StudentShare solutions
Triangle menu

Tax Reform - Essay Example

Nobody downloaded yet
The Bush tax cuts have not proven to be good for our economy. Although, we had a budget surplus our government jumped the gun with the tax cuts. These tax cuts will decrease the surplus extremely quickly and this money should be going towards most of the governmental run programs that usually are geared toward the moderate to low income people. Bush did not anticipate any future events that could lead us right back into a budget deficit and this has become the biggest problem our economy is facing today.
Taxes are necessary for the administration and funding of governmental organizations, as well as construction and universal infrastructure services. Taxation presents positive and negative characteristics within an economic system.
As history presents, most taxes have been geared toward the middle to lower classes with the upper classes receiving many tax breaks. With tax cuts for corporations, estates and the top one percent of high incomes all the little people will be left out in the cold. By demolishing the entire budget surplus, government programs, such as social security, will be neglected once the baby boomers begin retiring (Friedman, et al May, 2001, p 1). As Mark Breslow states, "The corporate income tax, which is relatively progressive, has been replaced by taxes that are a particular burden on people with moderate and low incomes. The cut of the alternative minimum tax has done nothing to help put money where it is needed, in the moderate to low income pockets. These people would definitely help stimulate the economy to help get us out of the recession we are falling into.
John Miller points out, "that only two percent of estates are actually taxed and even the well off have little to worry about (Miller 2001 p 59.)." This still does not help the situation with the moderate to low income taxpayers. This group is being over taxed because they can never make enough money to meet the upper one percent of income that would be a benefit to them. This group also does not participate in the decision which does not help their situation.
Robert S. McIntyre argues that, "The individual tax changes, which includes a ten percent decrease in capital gains taxes, are sharply tilted towards the wealthy (McIntyre, 2001 p. 1)." According to Joel Friedman, "some fifty-five percent of the stimulus package benefits are going to the wealthiest one percent of taxpayers (Friedman, et al November 2001 p. 1). This is very discouraging but it seems that if the people really cared about or was fully informed of the results of these tax cuts there would be severe rallying in the streets.
Bush's tax cut, or stimulus package, has only been geared toward the upper class and this class has a very low marginal ...Show more
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Tax Reform Essay Example | Topics and Well Written Essays - 1500 words”, n.d.)
Retrieved from https://studentshare.net/politics/302944-tax-reform
(Tax Reform Essay Example | Topics and Well Written Essays - 1500 Words)
https://studentshare.net/politics/302944-tax-reform.
“Tax Reform Essay Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.net/politics/302944-tax-reform.
  • Cited: 0 times

Summary

Tax reform has become a major governmental policy issue in the United States as well as in the rest of the world. Countries are attempting to balance both economic efficiency and provide equity in taxation. Governments are looking to rewrite tax codes to minimize their impact on economic growth…
Author : lindgrenapril
Tax Reform
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Tax Reform"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Tax Reform Essay
This paper will examine tax reforms in the US, discussing pertinent issues like corporate tax loopholes, benefits of corporate S status, gift tax laws and abolition of estate taxes. This paper shall provide alternatives to the federal system of taxation. Tax reforms are essential to the realization of corporate and national growth (Shapiro, 2005).
3 pages (750 words) Essay
Assignment 3: Tax Reform
Individual shareholders paid tax at a rate of a minimum 15% on qualifying corporate dividends, and about 10 to 20% lower than them federal tax rate which is at times as high as 35%. Those taxpayers who are currently paying a marginal federal tan of 10 to 15% pay no taxes for qualifying dividends as well as any long-term capital gains.
5 pages (1250 words) Essay
Public Finance: Tax Reform Writing Assignment
Through publication of annual finance act and the budget, the government can be able to achieve environmental and economic goals (McCluskey et al pp.4-5). Consumption tax may be levied on goods and services consumed .This system may affects consumers spending behaviors.
6 pages (1500 words) Essay
Reforming the U.S. tax code to eliminate tax credits
The recent reform in the US tax code in the Congress is with the aim to reduce the number of people who evade tax, while promoting the economy’s growth (Snowdon 35). The tax code is aiming at a situation where the tax levied on the people is fairer and everyone pays according to their levels of income.
4 pages (1000 words) Essay
Tax Reform In The United States Essay
A sound tax system possesses the following characteristics: 1) fiscal adequacy which means that the revenue raised is sufficient to meet the needs of the government; 2) administrative feasibility which means that the tax code must be clear and concise, capable of proper enforcement and not burdensome, convenient as to time and manner of payment; and 3) theoretical justice which means that it must be based on ability to pay by the taxpayers (Domondon 2003, p.
8 pages (2000 words) Essay
Should the tax laws be reformed to encourage saving(pro and con)
Greater economic equality with improved quality of life and equal opportunities for all the citizens, should be the primary aim of tax reforms. Concentrated wealth and power undermine the economy, corrupt democracy, deepen the racial divide, and tear communities
2 pages (500 words) Essay
Tax reform debate
While the health sector, according to Americare continuously unable to meet the growing demand of patients, due to dwindling financial subsidy from the government. President Barack Obama,
3 pages (750 words) Essay
To what extent did the 2008 tax reform in Albania affect/ improve its growth and development
Furthermore an analysis of the effect of development based on looking at the figures of unemployment, income distribution, and tax evasion is also done in the paper. Since Albania was previously a closed and centrally
10 pages (2500 words) Essay
RESEARCH PAPER - CORPORATE TAX REFORM
Bartlett (2012)2, identifies tax reforms as a vital policy concern of the American government. The recent economic slowdown contributed significantly to drop of federal revenue.
6 pages (1500 words) Assignment
Respond post
Further, such a system is easier to comprehend. My response to this proposal is that I do not believe or support the idea that everyone should be taxed at the same rate. Moreover, I am of the opinion
1 pages (250 words) Essay
Comments (0)
Click to create a comment
Let us find you another Essay on topic Tax Reform for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us