Income Tax reform
It is definitely time for Federal Income Tax Reform. After reforms in 81' and 86' we have seen how quickly taxation rates regenerate. Much of the public sentiment is if it aint broke don't fix it. Fortunately or unfortunately, it remains to be seen, we have been conditioned since FDR to accept big inefficient government, and our current economic prosperity is masking an extremely flawed income tax system. It is of utmost importance that national tax policies and reforms remain a continual national focal point. We must consider the natural propensity for government to increase expenditures and taxes over time. The income tax currently represents enormous portion of our annual GDP, and is obviously a major governmental function. As the country enters a presidential election year, tax policy will most likely be one of the decisive issues of debate. Many of the presidential candidates have incorporated political platforms that include massive tax reforms and or overhauls,! but it remains to be seen if the public is of the same mind. Currently there exist four major ideologies, which pervade in some form or another amongst the ten candidates of record. The democratic candidates are not seeking any refo
Taxing ourselves : a citizen's guide to the great debate over tax reform Completely overhauling such a system would be difficult in light of uncertainty and trepidation. The national sales tax and the Forbes flat tax are both consumption taxes that could greatly simplify collection, compliance, administration, and "clean" the tax base. Their downfall is that these overhauls are regressive by nature. Even if protections were put in place for the poor this would leave the middle class to bear the brunt of the tax (proportionally). It is difficult for most economists envisioning either of these taxes generating sufficient revenue unless the rate was to be substantial. Politically the sales tax seems a difficult sell in that it would heavily tax current accumulated wealth. Governments who have enacted sales taxes over 12-15% have had difficulty with compliance (their would exist a lot of incentive to cheat), and this may interfere with state governments, forty-five of which utilize this as a principal taxation vehicle. The democrat's non-plan fails miserably. Following closely behind is Gov. Bush's inconceivable eternal prosperity theorem, even with this as a goal it cannot be taken as an assumption. If you look in the dictionary under perplexing there just may be a picture of the 44,000-page tax code. The cost to taxpayers is staggering and soon the IRS may have more employees than the armed forces. At first glance it appears to be progressive with graduated brackets, but upon further inspection one notices that this only mask the regression built-into the itemized deductions. Bush's plan does nothing to remedy the current system. "Tax Fairness" Debates by Charls E. Walker<
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Approximate Word count = 1145
Approximate Pages = 5 (250 words per page double spaced)
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