No Taxation without Representation

1850 Words4 Pages

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 it means for American’s to have life, liberty, and the pursuit of happiness as described in the Declaration of Independence, the responses will vary drastically.

Background: United States Economy and Reasons for Taxation

The U.S. economy is considered a mixed market economy, which combines production from private and public sectors to consumers that regulates prices based upon a supply and demand model. The private sector takes a capitalist economic approach which allows individuals to profit through acquiring capital and employing to control the production and distribution of goods or services. Due to the nature of capitalism, it promotes entrepreneurship, risk taking, competition, innovation, and economic growth. People from around the world migrate to the United States to take advantage of what we know as the “American Dream.” In 1931, James Adams defined the American Dream as:

"That dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement."

For entrepreneurs whom are willing to accept the risk associated with starting a business, some have made themselves extremely wealthy. Although our economy is focused on capitalism as a means of promo...

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Garson, D. "The Tax Reform Act of 1986." The Tax Reform Act of 1986. Pearson Higher Education. Web. 22 Apr. 2011. .

"What Is the AMT?" Tax Policy Center Home. Web. 22 Apr. 2011. Urban Institute and Brookings Insitution. .

Drucker, ByJesse. "The Tax Haven That's Saving Google Billions - BusinessWeek." Businessweek - Business News, Stock Market & Financial Advice. 21 Oct. 2010. Web. 22 Apr. 2011. .

Bachman, Paul, Jonathan Haughton, Laurence J. Kotlikoff, Alfonso Sanchez-Penalver, and David G. Tuerck. Taxing Sales under the FairTax: What Rate Works? Cambridge, MA: National Bureau of Economic Research, 2006. Print.

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