The Taxation Issue
One of the greatest challenges that Republican President Donald Trump is facing today is that of fulfilling his promise to the affluent Americans that he would lower the taxes that are being levied on them. Many economists have voiced their opinion on how such a move might widen the current gap between the wealthy and low-class Americans, a matter that is apparently not convincing President Trump. House Republicans returned to business last week after their August recess, a top agenda for them in the subsequent sessions will be drafting a ‘major tax-cut bill for Congress to pass’ (Editorial par. 1). It is not clear how the debates on this proposed legislation will turn out, but I am hopeful that whatever happened on the
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The authors of the articles reviewed are using a plain and straightforward language to address the American audience and the whole world. It’s aim being to consider the mess that the Trump administration is, and likely to cause if it introduces a new law that will reduce taxes levied on the wealthy. Leonhardt, for instance, agrees with Adolph Wagner’s proposition that taxes should rise when societies become wealthier. Many individuals desire that their schools, hospitals, and military become better as their levels of life rise. If this is to happen, they have to part with a larger portion of their money in the form of taxes. But if they are unwilling to do this then they should not expect anything more from their governments. Unfortunately, this is the sad state of affairs that Trump’s administration is reluctant to accept.
Unlike the editorial that is relatively direct with its proposals on what the Trump government should do to raise revenue levels without necessarily having to lower the taxes on the rich, Leonhardt’s opinion is critical of the Republicans’ move, terming it as a ‘nice fantasy.’ The NYT editorial calls the reforms Mr. Trump is suggesting a ‘false promise’ and instead advocates for changes in the corporate taxes. It terms such a move as a ‘sensible path’ that
Rhetorical Precis In his essay “Stop Coddling the Super-Rich” (2011), Warren Buffett argues that “It’s time for our government to get serious about shared sacrifice” (qtd. in Weinstein 229). Buffett supports his assertion by arguing that rich people have low tax rates, statistics about his low tax rates over the previous years, and employees and middle class have high tax rates. His purpose is to make know about the government periodic low reduction of tax rates to the rich people in order that the government will make the wealthy Americans to have more contribution, high tax rates, and shared the same sacrifice like the American people.
In the article “Job One: Tax Code Rewrite,” William O’Keefe, an author who cares about tax reform, argues that the Obama Administration should rewrite the tax code in order to reduce the unemployment rate. He supports this claim with a formal tone by using opinions and anecdotes as evidence. According to William, we need “systematic reforms to our tax code and regulatory policy.” The author targets a tax reform audience that cares about the economy. William’s purpose is to persuade readers that Obama’s stimulus tax bill will not help the economy or business in the long run. This work is significant because it challenges the Obama Administration to rethink their priorities.
Parent Corporation owns 85% of the common stock and 100% of the preferred stock of Subsidiary Corporation. The common stock and preferred stock have adjusted bases of $500,000 and $200,000, respectively, to Parent. Subsidiary adopts a plan of liquidation on July 3 of the current year, when its assets have a $1 million FMV. Liabilities on that date amount to $850,000. On November 9, Subsidiary pays off its creditors and distributes $150,000 to Parent with respect to its preferred stock. No cash remain to be aid to Parent with respect to the remaining $50,000 of its liquidation preference for the preferred stock, or with respect to any common stock. In each of Subsidiary’s tax years, less than %10 of its gross
Tim Dickinson published an intriguing article in the Rolling Stone, “How the GOP Became the Party of the Rich”, which scrutinizes the complicated history of the American government. Dickinson’s objective is to persuade the audience that the Republican party is giving leniency towards the upper class through the reduction of taxes, which results in the upper class becoming even more wealthy and the middle and lower classes struggling to make ends meet. He not only utilizes credible sources in order to convey the unreasonable actions of the Republican party, but also uses a multitude of historical facts pertaining to the central concept of his argument to strengthen his statement.
It is clear that the political spectrum has two distinct sides, where leftist or liberals are constantly competing with rightist or conservatives to promote their political ideas. In the case of Steve Brouwer and David Horowitz: it is no different. Each of these writers clearly define where they stand in the political spectrum. Brouwer’s stance is on the left or liberal unlike Horowitz where he maintains more conservative views on the right. In this essay, I will contrast the writings of Steve Brouwer’s “If We Decided to Tax the Rich”, and David Horowitz’s “The Intellectual Class War.” Although some superficial similarities exist, the
Wouldn't it be a perfect world if everyone paid their fair share of taxes? Shouldn’t everyone have skin in the game? For example, if the tax rate was 10%, then the person earning $10,000 per year would pay $1,000 in taxes, and the person earning $100,000 per year would pay $10,000 in taxes. Does this sound too good to be true? Many complain that our current tax system is broken and there has to be a better tax system. During this last presidential campaign, the idea of a flat tax system was once again discussed as an option by one of the candidates. Over the years, many bills have been introduced to congress to change our tax system. Right now, Congress is debating on a new tax system. Our President is pushing for change as he realizes the current system is not going to get the deficit down. We may not see significant change this term, but it will be interesting to see how it all turns out. This paper will discuss what is wrong with our current system, the possible solution of adopting a flat tax system, the counter evidence of why a flat tax system is probably not the solution to our tax problem and why this evidence is right. Our current system is very complex, not efficient, biased, and basically not effective. Did you know the current tax code has over 9 million words? (books.google.com) (241 words) It’s no wonder people want change. I think most would agree our current tax system needs revised. We hear on the news how big corporations pay little in
Fox News: Other than the fact that the new tax plan is biased, the amount of changes specified alone generate a significant number of opposers.The GOP tend to make it seem like their tax package will be change that’s beneficial for every American, however, they always make decisions that contradict their opposing side (Democrats). Fox discusses how the Republicans avoid mentioning the costs of creating new tax reforms similar to how they promised to make insurance coverage the same as Obamacare now. In all honesty, after this article referred to Obamacare, the rest of the “information” seems like fluff. I attempted at reading the paragraphs that were oddly formed, but in my eyes they had no correlation to the tax reform/ Obamacare. I recall one piece that discussed how Trump didn’t remember a meeting he had with his former foreign policy advisor that was from his campaign, and as I read I thought to myself, “How does this relate to the tax cuts?”
Amity Shlaes talks about how presidents such as Nixon, and Bush removed millions of Americans from the tax bracket completely and that those same exact people don’t want a proportional tax rate and want to tax the rich because “they can afford it”. That just seems unfair and unjust. The first video was very opinionated saying that the rich now make more money than before, of course they have the money now due to war times & depressions being over however, the less money they have the less likely they’re to make more investments into other things such as creating more offices, and hiring more people to work for their company
It is with out a doubt that in our country the United States of America the lower and middle class have the common perception that the government and the “super rich” have some kind of unknown agreement to maintain extremely lower tax rates on the “super rich”. What do the “super rich” do with all the saved money coming from the tax cut is another unknown, perhaps some luxurious new home, car, or maybe put it to work and continue getting richer. While all this may be true to some degree, one of the “super rich” elite members has stepped fourth not only once but a few time but none compare to his current attempt to make change.
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.
Democrats and Republicans in the United States have contrastive stances on the implication and enforcement of taxes. Typically, members of the Democratic Party support a progressive tax, which taxes higher earners at a higher rate. Republicans, however, tend to agree with a flat tax. This policy taxes everyone at the same rate, regardless of income. Although these two ideologies are the most common, there is still a place for a third or fourth opinion from other political parties. The Democratic and Republican views on taxes don’t include every possibility for the United States.
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
Since the recent passage of the Internet Tax Freedom Act, on October 21, 1998, making the Internet tax free, there has been an intense debate on whether to tax or not to tax Internet purchases. The conservative side, also known as the Republicans, is opposed to Internet taxation saying that it is too costly to collect taxes on Internet purchases. They also believe that since Internet retailers do not have a physical presence in every state, why should the state receive sales tax on a nonexistent store in that state? This would be taxation without representation (par. 18 Lukas). On the other hand, the liberals, also known as democrats, believe that taxation of the Internet should be lawful because
When it comes to income taxes, the focus is usually on jobs, personal investments, and savings. The debate on who should bear the greater burden when it comes to income taxes is timeless. If all types of tax are aimed at developing the economy, it should be everyone’s equal responsibility to engage in taxation regardless of one’s economic class. Both parties involved proclaim the legitimacy of their arguments. The articles under discussion are representative of this debate. On one side of the debate, there are those who feel that the rich should pay more taxes. Then there are those who feel that the rich should not be punished by shouldering the burden of taxation (Benson and White 1). From an economic theorist’s point of view, both articles articulate valid arguments. However, this does not nullify the significance of the prevailing economic situation. The above debate can be based on various economic contexts.