Introduction of a flat tax system is very a controversial idea that is sometimes discussed in the USA. A lot of people think that flat tax rates are fairer, because the same rule applies to all categories of people. Moreover, some politicians, including Rand Paul, think that American tax legislation became too complex and people/companies waste a lot of time in order to understand how many taxes they have to pay (Nolan). Nevertheless, I think that progressive tax rates are much more effective for American economy. First of all, reduction of taxes that the rich must pay means that ...
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Public-private ownership economic systems or hybrid capitalist economic system refers to a form of capitalism where private business ventures and public or government service enter into a long term contract with an aim of completing a project that will serve the public. Hybrid capitalist economies can be employed in funding, financing, building, developing and operating projects like infrastructure, health, conventional centers, tourism, transportation networks and sanitation for the benefit of the general public. Public-private partnerships are very crucial in allowing projects to be completed in time through financing. The private sector often offers a service to the public while ...
Re: Payroll tax policy and Income inequality
Current situation Recommendations The United States economy is the largest economy in the world, making the country powerful and respectable. In such an economy, there should be policies that promote income equality among the people to reduce the poverty levels. The tax system of the United States will require a proper revision to incorporate equality among the different wage group categories. The recommended reforms look at ways of reducing income inequality through adjustments on the payroll tax policy.
Cuts on payroll tax and increasing the scope of the tax to encourage savings
Adjusting the payroll tax on low income employees will encourage a saving habit to the people of the US. It will ...
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Tax forms one of the major sources of government revenue; it contributes to economic growth and development as well as the overall prosperity of a country. Based on the method of collection, a tax system can be flat, regressive or progressive. The progressive tax system entails increasing taxes with an increase in individual or household income. The regressive system involves decreasing tax as income increases while the flat tax is a system where everyone pays the same tax irrespective of the income (Roach, 2003). The tax system adopted in a country depends on set objectives, its impacts on taxpayers, ...
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