The Tax Code Of The United States

1458 WordsMar 29, 20176 Pages
Frederic Bastiat, a French intellectual who wrote about economics and government in the first half of the nineteenth century, penned, “When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.” This paper will focus on the legal system that authorizes said plunder in the United States. The tax code of the U.S., as of early 2017, is complicated and extremely lengthy. The majority of Americans consult professionals who study the tax code, in order to pay what the government requires of them, because the average citizen cannot understand the complexities of it. There is a plethora of reasons that the United…show more content…
Only one calculation would be required: total income x tax rate (%). There would be a similar policy for businesses of all sizes, from the largest corporation in the country, to the locally owned antique store around the corner. Net income multiplied by the all-encompassing tax rate would produce the amount the business would need to pay. What that rate would be is the decision of Congress. To understand the flat tax system more clearly, Ben Carson’s plan will be briefly described. During the 2016 GOP primaries, Ben Carson published a tax proposition that would set federal income tax at 14.9% for all Americans. Adjusted for projected economic growth, it would, according to the Tax Foundation, cut tax-generated revenue by $2.5 trillion over 10 years. Dr. Carson’s plan would eliminate capital gains, interest, and dividends tax. It would eliminate all tax credits, all itemized deductions, the taxation of Social Security income, and the Alternative Minimum Tax. Lastly, at the individual level, it would require a minimum payment of $100 per citizen, accounting for those who fell into his category of exemption (those 150% under the poverty level). For businesses, Ben Carson also proposed a 14.9% flat tax. The new tax system for businesses would eradicate all deductions. The impacts of his plan included an increase in tax payments for all but the top 10% of income earners, a 16% increase in GDP, a 10.9% increase in wage rate,

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