StudentShare solutions
Triangle menu

Topical Tax Issue - Essay Example

Nobody downloaded yet
The guidelines are intended to replace the previous poverty proofing guidelines issued by the department of social and family affairs and in this article are referred to as poverty impact assessment guidelines. The poverty impact assessment process aims at identifying the impact of policy proposal on those experiencing poverty or at risk of falling to poverty so that this can be given proper consideration in designing or reviewing the policy.
The process does not intend to fundamentally transform policies to target visibly the disadvantaged but are aimed to identify anticipated negative impact and put measures to counterbalance such impacts. Moreover, positive impacts are also identified so that they can be improved.
As included in Budget 2007, these social welfare measures will benefit taxpayers at the lower bracket of income distribution. This is because the absence of such measures may lead to these taxpayers experiencing a significant deterioration in their income in relative terms. Analyzing these measures on the view of combined effect of social welfare changes and tax changes, they highlight that the most significant net income gain are to those on the lowest incomes. It indicates that much smaller gains will be to those in the middle to high income brackets. Proper analysis of these tax measures reflect that Budget 2007 is progressive in nature as it sees those dependent on the welfare are to accrue the greatest gains. Budget 207 ensure s that the lowest income groups gain more progressively that is from welfare payments as compared to higher income groups who are main progressive contributors to the cost of public service provision. The resources targeted by Budget 2007 are over 55% in the personal income tax package to those on low incomes as well as the elderly, widowed taxpayers and those with disability or under care of a person with disability.
Taxpayers at the lower end of income distribution will as well benefit from taxation measures if they are to become exempt. This is due to the fact that the entry point to taxation has been increased in Budget 2007. The basic personal tax credit and the employee tax credit was increased by Budget 2006. This was meant to ensure that the minimum wage in its annualized form was placed outside the tax net. At the end of 2006, the position still remained as a key government's aim on tax policy and continues to be met. The entry level to taxation was increased in budget 2007 through substantial increases in personal tax credit and the employee credit.
For instance, entry point for a single employee below 65 years, the personal tax credit and the employee credit was increased by almost 13% in Budget 2007. This is a sufficient increase as it ensures that the minimum wage per hour is increased and therefore its annualized form will not be liable to income taxation. Moreover, employee's health levy was increased to ensure that taxpayers in low income bracket were not liable for the levy. The income tax changes announced in Budget 2007 to the extent that they apply are intended to have a significant beneficial impact for those on low incomes. This is because those in low incomes will receive additional payment for each child below six years of age in comparison with previous years.
In conclusion, Budget 2007 income tax measures are intended to improve ...Show more


The topical tax issue which will be examined is the examination of budget 2007 income tax measures using the poverty impact assessment guidelines. These new guidelines were issued by the office for social inclusion located in the department of social and family affairs during 2006…
Author : reubencasper
Topical Tax Issue
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Topical Tax Issue"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Events form the history which have been influenced by the tax policy issue
This study is being carried out to evaluate and present two events form the history which have been influenced by the tax policy issue. The first event is the American evolution and the second event is American civil war. The main aim of the taxation system is to provide better services to people. On the other hand, sometimes taxation can produce adverse effects.
9 pages (2250 words) Essay
Topical Analysis on Japan's Revolution
The Meiji Restoration took place in 1868 and it marked the genesis of a Japan’s turn away from primitive and medieval patterns of development.
9 pages (2250 words) Essay
Critically analyse Corporation Tax in the UK. Do you think that corporation tax is unfair due to the issue of double taxation an
The assessment rules for corporation tax are very similar to the income tax assessment rules for individuals. Companies are required to file their returns for a financial year which is a period of 12 months from April 1st to March 31st. According to s 8(1) of ICTA 1988, the general scheme of corporation tax is that a company has to account for all the profits that it has made regardless of the sources.
3 pages (750 words) Essay
(Environment and Health) A Report on a topical issue pertaining to the encironment that identifies the public health significance of the issue and the extent
One particular area of concern in this regard is the quality of air. Within this area of concern there are more categories that scientists consider, one of which is 'Ground Level Ozone'. Ground Level Ozone is a pollutant that has harmful effects on public health, and continues to be an issue that is not tackled effectively.
4 pages (1000 words) Essay
Future topical areas of public health
The major focus of public law is dealing with all the legal issues which relate to the practice of public health. This essay elaborates further on the impact
2 pages (500 words) Essay
Discusses a topical or current issue in microeconomics
Microeconomics analyses the most basic economic transactions (Benassy-Quere 45). This paper has the objective of analysing the acceptance of Windows 8 Surface Tablet into the market in relation to the iPAD. The personal computer market is growing in leaps and bounds beyond
5 pages (1250 words) Essay
Signature Assignment: Topical Research
To better understand diverse studies on this topic, in a previous assignment that examined the research design, data analysis, and findings of three works from Bergman and Fox (2009), Cohen and
12 pages (3000 words) Essay
Although taxation should be done on an equal level, government departments are considering a reduction for the middle class and an increase for the wealthy. The changes in tax systems are indicators of economic development of the US and other countries.
2 pages (500 words) Essay
This means that this individual has made a gain of 20000 USD. The seller of this painting should pay tax for the 20000 USD gains which he or she has acquired as profit. It is worth
4 pages (1000 words) Essay
The primary aim of the codes of ethics is to articulate highest behavioural standards in the organizations. Therefore, a code of ethics can be clearly
9 pages (2250 words) Essay
Comments (0)
Click to create a comment
Let us find you another Essay on topic Topical Tax Issue for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
Join us:
Contact Us