After eight years with Barack Obama as the President of United States, it is time to elect a new president. On November 8th Americans will cast their votes for either the Democratic candidate Hillary Clinton, a former Secretary of State and First Lady, or the Republican candidate Donald Trump, a former businessman and television producer. Although the Republican and Democrat party is known for not having a clear political platform or political profile during elections, Mrs. Clinton and Mr. Trump has some strong opinions on gun control, taxes and immigration. Americans are questioned on their views towards gun rights and gun control several times per year. Since 2009 opinions about gun control has been divided between Americans. Today there …show more content…
Most Americans are fairly acceptable with the amount of taxes they have to pay. After all, the government pays for things that most Americans are benefiting from and what they assumed would be free. Tax itself is not the problem for most Americans, the amount of tax people pay or do not pay is. When is comes to higher taxes on the wealthy, Mrs. Clinton strongly agrees and Mr. Trump strongly disagrees. Mrs. Clinton’s plan for America when it comes to taxes is a fair tax system. She wants to ensure the wealthiest do not pay a lower tax rate than average hardworking middle class families. On the other hand, Mr. Trump wants to reduce taxes on all social classes, but especially for middle class Americans. According to Mr. Trump’s website, he will change the current tax brackets from seven to three . Raising taxes on the wealthy does not necessarily hurt the American economy, but what can hurt the economy is tax avoidance. The wealthiest Americans have the resources to avoid paying taxes, and this can therefore be a problem for the economy in the long run. According to Tax Foundation, the tax plan made by Mr. Trump, people would receive a cut of $1,818, while Mrs. Clinton’s tax plan will increase the amount to $176 . If Mr. Trump becomes the president, Americans will be able to spend more money as they like and therefore the economy will grow. In spite of this, Americans will most likely see an increase in the consumer spending. Clearly, the gap between rich and poor in the U.S will increase
Contributor to Forbes, Tony Nitti identifies which classes and types of people will benefit from the recently passed tax bill. At the time the article was written, the bill had not yet been signed into effect by the president. According to Nitti, “Tonight's victory belonged solely to the Republicans. The Senate passed the bill without a single "yes" vote from one of its 48 Democrats, but then, this was the plan all along.” He also pegs the winners as corporations, the richest one percent, and the middle class- “for now.”
Taxes! After the French and Indian War, the British government needed money to pay for the cost of protecting the colonists from the French and Indians. The British government approved several taxes including the Stamp and Tea Acts to help pay for the costs of the war. The colonists were expected to pay these taxes.
The article “The Liberals’ taxing policies: What they will mean to you and when” by Jamie Golombek, basically summarizes some aspects of the taxing policies campaigned by the liberals in the 2015 election. This article talks about how the liberal party, if elected, plan to cut the tax rate for the middle income tax bracket best known as the middle class. The party plans to cut the tax rate from the current 22% to 20.5% for Canadians with taxable annual income between $44 700- $89 400.To make of for this middle class tax cut, the party also plans to increse the tax rate from 29% to 33% for the wealthiest one percent of Canada who have an anual income of over $200 00. The liberal party also intends to cancel income splitting due to how it does
Bill Clinton raised taxes on the wealthy in the 1990s, and the economy produced faster job growth and higher wages than it did with George W. Bush got rid of taxes on the rich in his first term which contributed to the deficit of our economy. Higher taxes on the wealthy can finance more investments in buildings, roads power supplies and education, which is extremely important for growth and the economic expectations of the middle class. Even if we got rid of corporate welfare subsidies for big oil, big agriculture, and even if we cut back on our defense budget it wouldn’t be nearly enough. Higher taxes on the wealthy will also allow for lower taxes on the middle class which will potentially restore enough purchasing power to keep the economy
Ronald Reagan’s election cost a profound $57.7 million dollars (Cox, 2012), and would not have been possible without his wealthy backers. Reagan owed a lot of favours to the wealthy elite who funded his campaign, and lowering income tax for the rich was the result. In reality “trickle down” did not occur. Reagan cut the overall income tax throughout America by an average of 23%, however the income tax for the wealthiest America was cut from 70% to 28% (Sahadi, 2010). It is estimated that the top 1% of Americans gained $10 trillion from Reagan’s tax cuts, at the expense of the bottom 99% (JMH, 2011).
history but it provokes an angry reaction from the American Left. The bill reduced personal income tax rates by 25 percent in three annual increments, cut capital gains and estate taxes, and reduced business taxes.” The illogical point was cutting taxes as the same rate for everyone. While several industries and high income earners received numerous benefits, low income earners still suffered financial burden because of “trickle-down economics.” In fact, federal income tax rates cut significantly for the wealthiest 20 percent of taxpayers.
Nowadays the goal of the republican party is to keep conservative values in the american people and the government; this was one of the main reasons why Ronald Reagan won his presidency in 1981. One of Reagan’s policies while in the presidency was the Economic Recovery Tax Act of 1981, this act was implemented to amend the Internal Revenue Code of 1954 to encourage economic growth through reductions in individual income tax rates, the expensing of depreciable property, incentives for small businesses, and incentives for savings, and for other purposes. However, even with this the rich still had ways to keep their taxes low. According to the documentary, “Inequality For All,” Robert Reich says, “The rich will find ways to avoid paying more taxes, courtesy of clever accountants and tax attorneys. But this has always been the case, regardless of where the tax rate is set.”
The income tax would try to even the playing field, so the rich would have to pay higher taxes while the poor pay smaller taxes. Also, the income tax would serve as payment for the government so in turn they can pay for different areas of
They believe taxes are first and foremost a means of redistributing income, and therefore strenuously oppose any system that lowers tax rates at upper income levels.”
Some people with be mad about getting taxed more and some people wouldn’t mind getting taxed more as long as it is doing something like helping someone that needs help or saving their lives. “About 800 000 people commit suicide every year… Mental disorders and harmful use of alcohol contribute to many suicides around the world. ”(www.who.int) The people I think that won’t like getting taxed the most are people like Lennie and George who are struggling with money as is
Why should the poor and rich have to pay the same amount of taxes if they make extremely different incomes? Brooks focuses on the social and migration problems of progressive taxing and doesn’t apply his thought to the economic issues, as he
Also, the wealthy is known to be rich, so as they collect more and more taxes, they will spend it on stuff we don't need; instead of paying it on taxes. For
The federal tax system is plagued with issues: It doesn 't raise sufficient revenue to back government spending, it is unpredictable, it makes results that are unreasonable, and it impedes monetary productivity. This part examines a few approaches to enhance charges, including making an esteem included duty, expanding natural taxes, improving the corporate expense, treating low-and center pay workers evenhandedly and productively, and guaranteeing suitable tax collection of high-wage family units. A good tax system raises the incomes expected to fund government spending in a way that is as basic, evenhanded, and development well growth as could reasonably be expected. The United States does not have a good tax system.
That is not reducing the tax rate, we’re just making the middle pay more than the rich, and right now that is what is exactly happening. I know that most wealthy people work hard for their money, but we have people in the lower class barely getting by while the wealthy people throw around hundred dollar bills and don’t care about what anyone else thinks. They waste their money on things they don’t need while people in the lower classes struggle everyday. People that have financial disadvantages live paycheck to paycheck while the wealthy people just walk around with lots of money that they’ll waste on things they don’t need such as gold marbled tiles or million dollar perfumes. The least they can do is give a little back to the
Do you ever think of why should or shouldn’t the rich people pay more tax than others? Nowadays, people are arguing about the fairness of paying more tax. Statistics have proven that the rich have paid the majority of U.S. income taxes. A person making $100,000 will pay a higher percentage of his income in taxes than a person making $20,000 for instance. According to the Congressional Budget Office, “The 10% of households with the highest incomes pay more than half of all federal taxes.