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Importance of taxation
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Taxes are financial charges laid upon individuals or property owners to support the government, it includes the expenditures on war, the enforcement of law and public order, protection of property, economic infrastructure, public works, social engineering, to fund welfare and public services, and the operation of government itself. It’s for the well-being of the country and to avoid any misunderstanding towards its citizens and public servants of the government. It only shows that it is fundamental for individuals to pay their taxes properly and in the right time for the country so it can prosper well and maybe it can increase the percentage of our country’s rate on how it improves by its own aspects. However, we must be cautious at all times knowing that our country has suffered enough from its own chains of corruption and valley of such evil who always been a pain to hinder us in getting our rightful place in a peaceful society that we can live in. It’s our obligation to fulfill actions that can be beneficial for all the Filipinos to strengthen their hopes for a better state. You cannot easily predict the country’s own trends how it increase and decline in such factors that it may affect the lives of the Filipino people who wanted to have many improvements on how the government help us in different ways that it can be considered as acceptable to ease our pain from the effects of graft and corruption and poverty. Furthermore, it’s our fault that taxes are like burdens of life because of the fact that it all started in the government because when corruption began its origin as we speak is obviously in there. The government officials who have higher ranking positions can lurk around the Malacañang Palace without any hesitations t... ... middle of paper ... ...nt that ever happens for us. Let us be the one who will make the massive difference that will be the huge leap for us to be a good citizen for our country and to prevent other countries to take over us and hope that we can do this in a way that no one will not contradict us. We must not break the strong bonds of all Filipino people towards a good future even though it’s hard for us we can do it because we are special individuals who can do anything to save our state for us to live longer and not be guilty anymore. Taxes are not burden but a key to unfold a new chapter and a new beginning. Our nation must not forget this so we transform our country from corruption to the sunlit path of prosperity. Now is the time for us to realize that we should be the instrument to end the country’s suffering and to change the system that led us to corruption in the first place.
Taxation is a system that the government uses to gain money, they gain this money to support the government and provide public services. The government may secure their profits without taxation from natural resources, products, or services. (Taxation 1)
It is therefore necessary to look not just on the economy model but also on the way things are governed. Politics play an important role in the economic depression and it will also play an important role in the economic growth. Any long term growth will be dependent on the how the country is managed not just economically but also politically. It should be important to note that corruption in government is never good to the economy. In fact, history shows that corruption causes the economy to fall into crisis. Two things are needed to solve the problem of the economy, the right stimulation, as offered by the author, and the right policies and clean politics in Washington. With these, the country will be able to escape the depression that it is now in.
Taxation has always been a major controversy. Just like any major corporation, the government is constantly looking to raise revenue. The easiest and fairest way to do this is by taxing the people. However, how the people will be taxed is always an issue.
Tax reform has undergone much debate in the political stratosphere recently. The tax system has been stigmatized because of a multitude of reasons that include corruption. Additionally, tax reform is a very complex issue. In addition, there has been an abundance of negotiations in Congress to pass some type of tax reform. Despite these talks, actual action has remained stagnant. This topic clearly reflects the collective action principle and the policy principle due to failed tax reform negotiations and the outcomes of various legislation.
Harold A. Crouch. 1985. Economic change social structure and political systems in Southeast Asia: Philippine development compared with the other Asian countries. Institute of southeast Asian studies
The four types of taxes this paper will discuss are income tax, sales tax, property tax, and user fees. Income tax was not permanently established until the 16th Amendment was passed in 1913. Most federal taxes had been previously derived from excise taxes on tobacco and alcohol and other consumer goods. The US Constitution, when written and still continues to, legitimize taxation in the United States through Article I, Section 8, that Congress has the power to lay and collect taxes, duties et al, pay the debts or provide for the common defense and general welfare of the United States (Cornell Law LII). Investopedia defines income tax as ‘a tax government(s) impose on financial income generated by all entities within their jurisdictions (Investopedia, 2014). Businesses and individuals are required to file an income tax return every year to determine if they owe taxes or qualify for a refund. That is determined by measuring the total income one earns to a designated tax rate, calculating one’s taxable income, which are some or all items of income reduced by other adjustments or expenses in that tax year. There are different subcategories of income tax; there is a federal income tax that is set by the federal government, apart from a few states, there is a state income tax that is imposed on their respective residents, as well as the possibility of there being local income tax ...
Over the years, the Philippines has gone from being one of the richest countries in Asia to being one of the poorest. It has experienced growth and development since World War II. The current administration under President Gloria Macapagal-Arroyo is aiming for a more rapid growth in the coming years. In 2004, the Philippine economy grew by 6.1% surprising everyone. In 2005, the Philippine peso appreciated by 6%, the fastest in the Asian region for that year. At present, the administration is meeting its expected target growth and is continually looking positive for the future.
The pocketing of profits by corrupt government officials shows characteristics of patrimonialism, which not only hinders the economy because these profits are the sole source of revenue for the nation, but also harms the democratic stability of the nation and can to some extent cause the regime changes of the nation. The civic conflicts of the nation are not handled by the government and not only do these conflicts drain revenue from the government, but shows the lack of mobilization in the government, possibly due to a lack of taxation, due to the resource curse. These claims show that the resource curse has affected the government and economy of Nigeria greatly as it leads to an ineffective and corrupt government with a hindered chance of democratization, with civic conflict that cannot be controlled by the civic government.
Political instability and corruption is a major impact on growth. The rule of law and appropriate enforcement is needed to create an established system of honesty and loyalty in society. Corruption is people acting in an official capacity of trust and responsibility misusing their position for private gain. When there is this sense of corruption many things are affected. Corruption discourages investment due to lack of business ethics.
... that had belonged to Ferdinand Marcos” (Guzman). What the government uncovered proves that Marcos did indeed steal from the government. Even though people did accuse Marcos of stealing from the government, he was never convicted of actually doing it. Marcos was lying to his people a good president should not do that. When Marcos was president for twenty years he did very little to actually help the people of the Philippines. In fact, while he was president the economy slowly kept getting worse and worse. He wanted to try to improve different aspects of the government but ended up doing the opposite. Another thing that Marcos did was declare martial law on the country. He ended up killing other political figures who did not support the decisions that he was making and his political party. Ferdinand Marcos deserves to be included in the Top 10 “Worst Dictator” list.
Over the last few years, the issue of corruption--the abuse of public office for private gain--has attracted renewed interest, both among academics and policymakers. There are a number of reasons why this topic has come under recent inspection. Corruption scandals have toppled governments in both major industrial countries and developing countries. In the transition countries, the shift from command economies to free market economies has created massive opportunities for the appropriation of rents, excessive profits, and has often been accompanied by a change from a well-organized system of corruption to a more chaotic and deleterious one. With the end of the cold war, donor countries have placed less emphasis on political considerations in allocating foreign aid among developing countries and have paid more attention to cases in which aid funds have been misused and have not reached the poor. And slow economic growth has persisted in many countries with malfunctioning institutions. This renewed interest has led to a new flurry of empirical research on the causes and consequences of corruption.
The Philippines has long been a country with a struggling economy. Ever since World War II, they have struggled to have a steady government and labor system. Independence did not bring any social changes to the country. The hacienda system still persists in the country, where large estates are farmed by sharecroppers. More the half the population are peasants and 20 percent of the population owns 60 percent of the land. Although the sharecropper is supposed to receive half of the harvest, most of the peasant's actual income goes to paying off debts to the landowner. Poverty and conflict strained the industrial growth of the country with many Presidents trying to fix the problems, but failing to do so. Factors that have faced the country are there is almost 9 percent unemployment, and the country suffers from the consequences of a balance of trade deficit. With the resources that the Philippines have, they are capable of pulling themselves out of the economical hole they are in and being up to par with their successful neighboring countries.
For many years, Philippine politics have been viewed as a political disappointment as a result of graft, corruption, political dynasties, political killings and election anomalies. On the other hand, politicians are not by any stretch of the imagination to render public services but to learn fast and gain a self-advantage. This is exactly why it is particularly worth making all the required capital interests in looking for an elective position that is why governmental issues in the Philippine is an exceptionally productive speculation. This essay will explain why Philippine politics today is characterized by anomalies and controversies that result to high percentage
A. A. The Philippines People, Poverty and Politics. New York: The New York Times. St. Martins's P, 1987. 1-225.
All government’s ultimate goal is to maintain a strong and sustainable economy but there are so many factor to consider in making it work right. Economic is a complicated matter but is very important. The government is there to look after its people and one of their goal is to provide everyone a better/higher standard of living. In this report we would like to look at the Philippine economy using the concept of Inflation and will extend the report to the importance of GDP