No one enjoys paying taxes because it means giving up some of their hard earned money. Throughout the history of the United States, many people vote for the candidate that they feel will improve their financial situation. Most rich people vote for the candidate who wants to lower taxes on the wealthy, usually the republican nominee. Most lower class people vote for the candidate that they think will lower taxes for the lower class and cause the upper class pay more to cover for it, which is usually the democratic nominee. The two main candidates in this presidential election, Donald Trump and Hillary Clinton, have two very different plans for taxation and improving the economy if elected, both of which would benefit many people in various ways. …show more content…
Clinton would implement a “fair share surcharge” on millionaires and billionaires that would result in ensuring that the upper class pay the same tax rate as the lower class. The “fair share surcharge” will be a four percent increase in taxes on all taxpayers who make more than five million dollars a year. Clinton also would cut taxes for small businesses so that they can grow. Once the business has grown, their taxes would increase. Clinton believes that the current corporate tax rate of 35 percent is a fitting amount of money for large businesses to pay. Another area of the economy that Trump and Clinton have different ideas on is estate taxes. Clinton would increase the estate tax by fifteen percent to make it at 65 percent of the worth. Clinton would also apply the estate tax to more properties. It currently applies to all estates worth about 5.5 million dollars and more if it belongs to one person. Clinton wants to apply it to all estates worth more than 3.5 million dollars if it belongs to one person. Clinton’s plan could decrease the national debt by as much as 1.9 trillion dollars. While many wealthy people would be financially harmed by this plan, it would increase the amount of money in the federal economy and would allow lower class people to use their money for other …show more content…
Trump plans to decrease the number of tax brackets from the current seven to three. Anyone who earns more than 225,000 dollars a year would pay 33 percent in taxes. This is as much as a 6.9 percent tax cut for the wealthy. The second bracket would apply to people who earn 75,000 to 225,000 dollars a year. These people would have to pay 25 percent in taxes, which would cut taxes for them by, at most, eight percent. The third and final bracket would cause people who make less than 75,000 dollars per year to pay 12 percent in taxes. For most, this would be a tax cut. However, the poorest people would have to pay two percent more than currently. This part of Trump’s plan would benefit most people, but it would hurt the people who need the most help. Trump has not mentioned changing anything for small businesses’ taxes, but he has proposed major tax cuts for corporations. Trump wants to cut taxes from 35 percent to only 15 percent. According to the Tax Foundation, this would cost the country 1.5 trillion dollars, which would increase our national debt immensely. As far as the estate tax, Trump wants to eliminate it. This overall plan could increase the national debt by as much as 5.9 trillion dollars. However, this tax plan would benefit the majority of the country’s individuals, especially wealthy
When he says this he right away brings those people that actually have refinanced to agree with him relating to their thoughts and situations. Also when appealing to logic it can be better to use facts and statistics to get your point across. Throughout his speech he is giving percentages such as in paragraphs ten and eleven he uses numbers. Some examples are in paragraph eleven, “ On April 15th when people pay their taxes, somewhere between 15 million and 18 million working families on modest incomes, families with children and incomes of tinder $23,000, will get a tax cut, not a tax increase, in the most important effort to ensure that we reward work and family in the last 20 years”, (Bill Clinton, November 13, 1993) he puts out numbers so that it is factual evidence rather than only what he
Taxes. We hate to love them and love to hate them. The mere mention of the word can stir heated debates and has done so for centuries. None was more prevalent than during colony times. During this time, on one side was the British Parliament while on the other side were the colonists, both arguing, either verbally or in written text, about which side did or did not have the right to tax the colonies. Soame Jenyns was one of these men who sided with the mother country in the tax debate.
Americans and people around the world may wonder what caused President Bill Clinton to improve the economy in the United States of America, and actually work hard, be persistent, and have courage in the face of adversity. The majority of the American people would have thought that recently elected President Bill Clinton would have not been a “people’s president” and just wanted to be elected president to gain power, and get rich; but they were completely wrong. On the other hand, as soon as president Bill Clinton and Vice President Al Gore were elected into office, they immediately launched their economic strategy, which was split into three sections. The first section contained, “establishing fiscal discipline eliminating the budget deficit and keeping interest rates low”. Equally important, the second section included, “investing in people through education, training, science, and
While this would normally pose a problem to the federal budget, it will not due to current conditions. The amount of money formerly spent on national security, meaning military and defense spending has been severely reduced (Albertson, 139). This frees up a large amount of money to be used for other goals. These goals should be those of improving the standard of living for each and every American and not the immediate reduction of taxes, a goal which many members of the Republican party would like to see pursued. The programs initiated under the policies of the New Deal and Fair Deal should not simply be maintained, instead they should be expanded upon.
The tax policy in the United States is very confusing. When the tax policy was originally written in 1913 it was four hundred pages. Now, over the past ninety one years, that tax policy has evolved to over 72,000 pages. Since the tax code has become so lengthy and nearly impossible to understand, the topic of tax reform has been in the minds of many. Although, most barely think about tax reform until tax season. It is a controversial subject due to the impact a change in tax code would have on the American people. The two most popular and widely known stakeholders in this debate are the two major political parties in the United States, the Democrats and the Republicans. The two parties share absolutely no common ground on the subject of tax reform, other than thinking the other parties solution is wrong. The Democrats, in general, want to raise taxes on the wealthy, while Republicans, generally, want to cut taxes for everyone (Democratic Party) (GOP). Unfortunately, with the United States economy currently doing so poorly, the parties can no longer afford to remain at a standstill, some sort of compromise is going to have to be made. The implementation of a flat tax, and discarding the current tax system would be a compromise that both parties can agree on and will simplify the tax code, overall benefiting all Americans.
Many ponder the idea of federal taxes and whether the wealthy deserve to pay a higher percentage rate of their overall income. That is, they argue that because our society needs more equality and a lower national budget deficit, taxes on the rich must be raised. This specific topic has been discussed for decades, and due to the severely different perspectives, it is unclear whether the two sides will ever come to an agreement. President Barack Obama and much of the Democratic Party strongly lean towards raising taxes on the rich, while the conservatives and the Republican Party heavily lean towards a more balanced flat tax. However, after extensive research and focus on what would be best for the equality of individuals, the nation and its economy, this paper will firmly prove that the top one percent should not be taxed any more than they are today.
Economics is the study of currency and how it is made and distributed through our economy. Taxation is one of those main issues in this category. The Democrats and Republicans both consider taxation a major issue but both have different ways they are trying to deal with the problem. The Democrats believe that extending tax cuts to the middle class families of America that make less than 250,000$ a year while raising taxes on the extremely wealthy and huge corporations to help parents pay for college (“Democrats Unveil”). While the Republican Party says it would “try to eliminate taxes on interest, dividends and capital gains altogether for lower and middle-income taxpayers also would work to repeal the estate tax and the alternative minimum tax” (“Democrats Unveil”). They both want to change the tax policy to try to help pay off our debt and or help Americans to live an easier life. Another Key issue in this category is Medicare. Both parties believe that the Medicare policy should be changed. "Democrats adamantly oppose any efforts to privatize or voucherize Medicare" when the Republicans pledge...
Every day in New York City, hundreds of people walk past a huge digital billboard with giant numbers across its face. Each person who walks past this billboard sees a slightly different arrangement of numbers, growing larger every second. This board is the National Debt Clock, representing the over 14 trillion dollars currently owed by the United States. While some people claim that the national debt is caused by the falling economy, most maintain that the debt itself causes the poor economy (Budget Deficits 2007). Rising debt leads to higher interest and investment rates, and cuts into our national savings. Ignoring the national debt leaves the major burden of paying it off to later generations, while meanwhile allowing our country’s economy to further drop and our dependency on other nations to rise.
One of Trumps many promises is to remove Obamacare. Obamacare, is the Patient Protection and Affordable Care Act of 2010, which was placed into motion by our 44th president Barack Obama. Obamacare has caused employers to reduce their number of full-time employees to part-time to avoid having to provide government-approved health plans or being penalized. This isn't benefiting anyone but our former president Barack Obama.
One person may see that the increase taxation on the poor and the decrease taxes on the wealthy is not an issue because the wealthy pay a lot of taxes already. However, many people don’t realize the fact that, yes, the wealthy are paying a lot of taxes because they make more money, but they can afford to pay more. Recently, in a CNN article, more than forty millionaires want their taxes to increase, which proves the fact that the wealthy have plenty of money to give back to the community. In addition, their just going to keep getting wealthier and wealthier by the
“The wealthiest pay too little in taxes while the middle class needs more relief. I'm going to fix that. I’ll close corporate tax loopholes and make sure millionaires and billionaires can’t pay lower rates than middle-class families. And I’ll give tax relief to working families who are struggling with costs from college to health care.“I think we need to go after a company like Johnson Controls that is trying to avoid paying taxes after all of us bailed it out by pretending to sell itself in a so-called inversion in Europe,” Clinton said. This is a plan that would be agreeable with many supporters of even
The United States tax system is in complete disarray. Republicans and Democrats agree that the current tax code is complex, unfair, and costly. The income tax system is so complex; the IRS publishes 480 tax forms and 280 forms to explain the 480 forms (Armey 1). The main reason the tax system is so complex is because of the special preferences such as deductions and tax credits. Complexity in the current tax system forces Americans to spend 5.4 billion hours complying with the tax code, which is more time than it takes to manufacture every car, truck and van produced in the United States (Armey 1). Time is not the only thing that is lost with the current tax system; Americans also lose great deal of money complying with the tax code. Resources that are currently wasted on record keeping, filing forms, learning the tax code, litigation, and tax avoidance. The cost of complying with the current tax code totals about $200 billion annually, or $700 for every man, woman, and child in America (Armey 1). The overwhelming consensus that the current tax system is inadequate has ignited the search for tax reform. There are numerous proposals for tax reform; one particular proposal brought forth by various conservatives is the idea of national flat rate income tax. The idea is to replace the current income tax with a single rate that everyone pays.
The United States economy is racing ahead at dangerous speeds, and it may be too late to prevent the return of widespread inflation. Ideally the economy should move ahead gradually and grow at a steady manageable rate. Mae West once stated “Too much of a good thing can be wonderful” and it seems the U.S. Treasury Secretary agrees. The Secretary announced that due to our increasing surplus and booming economy, instead of having an outsized tax cut, we should use the surplus to further pay down the national debt. A tax cut, though most Americans would favor it initially, would prove counter productive. Cutting taxes would over stimulate an already raging economy, and enhance the possibilities of an increase in the rate of inflation. Paying off the national debt would actually help lower interest rates and boost investments, and therefore further increase the wealth of the population, while keeping inflation at bay.
Because all economic brackets are taxed equally under a flat tax, earning more money is no longer discouraged. Because there are no more marginal tax rates, people will have incentive to work more without worrying that the extra money they make will be taxed higher. It is said that the economy would grow by 5.
Tax cuts are only benefiting the richest people, and will widen the inequality gap between the rich and the poor. A recent report from the Congressional Research Service states, “as the top tax rates a...