ipl-logo

The Pros And Cons Of The Federal Tax System

503 Words3 Pages

There are many things in today’s society that some may say actually help the United States of America and some believe it does much harm. In this essay I would like to discuss what we know as the Federal Tax Law and all it inhabits such as the Internal Revenue Service or better known as the IRS. Another point I would like to highlight is what a tax law truly is. As I stated earlier some believe there is a problem with the Federal Tax System because it affects them is so many ways.
Taking a look at what we know as the Federal Tax Law it is managed fundamentally by Internal Revenue Service or for short the IRS which is an agency of the United States Treasury. This is a United States government agency that is responsible for the collection …show more content…

Using taxes to support the “general welfare” of the nation no longer mean its old objectives of just funding defense and the costs of merely keeping a minor federal government running. But this made taxes to become a very important factor in the health of the economy, curbing the influence of the rich plus redirecting the wealth to try to care for society’s less fortunate. Attempting to dig a tad bit deeper into the Internal Revenue Service, although it falls under the Department of the Treasury there are only two appointed positions. These two position are entitled the Commissioner of Internal Revenue and the Chief Counsel. Looking at the Commissioner of Internal Revenue it can be defined as the head of the IRS and serves a renewable five-year term. Taking a glance at the Chief Counsel who advises the IRS on legal matters, including but not limited to interpreting and enforcing tax laws. Also within this IRS organization there is a nine-member IRS Oversight Board who is in place to ensure that the agency is treating taxpayers fairly and reviews IRS plans. The Internal Revenue Service (IRS) is a system in place that has taxpayers convinced to just hand over there hard earn cash in order to thrive. How you may ask? There is a thing call employer withholding of income tax which most would say is the most effective way but nonetheless of having the fear of being audited helps the

Show More
Related

Franklin D Roosevelt's Accomplishments

1044 Words | 5 Pages

A man, labeled "Tax Payer," looks worriedly at a Christmas list while a group of children turn their faces to him happily (Marcus).   The faces of these children are etched with the initials of many New Deal policies, such as the NRA, CCC, TVA, and AAA (Marcus). The possible costs of these new policies were concerning not only to the business community, but to upper class Americans. Before the Sixteenth Amendment exempted income taxes from requirements the Constitution established regarding other direct taxes, and allowed for the widespread institution of a graduated income tax, the government relied largely on tariffs on foreign goods.

Read More

How To Get Rid Of The 16th Amendment Essay

508 Words | 3 Pages

America being able to collect income tax from citizens played a big part during the Vietnam war in 1968. It played a big part because we needed money to provide food and materials for the soldiers during that time of war. The only difference between then and now is that we are not at war so why is the government still taxing us? Income tax may run this country, but it is also destroying it.

Read More

Pros And Cons Of Reaganomics

584 Words | 3 Pages

Arthur Laffer’s model shows that excessive tax rates can actually reduce tax revenue as producers are less incentivised to produce more goods and services; the model also shows that if tax rates are too low or below the optimum level for the economy, there could be a direct reduction in tax

Read More

Bureaucratic Accountaability Analysis

221 Words | 1 Pages

“Bureaucratic accountability is the degree to which bureaucrats are held accountable for the power they exercise in which it occurs largely through the president, Congress, and the courts.” (Patterson, 2013, p. 346). The president holds the power to reorganize agencies when needed, appoints the political head of each agency, and has management tools that can be used to limit bureaucratic proposals. Since the president can’t possible manage the many agencies within the federal bureaucracy by his self, Congress also has the power to hold accountability. Congress does this through its authorization and funding powers and other strategies.

Read More

Groundwork Of Morals By Immanuel Kant Analysis

437 Words | 2 Pages

“Taxation is Theft,” a popular slogan and sentiment voiced by many political philosophers andchampioned by libertarians. It is based on the ideology that the federal government infringes upon the property rights of individuals for the sake of tax collection. This belief is held on to so fervently, that even when the funds will be given to those that need it the most, the impoverished, these sects, respectfully decline. The problem with this mode of thinking is that is rest on the assumption that the individual is being robbed of something owned by them, and this is false. The collective community has entered a social contract with the government and with each other, and therefore, each member has a responsibility to help those in need, including, taxing the rich to

Read More

The Pros And Cons Of Tax Reform

1057 Words | 5 Pages

People say that the only two things that are guaranteed in life are death and taxes. Most people see taxes as a necessary evil that everyone has to pay in order to have a functioning government and county, but not everyone agrees the amount we should be taxed and what we should be taxed on. Numerous economists from all sides of the political spectrum come to common ground on some of these tax reforms that our country should keep or do away with. The one that they almost all agree on is the home mortgage income deduction. To understand what this tax deduction is and why it should be gotten rid of, the spectrum of viewpoints regarding this tax reform as well as hard numbers should be consulted in order to make an accurate conclusion about this loophole.

Read More

Essay On Burden Of Federal Taxation

920 Words | 4 Pages

Issue Brief Tax burden is a critical issue under discussion not just for the government but also for the presidential candidates. Although the U.S. federal tax system has undergone several changes over the decades, the political parties have not yet reached an agreement on the pattern of the federal taxation. This brief provides a general view and discussion from different perspectives to explore the U.S. tax structure, the appropriate way to measure tax burdens, and the tax plans of several presidential candidates. Federal Burden of Taxation As an essential tool for collecting revenues to produce public goods and services, tax financing should be measured in actual taxes paid by individuals or businesses, combined with Average Tax Rate (ATR) and Marginal Tax Rate (MTR), and calculated by different income brackets.

Read More

Comparison Between The US And Netherlands

1536 Words | 7 Pages

This provision says that only the legislature has the power to lay taxes. Any tax may be unconstitutional if it does not provide for the common defence and general welfare. Furthermore, a tax should not violate any other constitutional rights or interests, e.g.: property or equal protection rights. The 16th amendment allows income taxation without apportionment and specifically provides that congress has the power to collect taxes on income from whatever source desired. Article 1, Section 7, Clause 1 is the ‘origination clause’ that requires tax revenue bills to originate in the House of Representatives.

Read More

Pros And Cons Of Enacting A New Tax System

217 Words | 1 Pages

If I was to enact a new tax system to replace the current one, I would prefer the fair tax system. The fair tax system would simply eliminate loopholes and evenly spread the tax burden among citizens of the US, without diminishing federal tax revenues. This system suggests that the government should institute national sales tax on most purchased items; businesses would then collect this tax and send it to the federal government. Using this system means that taxes would only apply once at the point of a purchase on a new good or service for one’s own personal consumption and prevents the federal government from collecting many different taxes which includes income taxes, Medicare tax, Medicaid, Social Security, etc. The fair tax system would

Read More

Pros And Cons Of Government Deficit

1038 Words | 5 Pages

Economics 203 – Assignment 2 “The Federal Government should never run a deficit. There should be a law enacted to state this.” Federal Government deficit is the difference between how much a federal government takes in through taxes and how much it spends for a given year. When a government spends more money than it takes in through taxes for multiple years, it’s debt increases. I will be critically evaluating the topic statement above by considering both the pros and cons of government deficit, and finally conclude with a summation of the validity of the statement.

Read More

The Pros And Cons Of Flat Tax

1897 Words | 8 Pages

Should we tax the rich more? There is an ongoing debate in the USA and across the world about how big the tax contribution of the wealthy should be and whether it should be increased. The nonpartisan Tax Foundation found GOP candidates are proposing anywhere from $2 trillion to $12 trillion in tax cuts over the next decade. How they do that is up for debate. Both Republicans and Democrats favor tax cuts in some instances.

Read More

Federal Income Tax Vs Flat Tax

901 Words | 4 Pages

Economics Tax Paper This economics research paper will discuss and analyze the current United States Federal income tax and a flat tax, as well as the positives and negative of each income tax system. The Federal government’s ability to tax the income of individuals was made official in 1913 when the 16th amendment was ratified. But, the income tax on individuals has been around since 1861, when congress passed an act that included an income tax on individuals to help pay for war debts; this tax was later repealed.

Read More

Taxes In America Essay

653 Words | 3 Pages

Our economy is the foundation of the United States. One thing that allows the economy to naturally fluctuate and control itself is taxes. Taxes are defined as mandatory contributions to state revenue, collected by the government to fund essential aspects of a country. Some examples of the different types of taxes include, but are not limited to: income tax, sales tax, and excise tax (The Balance).

Read More

Essay On Tax Evasion

1176 Words | 5 Pages

Diversity is a characteristic that arises in countries all over the globe. Countries differ in terms of cultures, traditions, legislations as well as economic growth rates. One, however, can take cognisance of a common practice implemented by them; the levying of the tax. Tax is defined as a compulsory contribution to government revenue levied by the state through various avenues. This levy has raised ethical concerns commonly known as tax avoidance and tax evasion.

Read More

Tax: The Most Effective Way In Internalizing Negative Externality

1061 Words | 5 Pages

And how it’s work. Tax is charging in something most of time it is in a form of money reduction. So what is money, nowadays money are like the flow of life in everything. All basis of life can find by money, food, medicine, place and supply. So where money come from, most of people get money by working no matter is selling goods or any service.

Read More

More about The Pros And Cons Of The Federal Tax System

Related Topics

Open Document