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Example research essay topic: Rich And Poor Billion Dollars - 1,570 words

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Running Head: Socio-Economic Factor Socio-Economic Factor (Authors Name) (Institution Name) Introduction to Socio-Economic Factors In this essay we shall try to highlight the socio-economic factors that affect individuals, communities and nations as a while. While a wide and full range of factors in their combinations contribute in the present time scenarios under which we live and manage ourselves, the most important factors that have to be taken into account are the following: Misuse of Tax Shelter Haven Raising Government Revenues and Implementing Critical Issues Social Difference between the Rich and Poor and Inequality between Generations Societies Most Vulnerable Social Parity Differences in Education Cohabiting Couples and Prevalent Family Forms The Role of Government in Society and the Democratic Control of Economy Middle Class Women Burden of Collective Goods Misuse of Tax Shelter Haven The misuse of the tax shelter has been one of the biggest sources of hidden profits for Corporate American over the years. Many experts have put forward estimates according to which the United States Treasury loses approximately 50 billion dollars every year and the ordinary taxpayers have to in their place foot the bill. When we try to find the ways and reasons through which large corporations and rich individuals justify the cuts in their taxes by the intricate manner in which they hide behind tax shelters, we find that the roles of blue chip accounting firms in secretive deals are a dominant factor. While on the one hand the taxes that corporations avoid paying is in the form of profits passed on to the shareholders, employees, customers and executives of the corporations, on the other hand the tax burden is negatively distributed and recovered from other sources. This issue therefore becomes a legally and morally abused one in any society.

Corporations as a whole have over the past 50 years have steadily been declining to fairly share the tax burden and the past 20 years have seen them breach unparalleled levels of fairness based responsibility and their argument that they only exist on paper seems to be a shameless way of hiding underneath the tax shelter umbrella. The real issue of every member paying their taxes including the corporations with honesty is a concept that has not been implemented in the way it should have been and corporations have been allowed to find loop-holes within the system in connivance with the high powered batteries of expert accounting firms which appear to be specialized in finding ways and means of not having to pay fair taxes. We have cases where Congress has enacted laws that encourage leasing so as to give stimulation to businesses and here we can take the example of an Airline Company that for instance wants to buy planes but due to not having money borrows from the banks or raises capital from the stock market by floating equities to buy the planes. The Airliner can even acquire the planes by leasing in which case the banks could buy the planes and lease them to the manufacturer which in turn would provide the planes to the Airliner on mutually agreed terms and conditions.

The banks thereafter can claim tax deductions on the grounds of the planes value being depreciated. These ways of taking advantage of tax shelters in therefore advantageous to all parties because the Airline business is not all that profitable and in normal circumstances have no need to seek tax shelters, while banks do highly profitable business and need to take advantage of the tax shelter facilities that are available to them. When we consider the overall net effect in such types of transactions we find that economic activities are stimulated and help to create jobs and even spurt forward economic growths. Similar examples can be taken of corporations which have existing assets in other countries which are leased to American banks and immediately leased to overseas cities, which according to the Internal Revenue Services, many in the Congress and various tax firms no business activity concurs and the money flow proves to be circular. Therefore there is a strong possibility in cases like this that money in reality never moved and stayed in the same banks during the transactions with changes being shown only in written form on paper. These forms of transactions are not what the laws were enacted for because it is the overseas cities which gains fees and it is only the banks that get tax deductions while nothing is gained by the U.

S. Treasury. Experts estimate that the benefits to the treasury can vary anywhere between 15 billion dollars to 50 billion dollars per year if illegitimate tax shelters were closed down. In this same context, the estimated losses reported by the General Accounting Office to the treasury amount to approximately 85 billion dollars over the last few years and these are only those shelters that are known by the Internal Revenue Services and this amount is equivalent to more than one years total war cost of the prevalent Iraq war.

Raising Government Revenues and Implementing Critical Issues State must streamline government, reduce spending and raise revenue by putting its house in order and streamlining state and local governments A long-term solution has also to be found for our foreseeable energy needs and a proper education system that brings advantageously our children into the new century is necessary. There should be simplified business tax facility, an efficient catastrophic health care plan that is 50 percent cheaper to businesses and individuals alike. There should also be cuts in state spending with sweeping reforms to state and local government and investments should be made in areas that are critical for economic growth in areas such as health care, education and job creation. The reform plans should ensure that a streamlined government delivers public services in the most cost-effective manner possible with structural reforms made to save the states and the government billions of dollars with the intention of further investments being made for the better future of the country. Furthermore there should be diversification of the economy to create a cutting edge health care system that provides a powerful incentive and investments should also be included for bridging the divides between education services so that it becomes affordable for all. An improved infrastructure should provide for affordable housing that also works with the private sector in creating job opportunities for the citizens.

Tough, bold and innovative choices will have to be made to meet the challenges of the future that will guide the country into becoming a leader in global economy. (Rep. Andy Dillon) Social Difference between the Rich and Poor and Inequality between Generations While the gap between the rich and poor continues to widen, the notion that in a country like the United States, any child has the opportunity to grow up and someday become the president of the country seems like a dream that is fading away and the further most thing likely to happen in reality. While in the past we have examples where as the 15 th child, Benjamin Franklin started out as penniless candle and soap makers son to accumulate enough wealth to retire to the life of a politician at the age of 42. In recent times, we also have the example of President Bush's close and most trusted staff who grew up in a humble two bedroom house and whose first job was of a driver with Kellogg from where he eventually rose to the prestigious position of an attorney general.

However, in our present times all these examples seem like a myth because since the 1970 s, children who are born rich are likely to get richer and children who are born in poor or middle class family's are most likely to remain stuck in the circumstances they were born with. Despite the increase in the number of colleges, affirmative actions and the many social changes that are designed to give all people equal opportunities for success, American people are in the present day scenarios most likely to remain in the same economic class as their parents in clear and sharp contrast to the past gone-by times that are now 35 years old. While Americans think of their country as a place where exceptional opportunities exist, in reality over the last few decades American has become a less mobile society. Till as late as the 1980 s, according to economists the advantage passed from parent to child was in approximates of 20 percent, however, almost all earning advantages or disadvantages of ancestors were wiped out in three generations according to Gary Becker, the University of Chicago economist and Nobel laureate, in 1986 and poverty did not seem to be a culture that could persist for many generations. However, a recent research confirms that approximately 45 to 60 percent of parents' advantage in income is passed to their children. Therefore, when we take the higher sided estimates, it is not only the amount of money your parents or even your great-great grandfather's wealth that matters to given an individual a noticeable edge today.

Many Americans believe in unbounded opportunities while and have tolerated and accept the widening inequality between the rich and to poor with the belief that their children have the opportunity to go grasp the brass ring to greatness. This belief continues to shape Americas political and economic policies while technological advances, globalization and free markets erode the...


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Research essay sample on Rich And Poor Billion Dollars

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