Taxes and the Punishment Due
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- Category: Politics: Economics
- Date Submitted: 09/23/2011 03:25 PM
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Taxes and the Punishment Due
Samuel Brogdon
Economic 100
Instructor Brent Beyer
August 22, 2011
Taxes and the Punishment Due
Taxes seem to be one of the most talked about things among people in America. People are always complaining that taxes are too high, taxes are unfair, I hate paying taxes, and Uncle Sam always gets his are just a few familiar cries. In reality taxes play a very important role in the economy. Taxes can affect peoples’ net income, taxes also affect the Gross Domestic Product (GDP), and taxes also affect a wide variety of other things in the economy in various ways. The government controls taxes, but does the government raise taxes on everyone to redistribute wealth and income among citizens? Taxes and their effect are a major economical factor in all of our lives, and their effect goes much farther than just our weekly paycheck.
Taxes and net income, two words that are usually spoken of with hatred for one another, can have a little effect or a drastic effect on a person’s net income; if taxes are low people will pay fewer taxes, this leads to a higher net income and more disposable income per person. However, there is a downside to having taxes low. If taxes are too low for too long of a period the government would not be able to finance itself. This would mean a large loss of many government programs. Road construction and maintenance would slow drastically, many welfare programs would lose funding, and we could lose many public services like policemen or firemen.
On the reverse side of the equation higher reduce a person’s net income. Reduced net income gives way to less disposable income less disposable income leads to less...
Samuel Brogdon
Economic 100
Instructor Brent Beyer
August 22, 2011
Taxes and the Punishment Due
Taxes seem to be one of the most talked about things among people in America. People are always complaining that taxes are too high, taxes are unfair, I hate paying taxes, and Uncle Sam always gets his are just a few familiar cries. In reality taxes play a very important role in the economy. Taxes can affect peoples’ net income, taxes also affect the Gross Domestic Product (GDP), and taxes also affect a wide variety of other things in the economy in various ways. The government controls taxes, but does the government raise taxes on everyone to redistribute wealth and income among citizens? Taxes and their effect are a major economical factor in all of our lives, and their effect goes much farther than just our weekly paycheck.
Taxes and net income, two words that are usually spoken of with hatred for one another, can have a little effect or a drastic effect on a person’s net income; if taxes are low people will pay fewer taxes, this leads to a higher net income and more disposable income per person. However, there is a downside to having taxes low. If taxes are too low for too long of a period the government would not be able to finance itself. This would mean a large loss of many government programs. Road construction and maintenance would slow drastically, many welfare programs would lose funding, and we could lose many public services like policemen or firemen.
On the reverse side of the equation higher reduce a person’s net income. Reduced net income gives way to less disposable income less disposable income leads to less...