I. Study the list of topical vocabulary to avoid the difficulties in understanding the text of this unit. Consult a dictionary to pronounce the words correctly.

COMPANY STRUCTURE

UNIT 10

XXI. Speak on the significance of taxation in the economy of a country.

XX. Find some additional information and prepare short reports on the taxation in Russia.

Questions

· What types of taxes gave revenue to local governments in the USA?

· What types of taxes did state governments depend on?

· What types of taxes are the federal government’s chief source of revenue in recent years?

· Why was the first U.S. income tax law enacted?

· When was the modern system for managing federal income taxes introduced?

· What were the income tax rates?

· What is the Tax Reform Act? What are the aims of this law?

XVIII. Complete the sentences correctly according to the text “The history of taxation in the USA” putting suitable data into gaps.

1. Each level of government in the USA depends on … types of taxes.

a) two or three

b) one or two

c) four.

2. In recent years the income tax has brought in about … of total federal revenues.

a) two-fifth

b) two-third

c) one-fourth.

3. The first U.S. income tax law was enacted in …

a) in 1895

b) in 1913

c) in 1862.

4. The most massive reform of the U.S. tax system was in …

a) September 1966

b) October 1986

c) December 1996.

5. The Tax Reform Act replaced the previous law’s 15 tax brackets, which had a top tax rate of … percent, with a system that had only two tax brackets – 15 percent and 28 percent.

a) 50

b) 40

c) 30.

XIX. Complete the sentences with the information from the text “The history of taxation in the USA”.

1. The federal income tax is levied on the worldwide income of ….

2. The first U.S. income tax law was based on the principle of ….

3. During World War II, income tax rates were raised to very high levels and these taxes became the principal sources of ….

4. The tax on wages introduced in 1943 significantly increased the number of … to 60 million and … to $43 thousand-million by 1945.

5. With the Tax Reform Act of 1986, Congress promised individuals and businesses ….

6. Many supporters of the 1986 Tax Reform Act say that reform was driven by the desire to improve the fairness of ….

· The history of taxation in Russia.

· Tax evasion in Russia.

· Charity and taxation.

XXII. Speak on the topic “Taxation”. Use your own studies, ideas and conclusions on the subject.

Board of Directors – Совет директоров

Chairman _n – Председатель

Chief Executive Officer – генеральный директор, руководитель, высшее должностное лицо компании, глава корпорации

delegate _v responsibility – распределять обязанности

elect _v – выбирать (путём голосования)

executive _n – руководитель

executive director – исполнительный директор

officer _n – чиновник, должностное лицо

public company – открытое акционерное общество

shareholders _{n pl} – акционеры

immediate subordinate – непосредственный подчинённый

superior _n – начальник

supervise _v – руководить

voting authority – право голоса

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