28 Jul 2022

151

The Top 10 Tax Responses for 2021

Format: Other

Academic level: College

Paper type: Coursework

Words: 306

Pages: 1

Downloads: 0

Discussion 1 

I am in agreement with the fact that the United States’ taxation system on the progressive income of its citizens is not fair. This is because the more one earns, the higher tax they are subjected to. Furthermore, the implication that the rich should pay more tax has negative consequences on the middle class. For example, based on the rationale that the middle class is more taxed than the lower class, the impacts are that they are forced to pay for welfare for the poor, which I also do not think is fair. If the less fortunate in society are to be supported, the federal government should consider taxing everyone equally and with similar taxation rates instead of requiring rich people to pay more tax. Furthermore, the continued subjection of the rich people to taxes will eventually result in people evading taxes. The refusal to pay taxes is an already happening situation as some rich people with big corporations have been severally caught in cases of unpaid accumulated taxes. 

Discussion 2 

I concur with you on the fact that the taxation system in the U.S is not fair. This is because, as you state, individuals who are working very hard all year round to try and make a decent and increased living for their families are subjected to high tax than people who barely do half the work. Although they are subjected to various forms of tax deductions, such as child tax, it is low compared to people in a higher income bracket. Another rationale is based on the fact that the employees bear more weight than the company’s stakeholders, which proves the unfairness of the system. Therefore, the government should consider coming up with a system where passive and ordinary income are subjected to similar taxation rates. This will aid the generation of more tax revenue for the federal government and will at the same time avoid issues where the richer are forced to pay more compared to others in the various income brackets. 

It’s time to jumpstart your paper!

Delegate your assignment to our experts and they will do the rest.

Get custom essay
Illustration
Cite this page

Select style:

Reference

StudyBounty. (2023, September 15). The Top 10 Tax Responses for 2021.
https://studybounty.com/the-top-10-tax-responses-for-2021-coursework

illustration

Related essays

We post free essay examples for college on a regular basis. Stay in the know!

Texas Roadhouse: The Best Steakhouse in Town

Running Head: TEXAS ROADHOUSE 1 Texas Roadhouse Prospective analysis is often used to determine specific challenges within systems used in operating different organizations. Thereafter, the leadership of that...

Words: 282

Pages: 1

Views: 93

The Benefits of an Accounting Analysis Strategy

Running head: AT & T FINANCE ANALLYSIS 1 AT & T Financial Analysis Accounting Analysis strategy and Disclosure Quality Accounting strategy is brought about by management flexibility where they can use...

Words: 1458

Pages: 6

Views: 81

Employee Benefits: Fringe Benefits

_De Minimis Fringe Benefits _ _Why are De Minimis Fringe Benefits excluded under Internal Revenue Code section 132(a)(4)? _ De minimis fringe benefits are excluded under Internal Revenue Code section 132(a)(4)...

Words: 1748

Pages: 8

Views: 196

Standard Costs and Variance Analysis

As the business firms embark on production, the stakeholders have to plan the cost of offering the services sufficiently. Therefore, firms have to come up with a standard cost and cumulatively a budget, which they...

Words: 1103

Pages: 4

Views: 179

The Best Boat Marinas in the United Kingdom

I. Analyzing Information Needs The types of information that Molly Mackenzie Boat Marina requires in its business operations and decision making include basic customer information, information about the rates,...

Words: 627

Pages: 4

Views: 97

Spies v. United States: The Supreme Court's Landmark Ruling on Espionage

This is a case which dealt with the issue of income tax evasion. The case determined that for income tax evasion to be found to have transpired, one must willfully disregard their duty to pay tax and engage in ways...

Words: 277

Pages: 1

Views: 120

illustration

Running out of time?

Entrust your assignment to proficient writers and receive TOP-quality paper before the deadline is over.

Illustration