineral revolution. Focus your attention on the economy(
domestic and foreign), labor, colonialism, and emerging racial
policy. What do you consider to be the most enduring impact of
the mineral discovery?
2. Compare the systems of “direct” and “indirect rule” used by
colonial administrations in Africa. Focus your attention on the
objectives, methods, impact, and what you consider to be the
legacy of such policies. You must specific examples to support
your response.
3. imagine that you were asked to teach HST 336: History of
Africa From pre-historic times to the 19th century. List and
annotate then to twelve topics you will focus on in your class.
Append three sources you will use for the class.
4. Comment fully of the reasons for European conquest of
Africa in the late 19th century. How and why did conquest take
place so quickly? You must support your response with
substantial factual evidence.
PA 5305, Public Finance and Budgeting 1
Course Learning Outcomes for Unit VII
Upon completion of this unit, students should be able to:

2. 5. Evaluate a model budget.
5.1 Analyze taxation impact on budget allocations.
5.2 Determine the internal and external challenges of public
services and goods.
8. Apply practical methods to reconstructing finance and
budgeting techniques.
8.1 Identify financial policy of a municipal stabilization fund.
Reading Assignment
Chapter 14:
Taxation of Personal Income in the United States
Chapter 15:
Taxation of Corporate Income
Unit Lesson
The United States tax code has become unfathomably complex
(Glastris, 2011). The federal tax code that
impacted most Americans on April 15, 2015, was 74,608 pages
long. “That is 187 times longer than the code
was a century ago” (Russell, 2015a, para. 2). Tax reform can be
viewed as simplifying the tax code through
extending the tax base, which can be done by eliminating or
lowering exemptions and deductions. Reform,
experts suggest, should simultaneously reduce marginal tax

3. rates (MTR) while creating a more progressive
tax system (Common ground on tax, 2015). Although simplicity
is the goal, some argue that it leads to unfair
and/or unreasonable outcomes (Russell, 2015b). Many
presidents have historically had success in shaping
tax policy. A review of tax reform efforts can aid us in
understanding the evolution of the United States tax
code.
Experts affirm that efforts to account for how the distribution
and allocation from income tax impacts public
budgets should be a central focus of government officials
(Galper, Rueben, Auxier, & Eng, 2014). The 1981
Economic Recovery Tax Act cut marginal income tax rates
significantly for all taxpayers from 70% to 50% of
top tier earnings and from 14% to 11% for lower tier earnings
(Silliman, 2008). Later in 1986, the income tax
system was overhauled. Personal income tax rates and brackets
were sharply reduced, and the elimination of
many deductions, exclusions, and exemptions occurred (Hyman,
2014).
Central tenants of the 1993 Deficit Reduction Act proposed an
increase in gasoline taxes, an increase in
income tax on wealthier Social Security recipients, and a
marginal tax rate increase on upper earnings
(Silliman, 2008). The 1997 Taxpayer Relief Act offered
reductions such as middle-income credits for families
with children as well as incentives for home investments
(Silliman, 2008). Additionally, credits for college
tuition expenses were approved. For example, the Hope tax
credit was implemented. This credit was allowed
to be applied to the payment of the first two years of college
tuition and related expenses (Pirrone & Silliman,
2014). A second college credit included the Lifetime Learning
tax credit, which allowed students to claim up to

4. UNIT VII STUDY GUIDE
Tax Reform
PA 5305, Public Finance and Budgeting 2
UNIT x STUDY GUIDE
Title
$2,000 for qualified education expenses (Pirrone
& Silliman, 2014). In 2001, the Economic Growth
and Tax Relief Reconciliation Act implemented a
$1.3 trillion tax cut, including the reduction in what
many referred to as the marriage penalty tax
policy (Silliman, 2008).
Approved in 2003, the Jobs, Growth, Tax Relief,
and Reconciliation Act was designed to lower
rates pertaining to capital gains and dividends
(Silliman, 2008). Additionally, the act encouraged
business investment. Similarly, the 2009
American Recovery Reinvestment economic
policy encouraged spending, home and vehicle
ownership, and jump started business sectors of
the economy (Hyman, 2014). These and other
basic tax rate reductions were set to expire at the
end of 2010 (Hyman, 2014).
However, because of the recession of 2007-2010,

5. Congress opted to extend the tax cuts through the
end of 2012. Due to the slowly recovering and
fragile economy, Congress enacted the American Taxpayer
Relief Act in the latter part of 2012. This new
legislation prevented a considerable tax rate hike for American
citizens (Hyman, 2014). As a result, many
local governments reevaluated their budgetary stabilization
funds.
Tax reform can affect the distribution of the tax burden
(Hyman, 2014). Due to the complicated nature of the
tax code, the income tax can lead to efficiency loss. Therefore,
some tax reform efforts can trigger an
additional burden on the economy.
Taxpayers file federal and state income tax returns indicating
income earned (Hyman, 2014). It may surprise
many to know that although all income is required to be
reported, not all income is taxable. Universally,
taxable income represents earnings subject to income tax after
allowable deductions and exemptions have
been applied. Taxpayers must calculate their taxable income
beginning with totaling gross earnings, which
represent all income received including wages, salaries, interest
income, dividends, rental income, profits,
and unemployment compensation. Second, subtract allowable
adjustments to arrive at the adjusted gross
income. Third, subtract personal exemptions, which are a
predetermined, set amount by the government.
Personal exemption varies with the number of dependents.
Fourth, subtract the standard deduction or
itemized deductions, which yield taxable income.
Other steps in completing tax forms include analyzing the tax
liability. This is a specific tax rate that applies to

6. the base on the tax bracket and the filing status. Filing statuses,
according to Hyman (2014), are single,
couples who are married filing jointly, couples who are married
filing separately, and or heads of individual
households. Additionally, tax credits could be available based
on the gross income, such as the Earned
Income Tax Credit (EITC). The EITC is a credit from the IRS to
workers with dependent children. The EITC
offsets payroll tax on wages for many low-income workers.
Not only is income from individuals taxed, but revenue earned
by businesses or corporations is also subject to
taxation. However, sole owners of businesses file a tax form
referred to as Schedule C. The income of
business structures such as sole proprietorships and partnerships
is treated as personal income to the
owners of the business.
The level of taxation of corporations influences where they
locate. Countries with lower tax rates attract global
businesses. Domestically and internationally, the United States’
economy plays a significant role in business
development (Hyman, 2014). Many are familiar with the GM
and Chrysler government bailouts. Some
suggest that corporate tax reform will generate budget revenue,
rather than more bailouts (Minter, 2014). For
example, some argue that refurbishing the corporate tax code is
the solution to generating a wider tax base
(Desai, 2012). An interesting concept to note is a stockholder’s
income resulting from dividends is subjected
to double taxation (Hyman, 2014). Business profits can be
determined by subtracting costs from receipts for a
specified time frame, typically one year.
Photo of a master sergeant receiving his master’s
degree

7. (Hale, 2012)
PA 5305, Public Finance and Budgeting 3
UNIT x STUDY GUIDE
Title
Tax preferences, options, or loopholes are available in the forms
of exemptions, tax credits, exclusions, and
deductions (Hyman, 2014). These options are justified through a
general consensus that administrative tasks
for certain taxes are not feasible. Justification for these options
can be established because first, it is
collectively accepted that the aforementioned options result in
improving equity amongst taxpayers as well as
stimulate private expenditures. Second, the result aids
government in generating external benefits to the
public (Hyman, 2014). For example, Hyman (2014) suggests
that personal exemption amounts increase
simultaneously with dependents. Therefore, most citizens, if not
all, agree with the idea of providing tax
credits for dependent children. Similarly, medical expenses can
arise from a casualty or loss of wellbeing.
Individuals that fall into this category are viewed as being less
capable to pay (Hyman, 2014).
Additionally, tax preferences can be justified to promote

8. goodwill activities such as charitable donations and
endeavors that produce affirmative externalities (Hyman, 2014).
Furthermore, they act as proxies for
corrective subsidies, thereby helping to
achieve efficiency (Hyman, 2014). For
example, a business can apply for the Work
Opportunity Tax Credit if it hires military
veterans and active reservists. The Tax
Increase Prevention Act of 2014 also includes
the following tax credits and deductions for
individuals and businesses: Native American
employment credit and accelerated
depreciation on Native American reservations,
biodiesel and renewable diesel tax credits,
energy tax credits and deductions, clothing
donations to Goodwill, and monetary
donations to charities (Battersby, 2015).
Exclusions for taxable purposes can include
income fringe benefits, in-kind services,
capital gains, rental homes, interest on
allowable bonds, and dividends (Hyman,
2014). However, tax expenditures can cause
losses in efficiency and reductions in revenue
collection. For example, Goodwill donations,
legal itemized deductions, adjusted gross
income, property taxes, and approved medical
expenses are commonly known as miscellaneous deductions
(Hyman, 2014).
Many experts view the current tax code as outdated, unfair, and
inefficient (Glastris, 2011). However, income
tax revenue will likely grow as a share of the economy (Saving
& Viard, 2015). Ultimately, this growth will

9. continue to exacerbate the need for tax code reform, hence
promoting sustainability and fiscal growth.
References
Battersby, M. E. (2015). Tax increase prevention. Pit & Quarry,
107(8), 56-58.
Common ground on tax reform. (2015). Business Week, (4413),
12.
Desai, M. A. (2012). A better way to tax U.S. businesses.
Harvard Business Review, 90(7/8), 134-139.
Galper, H., Rueben, K., Auxier, R., & Eng, A. (2014).
Municipal debt: What does it buy and who benefits?.
National Tax Journal, 67(4), 901-924.
Glastris, P. (2011). Clean up as you cook. Washington Monthly,
43(3), 3.
Hale. J. (2012). JLBM’s first combined college graduation
DVIDS519916 [Photograph]. Retrieved from
https://commons.wikimedia.org/wiki/File:JBLM%27s_first_com
bined_college_graduation_DVIDS5199
16.jpg
Photo of a Goodwill store
(Henderson, 2010)

10. PA 5305, Public Finance and Budgeting 4
UNIT x STUDY GUIDE
Title
Henderson, J. (2010, April 1). Goodwill Tapscott jeh
[Photograph]. Retrieved from
https://commons.wikimedia.org/wiki/File:Goodwill_Tapscott_je
h.JPG
Hyman, D. N. (2014). Public finance: Contemporary application
of theory to policy (11th ed.). Stamford, CT:
Cengage Learning
Minter, S. (2014). The auto bailout and US manufacturing: A
house still divided. Industry Week, 263(6), 8.
Pirrone, M. M., & Silliman, B. R. (2014). The impact of college
tuition tax credits since 1998. Journal of
Business & Accounting, 5(1), 106-122.
Russell, J. (2015a, April 15). Look at how many pages are in
the federal tax code. Retrieved from
http://www.washingtonexaminer.com/look-at-how-many-pages-
are-in-the-federal-tax-
code/article/2563032

11. Russell, R. (2015b). Keeping the idea of reform alive.
Accounting Today, 29(5), 14-16.
Saving, J. L., & Viard, A. (2015). Are income taxes destined to
rise? Fiscal imbalance and the future tax policy
in the United States. National Tax Journal, 68(2), 235-250.
Silliman, B. (2008). Will the next president reform the tax
code? CPA Journal, 78(11), 22-27.