ipl-logo

Supply Side Economics Essay

881 Words4 Pages

There have been many debates about the new tax plans approved by the senate. Much has been written and published about the details of the new tax plans and whether people approve the economics behind it. The two major political parties have very split opinions on the increase taxes for certain groups of Americans. A recently published article called “Six More Things to Know About the Senate Tax Plan” discusses the new tax plans and strikes upon subjects discussed in class such as supply side economics, the income redistribution, and wealth inequality.
According to an article discussing the tax plans being discussed in Congress, “Six More Things to Know About the Senate Tax Plan” the Senate intends to increase both state and federal taxes for the lower and middle classes. This plan goes against the beliefs of supply side economics. Supply side economics is a theory that the economy will spark growth with less taxes and minimal government regulation. Although the senate contradicts this theory, the author of the article points out that if these taxes are fulfilled correctly most of the citizens will benefit …show more content…

Another important aspect about the tax plan is the tax cuts for corporations. The article explains why the tax cuts will benefit the wealthy minority. The richest citizens own the most stocks for corporations so theoretically they will receive most of the tax cuts. This extra cash is then intended to flow back into their workers in the form of increase wages. This is an attempt to fix the wealth inequality. The top 10% of America owns up to two thirds of the wealth in America. The article goes on to explain why this idea may be harder to put in effect due to the tax hikes. The middle fifth of America will experience a tax cut by an average of $730 in 2019, but will soon increase in 2027 (“Six More Things to Know,”

Show More
Related

An Analysis Of Thomas Kaplan's House Passes Tax Reform

338 Words | 2 Pages

In “House Passes Tax Bill, as Does Senate Panel” by Thomas Kaplan and Alan Rapperport, both belong to the upper class and are affected by the newly passed bill, suggest that the tax bill passed by Republicans is negatively affecting individuals that are already in the lower class. Kaplan and Rapperport develops their claim by first stating the cause and effect of this bill that, “...actually raises taxes on low-income Americans within a few years”(Kaplan, Rapperport). Secondly, quoting the Senator of Maryland, “You’ve targeted the relief to help the wealthy, and the middle-income families are going to get stuck with it” (Cardin). Kaplan and Rapperport's purpose is to reveal the consequences of the bill in order to explain how it changes the

Read More

The Liberals Taxing Policies By Jamie Golombek

659 Words | 3 Pages

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

Read More

How Did Warren Buffett Rule

258 Words | 2 Pages

Warren Buffett is also an active politician and he worked as the economic advisor of the 44th President of the United States Barack Obama. Buffett supported Obama’s presidential campaign in 2008 and helped him since he got over the maximum power of the country. Warren admitted that he grew up in a ‘republican family’ and that he became democrat thanks to his wife Susan. Buffett admitted that as time passed he disagreed many times with the President’s proposals such as the health care program and that he had to work on it so it wouldn’t fail. In 2011, one of the most arguable economic problems the country had to face was the implementation of a new tax plan named the ‘Buffett Rule’.

Read More

Comparison Between Stephen Harper's Foreign Policy And Security

366 Words | 2 Pages

Justin Trudeau’s number one goal is to reduce tax rates for “middle-class” income people and increase tax rates for the wealthy who are earning

Read More

Joseph M2D1A: Effects Of Supply Side Economics

782 Words | 4 Pages

It also suggest tax cuts for households would boost the rate of return on an hour of work encouraging laborers

Read More

Hillary Clinton Twists The Knife In Donald Trump's Tax Proposal

744 Words | 3 Pages

Amy Chozick in “Hillary Clinton Twists the Knife in Donald Trump’s Tax Proposal” presented the plan of Mrs. Clinton on tax proposals to tax on income of wealthy people beginning from the last 15 years to invest in education to make college more affordable, in skills training, in infrastructure, and in domestic agenda (2016). After reading this article I find myself supporting to Mrs. Clinton not because of Mr. Trump’s tax proposals that only supports to business owners and billionaires like him but because of Mrs. Clinton’s proposals that will certainly helps to minimize the gap between middle class family and business owner to some extent. Going through this article I have an opportunity to update some of my general knowledge about tax system of the United States like corporate tax, exit tax, surcharge tax,

Read More

Compare And Contrast Republican And Democrats

990 Words | 4 Pages

I personally feel I am more of a Democrat than a Republican. American Politics The two major political parties of the United States are the Democrats and the Republicans. There are also third parties such as the Constitution party, the Green party, the Independent party, and the Libertarian party. The Democratic and the Republican Party constantly compete with each other trying to promote their political ideals and searching the means for maintaining their continuous political leadership.

Read More

Supply Side Economics: Donald Trump And Hillary Clinton

1129 Words | 5 Pages

So let’s have paid leave, earned sick days. Let’s be sure we have affordable child care and debt-free college. How are we going to do it? We’re going to do it by having the wealthy pay their fare share and close the corporate loopholes.” In this quote, Clinton said that the solution to all the problems of the lower and middle classes is to increase taxes on the wealthy.

Read More

The Hunger Games Dystopian Society

707 Words | 3 Pages

If anything, the poor are the ones who need the tax breaks. They’re the ones with little to no money, they can’t afford to be giving that much money to the government. They need the tax cuts so that they can keep more of their hard earned money for themselves. What we as a nation need to do it start small, start by taking a little bit from the rich and giving it to the poor. That little bit we would be taking from the rich, it’ll seem like pocket change to them, it’s nothing in their eyes.

Read More

Income Inequality In America

968 Words | 4 Pages

65% for the “upper middle” bracket 19% of the U.S population. And a whopping 275% of taxes for the 1% of the U.S. These numbers undeniably show a non “equal” society but one out for the 1% and other high rollers. America isn’t protecting the people at the top nor the bottom.

Read More

The Pros And Cons Of Increasing Minimum Wage

1653 Words | 7 Pages

This research will converse numerous opinions on minimum wages. It will also offer answers to questions like where did minimum wages get its start? Impact on increasing minimum wages, how it affects the companies, how do wage increase why were minimum wages created? Confer the benefits of providing minimum wages with benefits the workers, presenting the pros and cons. How are minimum wages benefiting the economy, do it help increase the economy?

Read More

Essay On Raising Federal Income Tax

980 Words | 4 Pages

Here’s the deal, the government is debating whether federal income tax rates in American should be raised or not. Raising federal income tax rates in America generates resources rapidly, offsets cost of lower families, and creates a savings income. Raising tax reduction on the American people will contribute towards

Read More

Republican Argumentative Essay: Gun Control In The United States

766 Words | 4 Pages

Just yesterday, the presidential candidates, Democratic Congressman Matthew Santos and Republican Senator Arnold Vinick squared off in a live debate moderated by Forrest Soyer. During Vinick’s opening statement, the candidates decide to forgo the negotiated rules in favor of a less constricting debate format. The two address multiple current topics, some of which include: gun control, illegal immigration, tax cuts, health care, and foreign debt relief. Gun control has become an upfront issue due to increases in mass shootings. Vinick believes otherwise.

Read More

Should Rich People Pay More Tax Essay

752 Words | 4 Pages

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.

Read More

Argumentative Essay: Should Rich Pay Higher Taxes?

1212 Words | 5 Pages

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

Read More

More about Supply Side Economics Essay

Related Topics

Open Document