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Why America Should Adopt A Flat Tax System - 1,841 words
Our society today has strived to become accustomed to 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 todays 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). ...
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The Flat Tax - 1,187 words
... nt of the income distribution (Hamond 1). Families with the same total income will face vastly different tax burdens depending on how they earn their income. The family that earns a larger share of its income from labor will pay a higher personal tax than the family that collects more of its income from interest, dividends, and capital gains (Hamond 1). Those in favor of the flat tax would rebut with the fact that all capital income is already taxed at the business level. One of the most debated topics on the flat tax is whether or not it increases economic growth. Proponents of the flat tax claim that the flat tax would allow Americans to keep more of the money they earn, creating the d ...
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History Of The Income Tax - 1,379 words
The federal progressive income tax has been an issue that has been argued on the floors of Congress, in front of the United States Supreme Court, in front of television cameras, and around the dinner table. The tax served its purpose in supplementing revenue during the Civil War and World War I, but continued taking from Americans income in peacetime, allowing fewer dollars to be spent on goods and services. When the American government was in a deficit, it was harder to argue for the abolishment of the income tax, but now that Congress is looking at a government surplus for the first time in decades, the question is raised again: Do we have to have a progressive federal income tax? Prior to ...
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History Of The Income Tax - 1,315 words
... eral government would gain the power to tax state and municipal bonds, but New York passed the amendment on its second try. Other eastern states also had movements against the amendment, but they eventually ratified it as well. Wyomings ratification on February 3, 1913, gave Congress the three-quarters majority it needed to make the amendment part of the U.S. Constitution. Congress now had the ability of the federal government to levy taxes on income. Six other states eventually ratified the amendment, bringing the total to forty-two. Only Connecticut, Florida, Rhode Island, and Utah failed in its attempts to ratify the amendment. Pennsylvania and Virginia never attempted to ratify. The ...
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The Industrial Revolution A Blessing To The Common Man - 1,145 words
Since the dawn of creation all goods were constructed by hand. It was a drastic shift from simple hand tools to power machinery that changed the world forever. This radical change came to be known as the Industrial Revolutionfor it had an astounding affect on the economic, political, and social spheres of the nineteenth century. Before the eighteenth century England was primarily an agrarian society. Though some were wealthy landholders, the majority of Englishmen were impoverished. For the most part life revolved around the agricultural process of planting, cultivating, harvesting, and processing the harvest. Despite the inherent difficulties of this lifestyle, this routine seldom changed b ...
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Our Tax System Needs Changing - 5,212 words
Our current tax system is complex, costly, and unfair. Surely, America can do better for our children than redistribution and regulation. Our nation is over four trillion dollars in debt. It is time to act instead of letting lawyers and politicians play with our money. A flat tax plan is a simple solution to remedy the stagnant apathy our nation has been so accustomed to for the last seventy years. A flat tax would make calculating and collecting tax simple. According to 1996 studies, Americans devote 5.4 billion dollars a year to Federal Tax related paperwork. The IRS estimates that that it takes about 27 hours for the average family to keep records and prepare an itemized form 1040 with a ...
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Our Tax System Needs Changing - 5,123 words
... rate income tax as well as the personal income tax. Most, however, do not address payroll taxes. Both Social Security and Medicare face significant long-term structural problems. But while flat taxes could be designed to include substantial reform of Social Security and Medicare financing mechanisms, most lawmakers believe that problems of the income tax code should be addressed separately from those faced by retirement programs. CONCLUSION The current income tax system punishes the economy, imposes heavy compliance costs on taxpayers, rewards special interests, and makes America less competitive. A flat tax would reduce these ill effects dramatically. Perhaps more important, it would re ...
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Anything - 1,195 words
Who do you want to become president of the United States of America? In this Report I am going to tell you who I want to become president and why. I will cover the beliefs of my candidate and myself. I will cover all of the issues in the presidential race. Lastly I will cover where my candidate stands in the race according to the states preliminaries. I will use different types of resources so that my candidates beliefs are correct. The issues in the presidential race are the concerns we the people of America have. The first issue is gun control; gun control is a major issue that Americans are concerned with. Gun control covers safeties for the guns, in example trigger locks are a safety mod ...
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Pain In The World - 1,825 words
... will also deliver across-the-board tax relief of up to $1,100 (federal/provincial) to the average taxpayer. Increase the married and equivalent spouse amount to $12,000 by 2005. When this change is fully implemented, a single earner family would not pay income tax until their income reached $24,000 per year. Introduce a child tax amount of $1,176 to assist Canadian families. This will create a tax cut for families with children of $200 per child. Eliminate the personal capital gains tax immediately. This will free venture capital, reward personal initiative and help reverse the brain drain by encouraging entrepreneurs to build their future in Canada. Cut excise taxes on gasoline, di ...
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Critique Of American Democracy - 1,177 words
The introspective argument produced by Alexis De Tocqueville in his literary work entitled Democracy in America of the American democratic system is both cynical and enlightening. His prospective as a Frenchman on the bureaucracy of this nation cast new light on a government that is proclaimed to be superior then all others. How persuasive his arguments are that any American citizen who has had the privilege to read this transcription must question the convention of democracy. Analytically approached, a response shall be given to agree or disagree with Tocquevilles remarks. Alexis is far more knowledgeable but an effort will be given to advocate democracy and give credit to the statements th ...
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Policy Proposal For Economic Reform In Russia - 1,361 words
... an independent central bank which is not a puppet of the government and aims to maintain a stable monetary supply (as opposed to supporting state industry) as its primary goal. This action would free up many billions of dollars by giving Russians confidence in the ruble. It would also force the government to pay for state industries through taxation, not inflation. In the immediate short run, the government would be force to cut loose thousands of state enterprises which is why this policy is so difficult to implement, but in the long run Russia would benefit enormously from the increased investment. Lenin correctly pointed out that the best way to destroy the capitalist system was to d ...
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Venue - 733 words
State Revenue There are many different types of revenues that are available to a state. Some revenues can be regressive, progressive, and proportional taxes. A regressive tax puts a large burden on lower income citizens then the higher income citizens because it just adds up to more proportion of low income citizens of their earned income. A progressive tax is a tax that goes up as a citizens income goes up. This is more favorable taxes to low income and not high income citizens. A proportional tax or also called a flat tax is a tax that is the same amount for all incomes. The terms elasticity and yield are important to have knowledge for before understanding any taxes that brings in state r ...
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Robbing American Taxpayers Through Big Business - 1,407 words
... on.9 Sematech was launched in 1986 to promote the U.S. microchip industry over rivals in Japan and Germany. It spent several billion dollars of U.S tax dollars for the purpose of boosting the sales and profitability of U.S. chip producers--such as Intel. Now, some twelve years later and after spending taxpayer funds to prop up Intel, the Federal Trade Commission is spending taxpayer dollars to sue Intel under antitrust statutes for being too big and too profitable. As these examples demonstrate, government provides special benefits to individual industries and companies through a vast array of policy levers. The three major business benefits doled out by Congress are spending programs, s ...
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Global Warming - 1,131 words
One of the hottest topics being discussed now a days is the effects of global warming on the environment and the efforts being made in order to combat the potential effects. Simply put, global warming refers to the environmental effects caused by the constant emission of carbon dioxide from carbon based fuels. These effects are supposedly widespread; the temperature of the earth will rise, the land becomes less conducive to, vegetation, and various ecosystems become extinct. There is no common consensus on how to control the problem and through out the paper it discusses the issues of global warming. There were three articles read that discussed how global warming is becoming a potential pro ...
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