Socio-Cultural Diversity In The United States

In any economy, no matter whether it is controlled by the government or by free markets, people need to work in order to support it. The government does not generate tax revenue by magic. There have to be people in that economy earning an income to ensure that the government continues to collect taxes. In a free market economy, the same applies because there are some services which only an organized government can supply (such as protection from extra-national threats), but there also those which the people get for themselves because of the working of the markets. In any scenario, unemployment is, at the very least, a drag on the economy, and it can be much worse. This paper examines how the unemployment rate in the United States is underreported, and how that fact effects the sluggishness of the present economy.

Especially in urban cities it is hard to get a job. Most people work on minimum wage earning from $11.00 to $11.25 per hour, it s really tough for them to pay what they need to pay, like taxes, rent and food. If people get unemployed they won't get paid. Being unemployed is a higher chance of being homeless. The people that live in poverty will have a big chance of not having enough money to pay taxes. Taxes can affect schools, healthcare, transportation, children benefits, supporting the elderly,

The article’s main idea is to point out the negative effects a raise in taxes for corporations will have in Oregon residents. A potential increase of $2.5 billion per year in tax revenue would result in better funding for public services. Such financial resources are portrayed in this article as both having job creating and job eliminating outcomes. If their data is accurate, the public sector would see an increase of 6,000 new positions. However, in the private sector, the effects are the complete opposite with an estimated reduction of at least 15,000 jobs, resulting in a 9,000 difference. Tax supporters would like voters to believe that only big corporations would be affected by the tax, but small businesses would pay more for the goods and services they bought from big corporations that paid the tax (The Oregonian,

As the number of government programs increase, the amount of taxes required will also increase. As mentioned in other posts, people who do not have to work to receive funds will not attempt to work. Why would people want to exert themselves more than putting their hand out if there is no need? Government programs need to have some kind of “work” required

Give unemployed job seekers a real, fresh start. It is hard enough being out of work. Workers unemployed face discrimination for being out of work and scared that they mite lose the unemployment benefits before finding and new job. Stop the discrimination against the unemployed job seekers, instead, help them get good jobs and keep them solvent while they are looking for one.

Conservatives argue that current corporate tax is burdensome to US business and restrict economic growth. If taxes are reduced, then company will have more post-tax profits for investment and job growth. Companies with more liquid cash might spend more on expansions. Still, reduction in the tax rate may not guarantee job growth or more investments. As per Klinger & McFate, US corporation in S&P 500 Index had approximately $1 trillion cash on hand. (2013). If the companies wanted to expand their business, they had enough cash to do so. In 2004, the Congress reduced the tax rate from 35% to 5.25% on repatriated earnings with an intention that saving could be spent on domestic investments or employment. However, in a study of an impact of the reduction in tax on repatriated earnings, researchers found that it did not increase domestic investments or employment and much of the post-tax earnings were returned to shareholders through stock repurchases. In fact, these companies downsized their workforce between 2004 to 2007 (Marples & Gravelle, 2011). It is evident from the past that tax rate reduction has not created employment.

It may be argued that many US corporations move their business to overseas in inversion deals as the US has a highest corporate tax rate in the world. By lowering US corporate tax rate, these companies will bring back their profits to the US; which eventually will boost the US economy and create more jobs for

Congress must observe the basic economic theory of the Laffer Curve in order to determine the optimal policy agenda. In economic theory, the Laffer Curve2 suggests that if the tax rate is too high (as is currently the case in the USA)- then a cut in tax rates will actually boost the amount of revenue raised, due to a reduction in both evasion and avoidance schemes. Furthermore, reducing corporation tax has the potential to reverse the outflow of corporate head office functions, and in doing so can substantially added to overall employment, output, income tax, national insurance and other tax receipts. Essentially, lower tax rates are helping to drive a higher overall tax take.

In addition to cutting tax loopholes, improving job training can help parents in poverty provide for their family and thus

Tax abatement is a concept that is often utilized to refer to the situation where the government grants some type of tax reductions, or completely exempts certain entities from paying taxes for a given period of time with the sole aim of stimulating industrial, real estate, or job market development. Freilich, Sitkowski, Mennillo, and Freilich (2012) pointed out that tax-abated redevelopment is important since it provides an effective platform for entities to flourish within a deteriorating area. Harris, McKenzie, and Rentfro (2014) also stated that once in a while, governments may grant tax exemptions or reductions to particular taxpayers so as to encourage expansion of current operations within the jurisdiction of the government. Tax abatement is not infinite. It exists only for a specified period of time and is usually kickstarted by a constitutional amendment of some sort.

Some governments used employer subsidies and promoted entrepreneurship while some additional measures have been taken to address the issue of undeclared work. Many Member States continued to introduce changes to their employment protection legislation to address the balance between flexibility and security and address the segmentation of the labour market.

Tax paying would give people more sense of responsibility and an incentive to work and produce

Technological - Technology has been changed day by day which directly effect to that related market and benefited to customers.

In the future the govt may have to increase taxes or cut spending in order to reduce the deficit. This may cause reduced incentives to work

The government should spend more in hiring the unemployed itself but the problem will lie on the latening effect of the money spend, since well it is not always possible to get the project you choose to spend on started a fast as possible.