Reforming the U.S. tax code to eliminate tax credits - Essay Example

Only on StudentShare

Extract of sample
Reforming the U.S. tax code to eliminate tax credits

The goals of the reforms on the taxes is to realize the objectives of the National Commission on Fiscal Responsibility and Reforms, whose major goal is to give the people responsibilities related to the growth of the economy in accordance with the level of affluence (Becerra 45). My Position on Flat Tax Rate Flat tax rates imply that the people pay the same amount of tax regardless of their level of income. When the tax rate is constant, all the taxpayers are to be subjected to the same amount of tax without deductions or exemptions. According to the Americans Bill on the reforms of the tax code, flat tax would broaden the tax base while enforcing that every individual pays the tax without any deductions. The flat tax rate payment would benefit the people in various dynamic ways such as it would spread the burden of paying the tax on every citizen in the country. In essence, the flat tax rate if adopted would increase the burden on the middle class incomers while relieving the richest. As a result of that it would not be considered as a fair way of building the economy as the rich who use most of the economic resources are not taxed according to their level of affluence (Diamond & George 140). ...Show more

Summary

Name: Institution: Tutor: Course: Date: Reforming the US tax Code to Eliminate Tax Credits Introduction Tax reforms involve the alteration on the manner in which taxes are collected within a country to boost the economy and avoid tax credits. This involves the methods of redefining the tax collection and management of taxes with the motive of meeting the targeted efficiency on tax remuneration within the country…
Author : meghansmith
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Reforming the U.S. tax code to eliminate tax credits"
with a personal 20% discount.
Grab the best paper

Related Essays

Reforming the U.S. Corporate Tax System to Increase Tax Competitiveness
The current paper aims to evaluate and present corporate tax system, double taxation of corporate profits, progressive system of taxation and provisions on tax expenditures. The paper will make recommendations in an effort to continually develop and improve the tax system of the United States of America.
11 pages (2750 words) Essay
Income Tax and Corporation Tax in the United Kingdom
The report will cover the following: the scope & core rules of income tax and corporation tax; direct taxes v indirect taxes; revenue generated by direct & indirect taxes; tax revenues & UK government expenditure; progressivity of income tax & corporation tax in the UK; responsibility of notification of income and payment of tax.
15 pages (3750 words) Essay
FINANCE AND ACCOUNTING
Wilma will not be liable for her uncle’s debts, therefore the capital gains tax will apply on the difference between the fair value of the house and the proceeds received from the sale of the house if she decides to sell it.
3 pages (750 words) Case Study
Assignment 3: Tax Credits
23). Since 1940s, the U.S tax code has undergone many modifications to ensure justice to taxpayers as well as to generate revenue for the federal government. Tax credits, along with other instruments such as tax deductions and tax exemptions, was used to protecting various income groups and business enterprises during economic downturn (economic instability).
8 pages (2000 words) Research Paper
Assignment 4: Estate Tax
The responsibility of IRS includes collection of taxes in US and enforcing the Internal Revenue Code that is framed by the US federal government. Currently IRS has divided its interest and audit functions under four divisions, namely the Large and International Business, the Small Business and Self-employed, Wages and Investment division and the Government organizations (exempted from tax).
6 pages (1500 words) Essay
Assignment 3: International Taxation and Foreign Tax Credits
A taxpayer could establish a partnership kind of business or a corporation. For these types of organizations, income taxes on the earnings realized will be “passed through” to the shareholders, who pay them on their yearly tax returns. If he establishes a corporation, it will mean that the corporation pays income taxes earlier on income, while the shareholders pay taxes separately on those earnings upon distribution as dividends.
4 pages (1000 words) Research Paper
International Taxation - International Taxation and Foreign Tax Credits
In order to promote this dynamism, it is necessary that the U.S. government collect taxes from income that is earned only within the nation and companies that are earning profit outside the U.S. boundaries should be allowed to follow the tax rules of the countries in which they are doing business.
6 pages (1500 words) Research Paper
Personal & Business Taxation
to social prosperity and economic growth, their poor performance in complying with tax obligation has been identified as a significant problem in many countries, particularly in UK. This piece of research evaluates the current tax legal system related to small business taxation
4 pages (1000 words) PowerPoint Presentation
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT