The Pros And Cons Of The Fair Tax Plan

About 400,000 illegal immigrants come to the United States each year, each one with their own story and reasons. These illegal immigrants often have sorrowful stories that make you want to sympathize with them, but these immigrants never think about how their presence affects the United States. On September 5th, “President Trump and Attorney General Jeff Sessions announced the end of the DACA program; they contended that undocumented immigrants took economic opportunities away from citizens and lawful permanent residents” (DREAM). The DACA program was created in 2012 by President Obama and allowed illegal immigrants to stay in the United States. Recently, President Trump ended the program, but gave Congress a window to formulate a better plan

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

I believe that my side, which is against the “balance budget amendment”, has week arguments. The article does not provide any arguments based on facts, but instead speculations and opinions. The author discusses many negative outcomes that this amendment would have on the stimulus the government provides and efficiency of the economy, despite that his rationale behind these arguments is reasonable he does not provide historical examples, statistics, etc.

On CNN news, Democratic senator Bernie Sanders and Republican senator Ted Cruz debated about the GOP tax plan debate. The GOP tax plan proposed to lower corporate tax rates and decrease federal income tax brackets. Senator Cruz argued that by lowering corporate tax rates, there will be more jobs and revenue because of the trickle down effect. Senator Sanders argues that this tax plan will only benefit one-tenth of the one percent.

My choice for a solution for maintaining the solvency of the Social Security administration is to Raising the Income Cap. With any solution you chose there are pros and cons to each choice. We first have to look at the Social Security’s taxable maximum. In 1937, it’s a payroll taxes applied on your first $3,000 in earnings, in 2011, $106,800 on first earnings, and in 2015, $118,500 on first earnings. According to Senate Committee on Aging (2010), eliminating the taxable maximum without the increasing of benefits will decrease the 75-year actuarial deficit by 2.32 percent. With the increase the deficit would be reduced by 1.89 percent of taxable payroll. “Increasing the cap on taxable earnings would generate greater payroll tax revenues to reduce

When you look at fairness of a sales tax you have to look at what is being taxed. In Texas sales tax is charged for everything you buy at a store except for unprepared foods and some Health supplies. It doesn’t matter if you are rich or poor you will not pay taxes for putting food on your family’s table. You will pay taxes on clothing, sporting goods, cars and household goods. So how is this fair? Its fair because you are paying a flat percentage of the sales price. If you are rich you are probably going to buy the more expensive

Opponents of the FairTax Act also like to point out that corporations are naturally greedy and will not pass on the savings that the laid off army of tax avoiding and compliance lawyers and accompanying staffs will give them. They somehow believe all corporations are in collusion with price fixing and will not lower prices. Corporations to them are the reason for society’s problems and do nothing to help common people. Opponents like these conveniently forget the cola wars, burger battles and the countless other advertisements

The current tax system is named progressive tax. Progressive tax is established off the people who make more money pay more in taxes while the people who make less money pay less in taxes. This system does not fit in well with today 's society because the more compensated are charged much more than the less compensated, “the top 1% of taxpayers have consistently paid more in federal income taxes than the bottom 90% since 2003 and that share has increased almost every year since 1980” (Phillips). Having the top 1% of taxpayers pay more than the super majority of the country is extraordinarily unfair to the 1%. A main principle of the United States is equality, so the tax policy should be more equal. With flat tax enacted every person would be paying the identical percentage of tax. With this in mind, it is not exactly equal, but very close. On the flip side, it does give the lower income people a break while

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

Our society today has strived to become familiar with our present tax system, but some just cannot come to terms with it. The current tax code is unfair to those who are single, work for under $50, 000 dollars per year, or have large families. The high tax percentages and low exemptions make it difficult for the average worker to prosper and get ahead in today’s world. The tax system also discourages citizens from saving and investing their earnings, ultimately pulling down the American economy. Over the past few years numerous proposals for a flat tax rate have surfaced and been reviewed. These proposals promise large tax cuts, fewer federal forms and costs, and larger exemptions (Armey 2). The United States should adopt a flat

The supporters of the Flat Tax system are quick to point out this system's attributes but not as quickly as the criticisms by those who oppose it. The filing of taxes each year would be much easier because there would be one set rate to pay. This type of system also discourages, and makes it almost impossible, to find and use any existing schemes that are present to avoid paying taxes. However, because there is a set rate at which everyone needs to pay, this system is quite unfair. Those who earn and have a lot of money should not pay the same amount as someone who has only a fraction of their wealth. The wealthier you are, the more you should pay because you can afford it. If there is a set tax rate it would be too high to some people and pocket change to others. A system like this also takes away many, if not all tax deductions. An event like this would cause irreparable injury to the middle class, who often times rely heavily on money they will get back from tax deductions.

The US economy is showing some impressive stats this quarter. Despite the hurricanes GDP growth is still hovering at 3% and the unemployment rate is right in the middle of the range of the natural rate of employment at 4.2% (Egan, 2017). However, Trump still believes the economy needs a large tax-cut, in fact he wants to enact “the BIGGEST tax cut” according to his Twitter (Egan, 2017). Not surprisingly, many economist disagree with Trump’s plan. The current idea Trump has is to cut the corporate tax rate by 15%, taking it from 35% to 20%. According to the Tax Policy Center estimates this plant would cut “federal revenue by $2.4 trillion over 10 years and by $3.2 trillion over the second

This bill has done many things for the united states and has given American consumers the confidence needed in order to trust their hard earned money in the hands of agencies and corporations. As discussed there are many pros for the American people. An obscene amount of corporations and small business have taken hits and lost large profits during the six year tenure of this bill, as well. Many believe that this bill has done great things to put trust and honesty back into our nation, while others argue that it has failed and needs to be abolished. It is uncertain whether or not the initiative will make it to see it’s seventh birthday, with revisions from the financial choice act or if the bill will be replaced all together. Either way we

WASHINGTON — The Republican race to overhaul the tax code broke into a sprint on Thursday, with House members narrowly clearing a budget blueprint that would allow a tax bill to pass Congress without any Democratic votes, and Senate leaders signaling that the bill could be introduced, debated and approved in both chambers by the end of November.

We have all heard the famous quote by Benjamin Franklin who stated, “In this world nothing can be said to be certain, except death and taxes.” (“Benjamin Franklin Quotes”) We find this to be true as we begin working and feel the pain of money being taken from our paychecks. Then we face the chore of having to file income taxes yearly. Although there are many taxes we are subject to, most people are referring to federal income tax when they complain about taxes. There has been debate for decades about the current system but there has been no agreement on how to fix it. The United States currently has a progressive tax code which means people pay taxes according to their earnings. This has been in place since the time of Abraham Lincoln. An alternative