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Reforming the U.S. tax code to eliminate tax credits - Essay Example
Finance & Accounting
Pages 4 (1004 words)
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…
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). ...
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