Tax Reform In The United States - Essay Example

Only on StudentShare

Extract of sample
Tax Reform In The United States

15).
When compared to the Bush tax cuts, it appears that the latter does not pose a sound tax system. Although at the moment, the U.S. government may boast of budget surplus, later on, if fiscal policies today are continued in the future, this system will result to huge escalating deficits which might be unsustainable because when the baby boom generation retires a few decades from now, government's expenditure on retirement and health benefits such as Social Security, Medicare and Medicaid will increase significantly, to the prejudice of the country's future. A growing imbalance will exist between the revenue raised and the expenditures (GAO 2005).
The present tax code can also be said to be burdensome on the part of the taxpayers, on the aspect of compliance. The complex procedure involved in the accounting appears to be far more serious that it should be. Hence, the government, through its defective tax system, hinders the growth of its economy and its constituents .
From a critical view of an ordinary income earner, there seems to be a big inclination to favor the big income earners as opposed to the lowly income earners. Thus, theoretical justice is not achieved. ...Show more

Summary

The tax system observed and implemented in the United States at present seems to fail in its declared goals and objectives, thereby raising diverse reactions from its constituents. Hence, a truly responsive tax reform is needed in order to save the government and the economy of the country as a whole.
Author : jaron79
Save Your Time for More Important Things
Let us write a custom essay on your topic
"Tax Reform In The United States Essay"
with a personal 20% discount.
Find out more

Related Essays

United States Presidential Election
The Republicans have already named their presumptive candidate in John McCain. However, the Democrats are still undecided with the candidates Hillary Clinton and Barak Obama battling it out for the nomination as we head into the summer of 2008 and into the fall election campaign.
4 pages (1000 words) Essay
US foreign policy: Overthrow
America feels it their duty to intervene wherever they please if the political and economical will of that country defy the American rule.Stephen Kinzer in book "Overthrow" argues that America could have avoided most of these violent military confrontations spending billions of dollars and causing bloodshed and pain
2 pages (500 words) Essay
Integration Theory And Policy Development In The EU
The EU's policy in the protection of the ozone layer, illustrates the levels of integration required to fulfil its obligation to ensure that the guidelines laid out by the policy are met by all member states. This paper seeks to explain the role of integration theory in EU policy development.
8 pages (2000 words) Essay
Security Sector Reform and Weak States
(Security) The discussion in this essay is fully related to the above definition, which needs to explore concepts of security sector reforms and 'weak state'. Additionally how these reforms would have an impact towards pushing these weak states forward The Security Sector Reforms in particular has been thoroughly defined by the United Nation International Research and Training Institute for the Women Advancement.
10 pages (2500 words) Essay
United States National Security
While the Cold War posed the primary threat to international order in the latter half of the last century, failed states have emerged as perhaps the greatest threat to international stability. There are currently some forty-six states that are effectively failed or are failing.
16 pages (4000 words) Essay
UK General Elections
They might have thought that the voting system lacked the credentials of a liberal democracy. Liberal democracy is a form of representative Government where regular attempts are made to protect civil liberties against the onslaught of Governments, institutions and powerful individuals in the society.
5 pages (1250 words) Assignment
Tax Reform
Specifically, governments throughout the world are attempting to preserve incentives built into taxation to maximize economic efficiency. At the same time, these governments are trying to cope with the growth in social welfare programs throughout the past three decades.
6 pages (1500 words) Essay
Economy of United States Essay
Washington Times indicated last year that there is a threat of 'Stagflation' which would escort to an unusual economic condition resulting in rising prices, inflation and stagnant economic growth (Savage, 2008). Stagflation was once witnessed in the economic turmoil of the 1970s due to which economic imbalance was experienced.
9 pages (2250 words) Essay
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