The current tax policy in the United States is very confusing and it is very costly for our government to administer it. It is in the best interest of our country and its citizens to revise or replace our current tax policy. 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
Introduction The income tax system in our country is cumbersome, complex, and not user friendly. There are many problems associated with our system and most of the country wants a reform to the tax system. Some simply want only changes to the existing system while others want a completely new design. There are a few different alternatives available to us all which have their upside and downside. The Subtraction Method Value Added tax is one system which will be discussed here as a result of its many
Taxation is an extremely controversial topic in the United States because in order to continue to enjoy the American comforts of healthcare, social security, national and neighborhood defense, and regulated clean water and air, to name a few, we continue to increase the demands of our government without wanting to pay for the supply of services. Remember, money is a currency and can be used to consume, invest, save, pay loans (including credit cards), or pay taxes. If asking various families what
Goods and Services Tax (GST) is a wide-ranging tax levy on manufacture, sale and consumption of goods and services at a national level. One of the biggest taxation reforms in India the (GST) is all set to integrate State economies and boost overall growth. Currently, companies and businesses pay lot of indirect taxes such as VAT, service tax, sales tax, entertainment tax, octroi and luxury tax. Once GST is implemented, all these taxes would cease to exist. There would be only one tax, that too at the
International Conference on Law, Humanities and Management (ICLHM'2012) July 15-16, 2012 Singapore Goods and Services Tax – A Roadmap for India Sarkar Subhrangshu Sekhar Over the years, tax policy in the country has evolved in response to the development strategy and its changes. In the initial years, the tax policy was directed to increase the level of savings, transfer available savings for investment as envisaged by plan strategy and the need to ensure a fair distribution of incomes, to correct
federal tax policy and how they will pursue a tax reform should they become president. The tax issue is a touchy subject for republicans as they hardly won on this issue since 1988. During 2008 and 2012, the GOP has managed to lose on the tax issue to President Obama. As many issues cloud the 2016 race, one thing is certain that this race will definitely be centered on this debate over taxes. This might be the first opportunity for republicans to really have a tough talk about tax reform and remind
The philosophy of tax reform has undergone significant changes over the years in keeping with the changing perception of the role of the state. The recent approaches to tax reforms lay emphasis on minimizing distortions in tax policy to keep the economy competitive. Minimizing distortions implies reducing the marginal rates of both direct and indirect taxes. To achieve this, emphasis has shifted from vertical equity to horizontal equity. The concept of “GST” or “One Nation, One
at its breaking point. Our current tax system penalizes those that work and save money. People who pay no taxes still get to enjoy the benefits. "A revolutionary change in our tax system is fundamental to re-energizing the American economy and restoring the American dream." (Moore) The United States income tax should be replaced with a consumption tax such as the flat tax to
organizations over just one group. Coalitions can build support for many goals, such as tax policies, that are on the agenda for today for lobbyists such as Americans for tax reform. Americans for Tax Reform is an interest group that deals with addressing tax issues. This interest group primarily lobbies for a flat tax. They don’t care if it is a flat sales tax or a flat income tax but they want a flat tax. This interest group is most similar to individualistic conservatives’ ideology. The major
spending. However, the current tax code bears very little resemblance to the relatively simple codes that were originally written into law. Today’s tax laws have grown astonishingly complex and unequally distributes the burden of tax liabilities. Our country should confront the issues derived from the increasing complexity of the tax laws and equally distribute the obligations to each taxpayer. Virtually all citizens and politicians alike, agree that the current tax code is entirely too complex, yet