Tax Bill Essay

While most taxpayers agree that tax reform is necessary for our country the problem they encounter is the difficulty they experience when trying to understand all the political terms used when discussing tax reform. This paper is an attempt to help the taxpayers of our country to better understand the political terminology and gain knowledge about some of the proposals that have been explored.

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.

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?”

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.

Overall, there are dozens of other tax cut extensions in this Bush Tax Cut Extension bill that were recently passed. I touched on some of the key ones that affect individuals. I am happy and grateful that it did pass as well as millions of other Americans most likely are. This helps students, parents, homeowners, working individuals, married couples, investors, and really every individual. We are all in some way, shape, or form affected by these tax

On December 1st, 2017 the Senate passed the most sweeping tax rewrite in decades. Republicans were lining up to approve the bill that will cover almost every corner of the United States economy, affecting families, small business owners and multinational corporations, with the biggest benefits flowing to the highest-earning Americans. Parts of these bills include the Child Tax Credit, the 529 Plan, Blocking Arctic Drilling, and Remove Endowment Tax Exemption.

This article by Mathew Yglesias is about the up and coming tax reform the Republican party is trying to promote and pass before the years end. It explains how this affects businesses, upper, middle, and lower classes of individuals to. It defines tax reform and gives examples of how it could affect everyone. It talks about what good can come from the proposed reform and describes the Senate ‘Byrd Rule” in somewhat generic terms for understanding. Throughout the article both sides are represented in what they want in the new reform bill and gives a brief list of what Republicans are trying to push through the Senate. It supplies a table of how much the government receives now and how the cuts effect certain programs. It gives a brief history

The US House of Representatives tax panel Chairman (member in charge), Kevin Brady, said that the goal for the bill is to “contain a permanent corporate tax rate cut to 20 percent from 35 percent." In doing so the House of representatives is hoping to get these corporations to invest the saved money on raising their employees wage therefore benefiting the middle class. However there is debate on whether this will actually happen or if the corporations will just sit on the profit and keep the money for themselves. Apart from this there are still many things to be resolved before the bill becomes a law and as Minority floor leader, Nancy Pelosi stated “[republicans are] pushing a half-baked tax bill with ruinous consequences for workers and middle-class Americans." In other words the bill is to benefit the rich while affecting the middle and lower classes.

Four bills advanced Monday that would eliminate nearly $234 million in annual Tax Exemptions. “It’s reducing giveaways. It will enable us to keep rates low and keep us from raising personal income taxes,” said Representative Jay Morris (R-Monroe) on the committee’s actions.

The Senate bill would adjust the seven individual income tax brackets, a change that would phase out by 2026. The corporate tax rate would be cut from 35 to 20 percent, and "pass-through" businesses would be taxed at 23 percent.

The Senate plan would maintain the current seven tax brackets, though with a proposed reform of rate structures with a 38.5 percent bracket of high-income individuals and expansion of the zero individual tax bracket. The child tax credit would increase from $1,000 to $1,650. The adoption tax credit would also be maintained, which was not included in the original House bill.

This may sound like a tax plan that will relieve the financial burden on lower-income taxpayers, directly benefiting the poor, but in actuality, cutting taxes for all in a regressive manner gives substantially more money to the wealthiest taxpayers and a very small amount to lower income taxpayers. According to his plan, a typical American family of four will be able to keep at least $1, 600 more of

Policy makers have introduced a solution to the staggering proportion of taxes that Americans spend. The flat tax, based on an idea developed by Professors Robert Hall and Alvin Rabushka of Stanford University to create a fair, simple, and pro-growth tax system (Mitchell 1, 11). There are four basic criteria that make up a flat tax. First is a single low rate on taxable income, the baseline for taxable income would be raised to a certain amount dictated by a personal exemption. Second is simplicity, all Americans would fill out the same postcard-sized form to pay their taxes. Third is the reduction or elimination of deductions, credits, and exemptions, depending

This is an important development. In 2008, voters were less worried about taxes than they had been in previous elections. Why? Because the 15 years between President Bill Clinton's 1993 tax hike and Barack Obama's increase in cigarette taxes in February was the longest stretch in U.S. history without a federal tax increase. President George W. Bush's tax cuts also cut 13 million people on the lower-end of the income scale from the income tax rolls -- people who don't pay taxes aren't worried about the tax

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.