Tax System College Essays Samples For Students

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 ...

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 ...

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 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 ...

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

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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). ...

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: “ ...

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 ...

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 ...

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 ...

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 ...

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 ...

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, ...

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 ...

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 ...

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 ...

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. ...

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 ...

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 ...