Due to outstanding economic times we now face a federal budget surplus. This surplus is the first one since the mid sixties. Before now we have been in a federal deficit. Because our good situation we are face with a tough decision; what do we do with the extra money. Some people think we should put the money in government programs others think we should give it back to the people who gave the government the money. Giving the money back to the taxpayers appears to be the most logical thing to do with the surpluses.
The government has a moral obligation to give the money back to the taxpayers. The government does not have anything to spend the money on now. Just because we have the money doesn’t mean we have to spend it. We do not need to search for programs to spend our money on. Therefore we must give back the money while we still have it.
Tax rates are at an all-time peacetime high. When President Clinton took office, federal
Taxes consumed 17.8 cents out of every dollar earned in the United States. Now the federal
Government’s take is 20.6 cents out of every dollar. (USA Today) Budget projections indicate
that over the next ten years, the federal government will have huge budget surpluses totaling about $3 trillion. If we have a surplus at a high tax rate, why can’t the government take what it needs and lower the tax rate?
We need to lower taxes to a rate where the government does not take more than it needs. An example of how these types of practices are unheard of anywhere else is as followed; If I were to go to a bank and ask for a car loan of $10,000 and the car only costs $8,000 the bank would demand that I lower the loan amount to $8,000. Then I might say, “I can find other things to spend the $2,000 on”. The loan officer would laugh and say, “I’m sure you could but I can’t give you more that you need.” The people who oppose cutting taxes clearly believe that the money generated by federal taxes actually belongs to the federal government. Many of us who want the government to give the money back to the people believe that the money belongs to the people who paid the taxes and if they are paying more than we need to run the government, we should give it back.
Our current system of taxation is a varied rate percentage based on different income brackets. Many say that it violates our constitutional rights through unequal taxation. Multiple deductions, loopholes, special rates, and a complex system of regulations all characterize our Federal Income Tax System, prompting many to question why it is still being used (Peters, 2013). The current system although bringing in over $3 trillion, taxes income multiple times, and includes the taxing of estate, labor, savings, and investments (National Priorities Project, 2013). The system itself is complex with over 20,000 pages of regulations, requiring a massive filing system, which is set up and maintained by an even larger IRS, requiring over $225 billion in compliance costs (Hall, 2001). One can be hard pressed to find an advantage in the current system, other than the fact that it provides the government with an enormous amount of funds, and it has...
The country needs to start monitoring how the government is spending the federal budget and they need to start splitting it fairly to benefit our country. 83% of the federal budget is spent on the Big Five which are the main expenses in the budget. We have to stop spending it all on the Big Five. Our government should really pay attention to what we need most of in this country and focus on the needs. The government needs to take away 20% of the Big Five and split it to categories that need it.
Federal spending is necessary for the economy and is essential to the accomplishment of national goals and advancement. This is why a budget is needed, however, there is no actual process mentioned in the Constitution that explains how Congress should do this. The Constitution states:
To understand this compromise, there needs to be a basic understanding of the United States current tax code, more specifically in this situation the federal income tax code. The income tax makes up 46 percent of the federal governments three trillion dollar internal revenue, that is 1.38 trillion dollars (.N.p.).
Concerning the debate on our economy, republicans generally believe strongly in the power of a free market system, reduced income tax rate, more spending from the people, and less spending from the government. The Republican Party wants the tax rate to not be affected regardless of how much wealth a person has, and wants the tax rate to be reduced in order to create more private spending. According to the Republican National Convention web site, republicans “believe government should tax only to raise money for its essential functions,” such as keeping citizens safe from criminals and maintaining basic infrastructure and national security (Barton). With this being said, taxes should not be increased, but instead decreased, to lead to more spending on the free market and less spending from the federal government. The money the government uses to spend comes from the taxpayers, and republicans believe that those taxpayers have the right to use their money in other ways, such as spending on the free market, or saving it for the future. In turn, the republican idea is that when the taxes on things are lower, the people will spend more, which creates a steady, stable economy. The Republican Party would like to see a de-regulated economy with less taxing and more spending.
maintained, only thirty cents in services are for every tax dollar received, a gain of seventy
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 U.S. Constitution Preamble lists the government’s five goals for filling the needs of the citizens. The current U.S. budget is not allocating its funds to meet the goals listed in the Preamble as well as it could be. In each of the three budget clusters, the U.S. government should make adjustments in the way it is distributing money: changes involving The Big Five, changes involving The Middle Five, and changes involving The Little Guys.
Throughout the years the U.S has had more budget deficits than it has had surpluses. This is due to the excess in spending and not enough revenues to pay for it. Many have debated over the U.S budget deficit problem. However to fix the problem one has to research the past to figure out how the U.S budget deficit got to where it is now. Hopefully by figuring out this, one could project what the U.S budget deficit will look like in years to come.
Establish cut-and-invest committee, it can cut low-priority spending, increase high-priority investment, and consolidate duplicative federal programs. Cut-and-Invest Committee would expected to cut 200 billion dollars in discretionary cuts, freezing up to 100 billion dollars in high-priority investments. Downside to this may be losing a lot of blue collars jobs in current economy. I think it’s a good idea it might lose jobs but it will a lot increase a lot federal job since and it manage what is necessary and what isn’t.
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.
The use of taxes is one of the government's favorite ways to make its presence known in the economy. While this method seems blatantly obvious, many of the ways the government uses the money collected by taxation is not. Some of the money it takes is used to fund other programs designed to "protect" consumers and to "create" jobs. Be...
Some might see this as a great expense with an increase of taxes. Yet, Congress
I will first share my ideas on lowering government spending. First and foremost I believe we must lower defense spending and downsize our military. We have the most powerful military in the world and can afford some budget cuts without risking national security or global standing. We must also cut spending on the home front. I believe we should lower welfare payments and encourage people to find jobs instead of relying on the government. We should also give tax incentive to wealthy citizens to give up their U.S Bonds therefore lowering the Federal Debt. Also the wealthy should be eliminated from the Social Security System.
In our opinion government spending is better than tax cuts. Government spending increases the employment as well as the income of the people of the country, though tax cut only increases the wealth of the people who may not spend the extra money earned and help in the growth of the economy.