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
"Tax Fairness" Debates by Charls E. Walker "Effects of tax reform on labor supply, investment and savings" 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. The current system does have some salvageable components as well. We should keep similar graduated rates, which are quite progressive, simple, and effective. Clearly the earned income credit, that has been enormously successful, must be kept. This credit is progressive, simple, efficient, and gives good work incentives. One could argue that children live in economic conditions through no fault of their own hence it would be possible to maintain a per child credit as well without substantially effecting this tax system. Taxing ourselves : a citizen's guide to the great debate over tax reform Federal health care tax policies only distort health care expenditure. For the most part those who would have policies get to have larger policies and those without go without anyway.
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Approximate Word count = 1145
Approximate Pages = 5 (250 words per page double spaced)
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