“The only guarantees in life are death and taxes” (Smith 1). Is switching to a new kind of income tax a good idea? Is using flat tax the right move for the American people? Would lower income people suffer as much as higher income people with a different kind of taxation system? In today’s world money seems to be the center of gravity for many people.
(6) Furthermore, the studies that have shown that the presence of a rounding tax will increase prices are a myth. These studies were funded by the zinc industry in an effort to maintain the circulation of the penny in the economy. Also, we can look to other countries that have eliminated their one-cent currency such as Canada, Australia, and New Zealand with no ill effects. (1) From this evidence I can conclude that the fear that the elimination of the penny may cause unforeseen consequences is completely irrational. With these different countries as examples, it is quite clear that there are no unforeseen consequences.
College Raptor says, “Who gets taxed seems to vary based on who is talking, but it seems certain that the upper echelons of American society will see increased taxes if this passes. There is a likelihood that it will increase the upper middle-class as well. Or maybe it will all come from Wall Street speculation taxes. The point is, all we know is that someone will pay these dues through taxes, and the uncertainty of who will carry the burden is not making many Americans comfortable.” People hate getting taxed, so if free college was going to occur. People would get taxed way more because school cost a lot of
In this article by Sean Mcelwee(2014) he talks about why income inequality is the toughest issue America will face in the next few decades. In the article, Why income inequality is America’s biggest (and most difficult) problem, Mcelwee(2014) believes that after the studies he has seen, the most effective way to solve the policy issue of income inequality is by higher taxes on income and wealth. However, the rich would never buy into this solution, because it would take more of their wealth, when the wealthy are trying to maximize their money returns. Mcelwee (2014) also talks about how when a family is wealthy, money tends to stay in the family for 10-15 generations, which is also true for families with lower incomes as stated here by
Not only is the government losing money from the missing two-thirds, but it is also wasting money on workers. These workers would be more usefully employed tracking counterfeiters, instead of making 10 million pennies a day (Source C). There are areas in our government that could use more funding. If the penny goes, we will have extra money to keep our government up and
The Million Student March pushes for 3 unrealistic entitlements to be offered to Americans without veering toward socialism and keeping the middle and upper class tax payers financially stable. The voice of The March tells us that the one percent of people in society are hoarding the wealth and causing a catastrophe that students are facing, and this one percent is going to pay for all of the benefits the students feel they do not want to pay for themselves. To be considered a part of the “one percent,” the household income must reach at least $521,411. (U.S. Global Investors, 2014) The taxable income rate for more than $464,851 is $129,996.50 plus 39.6% the amount over
I don 't want their sacfrice to mean nothing if our country was to get took over, because we have gotten ourself into so much debt. There is not enough money in this world to repay the debt of America. People are worried about China or Russia taking over America and we should be. Since China stock market crashed a few days ago, people are worried that they might want their money we own them. Speaking about foregin countries, I think America should bring back America 's companies and make everything here from now own.
Before Bush’s tax cuts the wealthy “paid about $27 million in estate taxes and contributed 39.6 percent of his dividend income in taxes. Once Bush’s cuts go into effect, he could inherit the whole estate tax-free and a tax rate of only fifteen percent on his stock earnings” (Krugman 7). Americans who are economically sound are able to invest their money into the stock market. If someone invests in the right company, they can become pretty wealthy doing nothing. In fact, someone can live off of the interest they make from the money they invested.
Kennedy says in his news conference," If this rise in the cost of steel is imitated by the rest of the industry, instead of rescinded, it would increase the cost of homes, autos, appliances, and most other items for every American family. It would increase the cost of machinery and tools to every American businessman and farmer. It would seriously handicap our efforts to prevent an inflationary spiral from eating up the pensions of our older citizens, and our new gains in purchasing power"(line 23-31) This shows that when the decline of the companies it will seriously handicap the American people due to the large increase in prices. This is also shown in, "And it would surely handicap our efforts to induce other industries and unions adopt responsible price and wage policies"(line 43-45) This shows that it would seriously hurt Americans. Kennedy says more about how the prices are going to have a devastating increase in price, which is going to lead to competition in foreign markets as people are not going to buy our products if they are more expensive than other countries, this is shown in "how more efficiency and better prices could be obtained, reducing prices in this industry in recognition of lower costs, their unusually good labor contract, their foreign competition and their increase in production and profits
While China is trying to increase its GDP, it is also hurting the increase of production with the negative aspects of pollution. This will be a strong point in my paper, because it explains that although they want to increase GDP, about 8% of their GDP is loss due to pollution. They are losing around $54 billion yearly due to a problem that they are feeding by trying to increase their