Comparative Analysis Of The Estate Tax Essay

In the United States, the top one percent received about 20 percent of the overall income for 2016. This creates an uneven distribution of income causing Americans to argue about whether or not the wealthy should pay more in federal income taxes. One side of the argument is that the wealthy make a huge portion of the nation’s income; therefore, they should have higher tax rates. The other side argues that wealthy Americans already pay their fair share of taxes by paying nearly 40 percent and should not be forced to pay more. These arguments both use compelling evidence to make their claims; however, a solution could be reached by increasing the tax rate of the top one percent by only 10 to 20 percent.

The federal and state governments provide the American citizens with all of the basic necessities within our communities and society that is taken for granted. Programs responsible for assistance in times of need, providing a quality standard of living, and maintaining the strongest military in the world costs incomprehensible amounts of money and could never exist without taxes from the American people. Taxes are payments made by individuals and businesses to support the government and its services. The constitution grants that congress “shall have the power to lay and collect taxes, duties, imposts, and excises and to pay the debts and provide for the common defense and general welfare of the people”. Taxes paid by Americans redistribute

More than 35% of American adults are obese and as a consequence, are at increased risks for health issues such as heart disease, high blood pressure, and diabetes ("Overweight & Obesity"). The U.S. taxpayer is supplementing much of the cost to treat obesity related health issues through public health programs such as Medicare and Medicaid ("Economic Costs"). A positive externality will occur in the form of decreased health care expenditures on Medicare and Medicaid. The U.S. government should impose an excise tax on soda and other beverages that contain sugar. Consumers who drink excess sugary beverages impose a negative internality on their health; as well as imposing a negative externality on the American

The American government has struggled with the issue of taxes and the budget for over a hundred years. Class conflict, adversarial political parties, and convoluted economic philosophies have resulted in a never-ending debate over taxation. The New York Times newspaper article, “Senate Panel Vote Backs Budget Plan”, from June 1993, discusses the current feelings of the time in regards to the budget and taxation. Moreover, the article mentions factors such as democrat-republican debate, trickle down economics, and high verse low taxes for the middle class. The issues discussed in this 1993 article differ only slightly from the taxation conversation of today. However, now in 2011, we face a budget crisis that threatens the American economy

The newly president elect, Donald Trump, has lead his campaign with a great emphasis on the campaign slogan of “Make America Great Again.” This phrase is used to represent a time much like what Putnam describes of his hometown of Port Clinton, Ohio. In the 1950s, Putnam’s hometown was the “embodiment of the American Dream,” a place in which all classes of people were able to live and grow together. In order to alleviate financial pressure from the lower classes, Trump states "In order to achieve the American dream, let people keep more money in their pockets and increase after-tax wages." Trump’s tax plan will exempt single adults whose income is equivalent $25,000 a year, or married adults who jointly earn less than $50,000 a year from paying income taxes. This plan does show favor to the individuals who reside in this tax bracket,

Kathy and Brett Ouray were married in 1996. In 2014, they consider themselves completely estranged. Due to financial reasons they have decided to not get a divorce or live separately. They also do not have any legal documentation of separation and neither of them has lived outside the home for a significant amount of time. They currently reside together with their three children. They have decided that Brett has contributed more to the upkeep of their home and children than Kathy. They have also decided to file separately. Brett believes he is eligible to file for head-of-household.

Within the United States, there is an unequal collection and distribution of resources. The current unequal or socially unjust tax system is a direct contrast to the social justice theories of John Rawls. The taxation discrepancy has ramifications on many important aspects of our society, such as health care, employment, old age security, and education. These issues affect everyone in our society, regardless of age, race, gender, or sexual orientation. Thorough more equal taxation, we have the potential to create a more society as a whole.

The Center For American Progress is an existing group that was developed to help improve the lives of Americans through evolving positive ideas and actions (CAP, par. 1). This nonpartisan organization focuses on the development of the new generations and the importance of an effective government (About CAP, par. 2). Through progressive ideas and actions like Civil Liberties, Early Childhood, Health Care, LGBT, Poverty, tax Reform and many more, the Center For American Progress aims “not just to change the conversation, but to change the country” (About CAP, par. 1). By provoking media outlets to share with people the news that really matters, CAP has shown a clear view in the shaping of America 's national policy debate (About CAP, par. 3).

With the presidential elections coming up, different tax policies are being debated between the candidates. Whether it is proposed by a Democratic or a Republican presidential candidate, there have been many possible solutions presented on how to reform the current tax code. Focusing specifically on four candidates, two from the Democratic Party, and two from the Republican Party, I will compare and contrast their respective tax proposals. While the Democratic candidates generally agree with President Obama’s current tax code, all four candidates are looking to reform it in some way in order to, in their own eyes, better the current tax code affecting today’s citizens.

Taxes have always been a contentious issue of debate in the United States; furthermore it is exacerbated by the specific philosophy of individuals, states, and regions. Too be clearer, nobody enjoys paying taxes, however it is the cost we pay for having civilization. Nevertheless, selfishness creeps in to many individuals who feel no particular benefit. Taxes have a real way of polarizing many people from different socio-economic backgrounds, because a tax is inexorably linked to a person’s belief-system. For instance, in the context of social welfare policy liberals are inclined to feel that the tax-burden should be heaped on individuals who have benefited the most from “the system”. On the other hand, we have conservatives who feel they did not receive any support, and all that is necessary is hard work and perseverance to succeed. I am not suggesting either one is correct; it is only a simple illustration to show the relation between pocketbook and personal belief. I hope studying the tax structures of New Jersey and Alabama will give me insight they both reconcile their political beliefs with their individual tax structures.

The estate tax is a tax upon your right to transfer property at the time of your death. It is often called the death tax and it has been a partisan point of disagreement for quite some time. As the tax only applies to estates of $5.45 million and over, this tax only applies to the wealthy. Enacted in 1916 to help finance World War I, the estate tax has come under more scrutiny lately because of our government’s financial situation and the one-hundredth anniversary (Caron 825). The intellectual world is divided on whether to repeal, reform, or keep unchanged the estate tax. Some even argue that transfers of wealth should not be taxed at all. This essay will contend that the current estate tax should be replaced with a lifetime accessions tax to encourage donors, reduce concentrations of wealth, and safeguard equality of opportunity. Before arguing for the lifetime accessions tax, this paper will outline the history of the estate tax, the purposes of taxing wealth transfers, and compare the lifetime accessions tax to other proposed alternatives.

The United States is in a recession; it has been facing some of the worse economic times since the Great Depression in the 1930’s. One option to fix the economy is to change the corporate tax rate. To lower it or to raise it, that is the question economists have been speculating. America's high corporate tax rate and worldwide system of taxation discourages U.S. companies from sending their foreign-source revenue home, which makes U.S. companies defenseless to foreign acquisition from the international opponents (Camp). Corporations and United States citizens have been fighting for a tax reform, which would hopefully help the American economy; either by lowering the corporate tax, or by raising the tax.

There are two things in life that are certain: death and taxes. In today's world, the majority of our government's income comes from taxation. A tax is not a voluntary payment or donation, but an enforced contribution imposed by government (Mikesell, 2011). Taxes are an amount of money collected from citizens, and they are used to provide public goods and services to benefit our communities. Taxes are amounts established in a political process of structured laws to determine how the collective cost of government services will be distributed among elements of the market economy. The two most important tax policies are the level of taxation, or how much taxes should be, and the structure of the system, or how revenue is to be raised

Taxation systems are usually modeled in such a way that they take into consideration the social welfare of the citizens. The government and other policy makers have the responsibility of ensuring that the system takes into account the needs of the citizens. The bottom line is that taxation should foster equal distribution of resources. The rate of taxation is usually arrived at after several considerations have been made. The rates are not fixed as they depend on the various economic changes. The issue of how taxation should be distributed among the different economic classes is yet to be addressed.