Tax Law Essay

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

(Black, 565-483) This means that every working family still pays taxes, however their taxes would be cut, meaning they would be paying less taxes than before. As for the “ millionaires” and higher class of society they will still pay the same taxes as they did before. This policy is more likely to be considered as equal because it is not rated fair when people from different social classes with a big difference in their incomes pay the same taxes. Especially because the taxes will eventually be lowered for the lower classes because they would be unable to afford paying the regular and high taxes. This will also lead in the cut of taxes for the high social class, which then makes the whole concept unequal. Not just for the people but also for the national economy (Witcover, 791-545).

There are a numerous amounts of tax provisions that will affect individuals. The federal tax code includes increases in taxes, limits to deductions, tax credits, and tax breaks. Tax increases will affect people who earn a high income and tax credits will affect those with low to mid income. The ACA included a subsidy that will help low income individuals purchase health care

Cutting down individual taxes will generate more employment and will help generate more money, it will create more tax revenue, according to Mike DeBones, from “House Passes 2018 Budget, Taking a Crucial Step toward Tax Overhaul.” He states that “Our budget specifically paves the way for pro-growth tax reform that will reduce taxes for middle-class Americans and free up American businesses to grow and hire,” House Budget Committee Chairman Diane Black (R-Tenn.) said during floor debate Wednesday. I agree if the tax is

The lower income Americans are able to afford health insurance with assistance from the government or employers. The lower cost of health insurance will increase costs for big businesses only slightly because the Act lowers premiums through insurance companies. Big businesses are required to offer insurance or be charged a fine from the government. The armed forces and war veterans will still receive all the health care benefits and coverage provided by the federal government. Medicare will not change for elderly or the physical impaired. Overall this should reduce long-term growth of health care costs for businesses and government. Affordable Care will protect families from bankruptcy or debt due to health care costs. This Act is invested in prevention and wellness, improving patient safety and the quality of health care, and also guarantee the choice of doctors and health care plans. (SOURCE #2)

Commonly known as Obamacare, the ACA has been attacked by legislators and state governments in court, and the deadlines for complete implementation have changed. Many taxpayers don 't realize that the wide-ranging tax effects have the force of law, and beginning in tax years 2014 and 2015, the effects become more significant for individuals and business owners and their tax burdens and strategies.

It may reduce taxes, but it makes the budget smaller for assistance programs. A lot of Americans need those programs and it reduced to make individual taxes smaller. The taxes may be reduced, but if one’s health care or social security is taken away that tax money that was returned will not be able to cover the expenses that social security and health care programs would. If some may say that the assistance programs do not affect them, then maybe the cut on deductions on homeowner will. It may not affect someone individually that bad, but think about America.

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

As for the administration of the tax credit, the deduction would be applied to the tax bill of a corporation at the end of the year, as to not interfere or complicate their current tax accounting systems. Furthermore, the tax deduction earned from utilizing this credit could only amount to 30% of a corporation’s tax bill for a year. As it stood, the tax credit plan would have been able to create sufficient incentive for businesses to invest in new property, plant, and equipment, and through this, new employment opportunities would arise and the increase in production capacity would increase the ability of American firms to export products, which would impact the balance of payments. The Kennedy administration lobbied immensely in hopes of passing the bill as it stood, but as the proposal progressed through Congress, the House of Representatives Ways and Means committee removed the multi-tiered system and replaced it with a flat, 7% credit for the cost of new machinery or equipment. In its modified form, the tax investment plan accomplishes the same objective, just to a lesser degree than Secretary Dillon and the

The flat tax will restore fairness to the tax law by treating everyone the same. No matter how much

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 website offers honest feedback on the details of tax cuts and job act. The Tax Cuts and Jobs Act is a tax plan, which would spur an additional $1 trillion in federal revenues from economic growth. These new revenues would reduce the cost of the plan. The tax plan limits several other deductions and, in some cases, eliminate. It also expands the child tax credit from $1,000 to $2,000, while increasing the phaseout from $110,000 in current law to $400,000 for married couples. The first $1,400 would be refundable. Several sections for this website address the process and give good insight

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

The encouragement of economic disparity because of these tax cuts is bad for America. The US should be aiming for more social and economic equality for everybody. Tax cuts can slow down the economy by putting more money into the wealthy peoples’ hands and giving less to the people who need it.

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.