Essays on Tax System

Amy Cornell in the excerpt titled Fiscal Independence and the College Experience makes strong persuasive arguments regarding the eminent discrepancies in law in relation to the definition of financial independence and goes ahead to describe her struggles in college to make ends meet. She narrates her ordeal from early childhood, having to put up with financial struggles given her mother was an elementary school teacher and his dad an electrician running a mini-shop in the neighborhood. From the onset, she knew that her parents could not support her through college and she had to maneuver through the odds to ...

as Environment Policy

Effectiveness of Carbon Tax as Environment Policy

Climate change has emerged as a global challenge because unrestrained rising of global temperature would cause melting of glaciers and rise of sea level that would submerge land masses, change weather patterns with frequent incidence of hurricanes and floods and droughts. As an effective response to the challenge, global leaders have agreed to cut back emission of Green House Gases (GTG) to contain the global rise in temperature below 2 degree Celsius (Symon, 2013). Carbon dioxide, a major constituent of GTG, is released to the atmosphere on combustion of fossil fuels such as coal, oil, and ...

Now the most advanced integration Union is the European Union, the main forerunner of which European economic community was created in 1957 by the Task that stands today in the EU during the agenda - formation and strengthening of economic, monetary and political Union of member countries. Integration in the EU affects almost all aspects of relations between member States of the European Union - politics, Economics, social and cultural sphere. The relevance of the study due to the importance and special role of tax harmonization in the framework of deepening European economic integration, the development of the unified ...

The tax system is a crucial sector in the economy of a country because it will regulate the extent to which individuals and companies should pay taxes on the profits realized from any returns. Tax efficiency is the effort of the government through the taxation body to minimize tax liability hence, in the end, will translate into a better form of taxation. On the other hand, the equity of a tax system is the phenomenon of a taxing body to try to make it equitable for all people to pay a certain amount of money that will go into ...

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 ...

Month date, year

Abstract This study takes a critical look at inequality of wealth in the United States of America. It takes an empirical and objective look at the concept with regards to variables surrounding its occurrence in the American society. The topics and subheadings that are developed in this study are causes of wealth inequality, how to combat wealth inequality and also the consequences that the US environment is likely to suffer from due to its occurrence. The major aim of the subheadings is for the researcher to have the audience convinced beyond every reasonable doubt about all the variables concerning ...

The legal framework should be clear without any hidden taxes or unreasonable growth. Regime should be equally convenient both for business and for individuals. In addition, the amount of the tax should be minimized, particularly to support small business and entrepreneurship for which the burden is heaviest. Taxation may be an element of behavior management.

There are five main principles of taxation by Adam Smith:

Simplicity and stability of taxation; Minimizing / Evasion; Efficiency; Tax Competitiveness; Taxes change behavior (Econlib.org, 2016). The globalization of business means countries need to ensure competitive tax rates and more friendly to regulation with respect to the payer. The risk of competition is understated ...

[Author Name(s),First M. Last, Omit Titles, and Degrees] Economic development changes society in a manner that it becomes more and more difficult for the country to remain in the hands of a single man or a group of powerful elite. The change results to transforming the social and economic framework and then moving towards a changed attitude of the population in general. The primary concern of the countrymen is to achieve a commercial greater status and increase their wealth holdings. This changing scenario leads to people taking to skilled professions; they learn the importance of collective effort ...

Deciding Which Market to Enter

A case study of Taco Bells Introduction A company with objectives of entering into new markets must implement strategic decisions on the type of market and the entry mode. Typically, global business enterprises enter new markets through exportation, obtaining market licenses, the formation of joint ventures, or sole venture entry (Keegan, 1989). Any of these entry modes require a firm to commit some resources to succeed in the market entry. Thus, initial strategic decisions as to the category of the market and appropriate entry mode are essential. High competition, industrial organization, and international market imperfections tend to impede the ...

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 ...

Introduction

Offshoring is a common trend to a majority of international companies that have their root of operation outside the U.S market. Apple Inc. is one such company that has been caught up in a flurry of controversy regarding its stake in remitting taxes to the U.S government. Besides, the offshore account maintained by Apple Company has led to serious criticisms and flurry of accusations. This essay focuses on the main reason why companies like Apple would wish to maintain offshore operations rather than refocus their operations in its domestic country.

Reasons for Offshoring

The main motto that is behind Apple’s decision ...

Introduction

Shanghai and Hong Kong have become important in the global financial sector. Modern banking and finance started in HK and Shanghai in 1845 and 1847 respectively when the first British bank was opened, the Oriental Banking Corporation. The Hong Kong and Shanghai Banking Corporation, a multinational Holdings was founded in 1864 with its Head office in Hong Kong. Other foreign and local banks from Britain, Europe, America and Japan were subsequently opened. The modern Commercial Bank of China was formed in 1897 with its head office in Shanghai. The first stock exchange was established in Hong Kong in 1891 ...

Introduction

The primary objective of this term paper is to examine the intended and unintended consequences of the Split Roll taxes in California. Also, the term paper will address how commercial and residential property owners will bear the costs of Split Roll taxation system. Finally, I will offer alternatives to the Spilt Roll taxes and why I think they are ideal choices. I don’t support the Split Roll taxation since it would treat commercial property unfairly. Leaving out residential property in the current taxation system is not ideal since all individuals should be subject to a standard tax system. ...

Corse Lecturer

There are big changes that have occurred in the economy over the years. Some positive and others negative. A large number of people now are enlightened on issues related to the economy and are involved in investment. More businesses are growing and resources are continuing to be strained. Greed is common as many people aim to have a large pool of resources at their disposal to grow their businesses as well as finances. There are now many economic vices that are stunting the growth of the economy. This paper will look at some of the economic issues today and ...

Goals of a well-functioning economy

A well-functioning economic system should ensure price stability. It should be able to control the rate of inflation such that the interests of both consumers and traders are met. High inflation rates negatively affect the consumer welfare while very low prices are detrimental to businesses. Besides, an economic system should ensure full employment. It must reduce unemployment rates to the levels at which all factors of production are engaged. The economy should also ensure equitable distribution of resources and production. The tax system should fair and equitable. A well-functioning economy should also enhance economic freedom (Colander 17). The economy ...

Tax is one of the formal monetary obligations for any person living under certain country or jurisdiction. Tax is usually a compulsory contribution to the government that is imposed to fulfil in the common interest of all people in the country for the purpose of defraying the expenses incurred out to the public functions. In most cases taxes are imposed for the intention of regulations, without references or guarantee to the special benefits. One of the most fundamental descriptions of tax is that it is discriminatory in nature where people are taxed according to their income; those who earn ...

Introduction

Pakistan is a developing country and is the 26th largest nation in terms of purchasing power parity. A member of BRICS community, the nation has shown signs of becoming one of the world’s largest economies by 2025. In the past, the country had suffered from the ills of political disputes, energy constraints, poverty, growing population and non-conducive business environment that had halted the growth of the country. However, during the past few years, Pakistan has shown some optimistic signs of economic improvement with consistent growth in GDP and other macro-economic factors. Still, many factors such as social and ...

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 ...

Introduction

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, ...

Abstract

The Tax Reform of 1986 was passed by the U.S. Congress on October 1986. The Act was meant to broaden the tax base, eliminate existing tax shelters and simplify the existing income tax code. It is widely referred to as the second of the “Reagan tax cuts” (United States, 2011). The bill in the congress was supported by Democrats, in the House of Representatives by Richard Gephardt and in the Senate by Bill Bradley. The Act resulted in the reducing of the individual tax rates of the Americans thereby increasing neutrality in the tax system. The Act also ...

1. During the First World War, due to the lack of military strength, Britain could not overcome Germany and the Ottoman Empire. After the end of the Second World War, Britain lost its main sources of power, which were its resources and territories and two nations US and the USSR emerged as the supreme powers of the world . As a result, Britain never opposed the fellow countries either politically or financially. Britain lacked vision and planning and always focused on administering and implementing the existing services rather than maximizing the resources. Lack of direction, weak government and the European Union’ ...

The U.S tax system can be classified as progressive where tax rates increase with increases with taxable base or the gross income (Amico 2003, pp 14). The Internal Revenue Service (IRS) under the Federal Government defines gross income as any income from whatever source except for the items excluded by the state. Sources of income in this case include compensations such as service, income from insurance (except death benefits), interests, pensions, and annuities, gross profits from businesses, income from corporations, partnerships, trusts and estates, amongst others (Lymer 2004, pp 144). The state excludes death benefits accruing from life insurances, ...

Part A: Please pick the criteria listed below, define it, and indicate how it applies to this proposal. Added comments, experiences, and a lot of interaction are highly encouraged.

- Horizontal Equity

Income tax systems have changed and developed so much in the past 200 years that there are already a lot of ways how an individual or a group of individuals could be taxed or levied by the government. Before defining what horizontal equity is, it would be beneficial to know what a basic equity is. Equity or what is not so popularly known as economic quality, is actually a large umbrella of terms that refers ...

Introduction

Trade unions are organizations that represent the working people. The membership of these organizations comprise of employees from different sectors of trade, professions and occupations. The union’s main objective is to represent its members in the working environment and in the general society. The working of the trade union is through collective bargaining as well as through a harmonized rule-making process. The South Africa trade union is the largest in Africa and plays a big role in the labor market and industrial relations in determining policies in the country. There are three prominent trade unions in South Africa whose connections ...

Abstract

The paper focuses on the development of taxation based on contributions of Ricardo, Smith and Petty. They both developed the taxation idea from Locke’s theory of a single tax on rent. Their major contribution was on the incident tax, which demonstrates value system, power relations and group interests on taxation. Finally, the paper analyzes how taxation influences economic decision in the 21st century.

Introduction

The development of political economy in the 17th century was characterized by an effort to flee from Locke’s theorem that all taxes would eventually fall on the rent of land as well as his proposal ...

The State of Texas has a regressive tax system. Lower income households see higher effective tax rates than households with higher incomes. The state does not have income taxes levied on individuals as a source of revenue. The significant sources of revenue in the State of Texas include sales taxes which accounts for an estimated 50% of the total taxes (House Research Organization 1). The state also gets revenue from the Federal Government which funds programs in healthcare, transport and education, this is done inform of outright grants or matching funds. The state of Texas gets non-tax revenue from fines, penalties, ...

Introduction

Switching the United States’ current income tax system would benefit the country as a whole. Therefore, variations of the flat tax that are proposed, some of which set a percentage on income while others set a percentage on sales tax. Those arguing in favour of such tax reforms contend that it will eliminate the complexity of our current system and the loopholes. This will contribute towards boosting of the economy. One such proposal, on which a number of books have been written, is called Fairtax. This is a flat rate sales tax only on new items. For example, if someone were to buy a used ...

An Australian company opening an independent clothing company in Indonesia

Introduction: I was asked by the management of the company to represent the report on the proposal of opening the new clothing company in Indonesia. This report covers some main and vital issues to be considered before making any decision.

Report:

Financial Risks in Indonesia: Investments in Indonesia will bring a higher rate of financial risks as compared to any other developed country such as China or Japan. The reasons behind this financial risk are the inflation rate, level of corruption and the shortage of required labor. Opening of an independent clothing company in Indonesia will be required to have a massive ...

Inquiry 1

Growing up in a traditional Chinese family, I am the single child who is living with my parents. In conventional Chinese culture, parents are supposed to take care of their children to such age until the children get married. In some cases, children are receiving family economic support even having their own babies. On one hand, Chinese children are exposed to less social stress with the help of their parents. On the other hand, the parenting style brews a mindset that children should conform to their parents’ requests unconditionally. My family is from one of these traditional families. My parents are ...

Introduction

Malaysia is a nation positioned in the South East of Asia. The country practices a federal constitutional monarchical system, with control of 13 states. The nation lies in a space of 127, 350km2 with Kuala Lumbar as the capital city. The country shares land and maritime on both ends with the neighboring nations such as Thailand to the East and Singapore to the West. This essay seeks to examine the political, economic, social structure in relation to doing of business in Malaysia.

Political system, governance and Religion

As a point of departure, the political milieu of this nation has been relatively stable and this is immensely attributed to ...

Abstract

Tax policies and reforms sometimes have strong effects on economic growth. This paper examines the relationship between tax and economic growth. The paper will explore the impact of changes in tax on economic growth. This is done using secondary sources found by searching databases that have past works on the same topic or related topics. The literature review is also used in this examination. The findings suggest that different taxes changes have different impacts on economic growth both positive and negative.

References7

1. Introduction For a long time, researchers and policy makers have had an interest in how changes in the ...

Introduction

In the second half of XX century a trend towards scaling up and strengthening the role of the state in the economic sphere. At the same time it is recognized that the highest efficiency is achieved in a competitive market mechanism. Therefore, the state aims to not adjust the market mechanism, and to create conditions for its free operation, providing a high level of competition. Competition should be wherever possible regulatory influence of the state, and wherever it is needed. Most economists converge in the understanding that the "invisible hand of the market" is required to be supplemented by the "visible hand ...

Texas can be referred to as a low tax state due to its current tax system. The state is currently ranked at number 48 among the states in relation to the taxes that individuals pay relative to their personal income (Council of State Taxation, 2009). On the other hand, according to the taxes paid by businesses relative to gross product, Texas State is considered a high tax state, ranking 18th among states (Council of State Taxation, 2009). The current tax structure in Texas is as represented in the table below based on the individuals and businesses. The table below indicates how ...

Course:

Introduction Governments in the world today loose much revenue through tax evasion and tax avoidance practise by individuals and business enterprises (Innes 2005). The paper shall discuss the difference between tax evasion and tax avoidance using recent relevant examples and give their implications. The paper shall also evaluate the how the taxation policies result to distribution of income in UK and the failure involved. The paper shall also examine the influence of international laws and EU policies on UK taxation policies.

Differences between tax avoidance and tax evasion

The term tax evasion refers to use of illegal mean to avoid paying taxes. Tax evasion comprises ...

Introduction

The present taxation system in Brazil was established by the 1988 Brazilian constitution that gave power to the State, Municipal, and Federal Governments to collect the taxes. Because of the numerous regulations that each of the three governments enacted, the taxation system in Brazil is very complex, and this leads to an environment where the authorities require the taxpayers to comply with various obligations comprising tax collection as well as reporting. The tax regulations and laws in Brazil are among the most confusing and hard to comply with throughout the world. The many rules that the three levels of ...

Globalization has led to firms becoming multinationals since additional international markets are opening up and, therefore, economies are becoming integrated. With the increase in trade, migration and finance there are expected to be a rise in the level of global domestic Product. The Organization for Economic Co-operation and Development (OECD) was established to stimulate trade between countries and also ensure that there is economic progress. OECD has thirty-four member states currently including the U.S, France, and U.K among others (OECD, 2005). These are some of the best economies in the world hence OECD hence this business plays a major role in ...

- World Happiness Rankings Worldly happiness can be termed as an index for measuring the human well being of the various nations of the world; a concept that was introduced in 2006. The process of comparing happiness across different cultures of the world is a rather complicated exercise. Different researchers and scholars in the field of happiness and economics have been looking for ways of measuring happiness across cultures and among individuals. Researchers have even devised a Happiness world index dubbed “Happy Planet Index (HPI)”. According to the researchers, “The index measures the well being of people and its possible environmental ...

Business Cycles have a tendency to follow political cycles closely

Introduction A business can be defined as an activity one undertakes with a view of making profits. A business may also refer to an enterprise that is involved in trading of goods and services for commercial purposes. A business may be privately owned or owned by a group of individual thus making it a company or even stat owned. There are different types of business in existence nowadays and they include; sole proprietorship, partnership, corporations and cooperative. There are also different classes of business for example; agriculture, mining, financial, informational, real estate, service, retailers and transportation among many others (Willett 3). ...

The article examines the challenges of the tax reform mechanism. The author argues that it is difficult to achieve tax reform in the current situations because it seems tax reform is not a priority for president Obama. The current tax system does not promote economic growth because it focuses on the labor instead of the capital gains. Here, the rich continue becoming richer at the expense of workers because they pay lower taxes despite having a high income. He analyzes the financial crisis of 2009 when prices of asset reduced significantly, and affected the super rich because they depend disproportionately on ...

Introduction

My topic is the Fair Tax. In simple terms Fair Tax refers to a tax reform suggestion for the United States federal government that would actually replace all the payroll taxes including Medicare and Social Security taxes, federal income taxes including corporate income taxes, alternative minimum tax, and capital gains tax, estate taxes, and gift taxes. The fair tax would decrease taxation amongst all people and reduce complexity of the current tax system. It would allow each person to keep his or her entire paycheck. It would eliminate federal income and payroll taxes. I am in favor of this ...

(Name of the course)

- Should we have a flat tax? Why or why not? The idea of a flat tax in the U.S develops after the 1996 presidential campaign of the Republican Steve Forbes. The flat tax, obligating all taxpayers to pay the same tax rate, regardless of their income, is already functional in some U.S states, such as Colorado, Illinois, Indiana and Pennsylvania. Supporters of the flat tax system believe that this tax reform would motivate tax payers to work and thus earn more, because they would not be “penalized” with a higher tax percent. Furthermore, they believe that ...

Introduction

The US government takes renunciation of US citizenship with a lot of seriousness. Whoever wishes to renounce citizenship has to do so by following the right procedure. The person must appear in person at an embassy of the US. After renouncing citizenship, the petitioner loses the rights that are enjoyed by the citizens of the US. It therefore becomes impossible for the petitioner to freely travel and enjoy privileges in the US. The US allows individuals with a positive intention to renounce citizenship but not those who are trying to evade their responsibility to the tax department or the military. ...

Introduction

This paper is about a report entitled “The Moment of Truth” (December 2010) sometimes better known as the “Bowles-Simpson Report”, named after the report’s authors, Erskine Bowles and Alan Simpson, who were tasked by President Obama with producing a plan to reduce America’s fiscal deficit (The Bowles-Simpson “Chairmen’s Mark” Deficit Reduction Plan, (n.d.)).

There are three parts to the paper as follows:

Reasons for the Debt Crisis In the preamble to the report, its authors made an impassioned plea to those in power in Washington to put aside party and self interests and act immediately to face the inescapable challenge of the debt burden, stating forcefully: “ ...

Introduction

A country collects taxes from its citizens in order to raise money for development and growth. The manner in which a country’s revenue authority collects taxes varies from one country to another since different policies and constitutions govern tax collection. Have you ever asked yourself, as a tax payer, whether the taxation system in your country is fair? We do not have a fair taxation system in United States, and this can be explained further in the article written by Veronique de Rugy. Veronique de Rugy, an author of the National Review online writes an article about the fairness of the ...

Appendix

Executive Summary - Introduction - Methodology - Benefit and Cost Categories - Forecasting Methodology and Decision Criteria - Assumption - Analysis - Project Analysis (commentary and summary of base case results) - Sensitivity Analysis - Evaluating the project - Risk Analysis - Conclusion/Recommendation Executive Summary The cost benefit analysis is the fundamental appraisal tool under the public spending sector. The paper provides an approach by which the cost incurred in e-government project is compared against the expected benefits so that the government can be able to ...

The value added tax has been used in many growing economies as means to collect revenue for government operations. The replacement of the consumption tax by the St. Lucia government has seen its tax structure shift which has various implications on the citizens of St. Lucia. Much controversy arose as to whether the government was fully prepared to enact the VAT bill at the time when it did. This prompts one to wonder whether the VAT will solve the St. Lucian’s problems. Value added tax has many attributes that make it more desirable to many governments. Its ability ...

Analysis of US Corporate Income Tax Reform

A tax system should meet its objective of raising revenue for a government in a manner that meets the principles of equity, efficiency as well as complexity. Consequently, the essence of these principles is to ensure that any tax policy promotes economic growth as well as seeking to improve individuals’ social welfare. However, US corporate tax rate has been one of the highest even in comparison with the other OECD countries hence a need to reform it to meet the above principles as well as serve its key purpose of raising revenue. In this respect, this analysis seeks to analyze and present ...

The United States of America has undergone diverse condition from the historical times. These conditions have continued to shape the citizen’s feelings and perception concerning the United States of America. As an American, I seek to provide an analysis of the present condition in the United States in this paper. Initially, it is imperative to note that our confidence as Americans has grown more and more with time. Today, most citizens in the country appear to be more confident than they were several years ago. This is especially in respect to our economy. More people have come ...

Fiscal Cliff basically refers to the economic effects that are likely to arise from the tax increases, reduction in the budget deficit, and underlying spending cuts when the Budget Control Act of 2011 goes into effect at the end of 2012. The changes expected include a 2% tax increase for workers as a result of the stop of the temporary payroll tax cuts, the stop of some tax breaks for businesses, and the beginning of Obama’s health care law taxes, among others. In addition, the spending cuts shall become effective. The main reasons why the tax rates shall rise include ...

Edward Abbey states in Eco-Defense that it is indeed appropriate and necessary for civil disobedience to be used as a means to protect the environment (344). The environment cannot speak for itself, stand up for itself, defend itself, yet, without intervention, its destruction is imminent. Only a few, greedy people would benefit from its destruction. Millions would be subject to harm from its demise. Yet, so few people seem to notice, take action, or seem remotely aware of the destruction of the environment that is occurring right around them every day.

Continuing with his argument of the blindness of the American ...

The first presidential debate between Mr. Obama and Mr. Romney was a clash of two ideologies where they touched on a number of issues. The debate specifically focused on economic growth, tax system, health care and education (Rutenberg and Zeleny, 3). According to Romney, the government should promote businesses that assist the Americans with job creation. This is the position envisaged by the Republican, but the Democrats have got a different view. They focus and encourage any government role that spurs economic growth for all. On tax reforms, Mr. Romney has got a different view, far much different from other Republicans. ...

Introduction

International business and finance has developed due to increased globalization and internationalization. This has led to development of new economies, which are driven by development of communication and technology. This paper will focus on United Arab Emirates (UAE) as one of the emerging economy and its suitability to attract foreign direct investments. United Arab Emirates is located in the Middle East and has been among the most developed and with highest potential among the countries in the Middle East. It received its independence on 2nd December 1971 from Britain. It contains seven emirates and the capital city is Abu ...

Question 5

International Tax Systems: Approaches to Transfer Pricing Globalization is the new trend as companies are increasingly expanding beyond their domestic borders. Globalization is motivated by the need to seek new markets, diversify operations internationally, take advantage of differing tax laws among a myriad of other reasons. In order to take advantage of differing tax laws, multinational companies use transfer pricing. This paper discusses transfer pricing and the various approaches to transfer pricing. This paper will also discuss the recent developments in transfer pricing. Transfer pricing refers to the determination of prices for transfer of goods between subsidiaries both ...

Tax avoidance

Tax is a compulsory contribution of revenue by the citizens of a country by the citizens to facilitate the provision of goods and services that the private investors are not willing to provide due to the unprofitability of such goods and services. By this, it means that the fact that one pays taxes does not mean that he/she has to demand particular goods and services from the government. In this response, some people will find mechanisms that are meant to ensure that they do not pay taxes or they reduce the burden they incur in the payment of taxes. One of ...

Arguably, taxes are part of experience in which human beings undergo in any nations. The global economy depends tremendously on tax, the only variation comes are a result of the type of tax system implemented. Taxation rules and tax systems are critically complicated in most countries. In fact, an economy that receives very small percentage of income from tax mainly operates at a deficit due to failure to sustain itself. Hence, they are forced to borrow from other nation or international organizations such as the World Bank. Globally, many nations have cut their corporate tax rates and implemented flat tax rate. ...

A tax is a compulsory contribution from an individual to the government. This payment to the government does not usually result to supply of goods and services to an individual. However, tax is important to any country in that it enables the government run its daily activities and in addition, the government is able to provide goods and services that the private sectors are not willing to supply due to the fact that these goods and services are unprofitable or it is not possible to exclude people from consuming the goods (Forbes, 47). The type of tax levied by government ...

The American tax system is designed in a way that people of different social class pay different tax amounts and rates. The taxation used on the corporate is different from the one used by the IRS on individual American citizens. The IRS uses different tax rates on people with different incomes in order to enhance the canons of taxation. These canons include equity, productivity, economy, elasticity and convenience. The taxation system used by the revenue collecting body has several effects on the macro economy of the nation. The tax system usually aims to achieve the basic objectives of maximum social ...

The Government of Ontario has announced in 2009 that it would harmonize the provincial sales tax with the federal taxes into a single harmonized tax called the Harmonized Sales Tax (HST). This new kind of taxation seeks to eliminate the cascading kind of taxes also abolished by other economies, and replacing it with value added tax. This then implies that the harmonized taxes for Ontario will 13% with the provincial portion being 8% and the remainder (Balby, et al, 24). This new kind of tax system was effective as of 1st July 2010. The Harmonized Sales Tax was first ...

Issue: For the economic development and well-being of the Americans, should tax reform that focuses on tax cut be introduced by the Obama administration?

Thesis: Understanding tax reforms in the USA is of great benefit as it helps re-organize the country's economic reform policy. This can however only be achieved via the accomplishment of sound tax reforms. Comprehensive understanding of a country's tax reform strategies determines the prosperity of country's economy. The USA government should thus undertake rigorous tax reform as it is essential for tax policy making and the general economic development.

Tax reform has been of interest for ...

Introduction

Multilateral trade agreements are agreements on trade performed between many countries at one time. It is usually very difficult to negotiate but once they go through, they form a very powerful base. Once a multilateral trade has been signed, all parties that have signed the agreement are treated equally (Choueiri, 2005). This is usually a very big advantage especially to the poorer countries which are usually less competitive in nature. There are several multilateral trade agreements which have been formed. In the recent past, Doha round table multilateral trade agreements is one of the biggest agreements formed which were between all the ...