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Public Finance: Tax Reform Writing Assignment - Essay Example

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Public Finance Tutor Date: 1. Would you move towards a consumption tax base, an income tax base, a combination? Tax policies are instruments utilized in levying taxes via imposition of different tariffs in order to apply the built policy…
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Public Finance: Tax Reform Writing Assignment

On the other hand, income, tax deals with income from labor and capital. This means that the higher the level of income earned the higher the amount of taxation imposed. This system tends to reduce tax burden among low income earners, hence discouraging people to work hard. This is because capital taxation tends to discouraged savings among the members of the society (McCluskey et al pp.4-6). Additionally, income tax tends to discourage investments innovation. This in turns contributes to lower standards of living. On the contrary, consumption tax base, tend to eliminate saving barriers, leading to a more robust economy (McCluskey et al pp.4-5). Therefore, based on the above discussion, I would, prefer the consumption tax base having in mind that it is an indirect tax that people do not feel pitch of paying it. In addition, their benefit outweighs those of income tax based system (McCluskey et al, pp.4-5). 2. How do your proposals promote economic efficiency? Technical analyst asserts that, it is better to pay taxes when you spend it rather than when one makes it. This is because it helps at creating a level playing field, when properly constructed. For example, some necessities may be tax exempt or levied at a lower rate. In above connection, expenditure tax tends to bring underground economies to surface where everyone gets taxed. (McCluskey et al pp.4-5). ...
Whereby, the rich and the proletariats tend to have the same propensities. This implies that when proletariats reduce their consumption with a certain proportion, the rich increases their consumption with same proportion. In addition, consumption of low cost services and products tend to be heavily consumed as compared to expensive items (Alan.J and Auerbach pp.2-8). Connectively, the prices of ostentatious goods such; jewelries, fine wine, electronics and clothing are based on quality. Whereby when the prices of ostentatious goods increase their purchase increases progressively (Heathcote, Perri and Violante pp.4-5). 4. How do you weigh efficiency vs. equity? Efficiency is the optimal production and allocation of resources given the existing factors of production. Normally, it deals with future competence in the production of goods and services while strategizing at maximizing the total size of economic pie. On the contrary, equity refers to fairness and impartiality in distribution of wealth and economic resources. Therefore, efficiency is the economic pie, while equity is how that pie is sliced (Heathcote, perri and Violante, paras3-9). For example, if two firms with the same factors of production but one produces twenty percent goods more than the other, the firm with greater output will be considered to be more efficient because it tend to maximize resources (Heathcote, perri and Violante, paras3-9). On other contrary, equity focuses at ensuring fair distribution of wealth among the firm operating in the same industry. Additionally, greater economic equity may be achieved via provision of unemployment compensations benefits to the poor and dependent people. Connectively, high taxation tends to reduced efficiency substantially. This is ... Read More
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