Graduated Tax A graduated tax, or a “progressive” tax, is the type of Federal Income Tax whose rate increases as the individual’s income increases. Likewise, as the income of the individual decreases, so does the rate of the tax. The flat tax is just a set tax that is the same for all individuals regardless of income. Some would say that the more “sensible” option would be the graduated tax simply because the individual’s income is taxed accordingly, but others would argue that it’s not fair because the richer are taxed more and the poorer are taxed less. Relative to the flat tax, some would argue that it’s the more sensible option because all individuals are taxed at the same rate, or are taxed equally. Some would argue that it’s unfair because the poorer cannot afford to pay the tax because it asks for too much of their income. The flat tax, theoretically, is simpler and would leave less room for error and tax evasion and it may also encourage investment and expansion, as additional profit is not taxed at a higher rate. Some issues with the flat tax could be that it has the potential to shift the tax burden away from the rich to the lower middle class, as well as thousands of government employees and tax professionals would lose their jobs, or suffer a large decrease in business. On the other hand, a progressive tax, theoretically of course, could influence tax inflation which can push the taxpayer into a higher tax bracket, with no real increase in income after adjusting for inflation. On the positive side, progressive taxation shifts the tax burden to those who are most able to afford it and it also prevents political and social instability by limiting the gap between classes (in theory).
A graduated tax is supported in this group of moderates. We believe that it is a fair concept to apply a higher tax to those who have a higher income and a lower tax for those who have a lower income; it just makes sense. According to The Chicago Tribune, “…history supports progressive taxes; they were
William Jenning Bryan, Thomas E. Watson,...
Populist party followed Ohama Platform: demand silver currency over gold, a graduated income tax, railroad industry, telephone, telegraph should be owned by the government, prohibition of private land ownership for monopolies, 8-hours work day, national bank abolition,... All of the goals shared common defense for the common people, in favor against powerful, big businesses and neglected governmental duty. The party promoted ideology like Populism ( the belief…
Prohibitionists’ only argue that marijuana is a gateway drug. Those in favor of marijuana legalization claim it has a medical value and is no worse than alcohol or cigarettes, in their own separate ways. Prohibitionists tend to disagree. Marijuana should be illegal because it’s bad for your lungs, kills brain cells, leads to worse drugs, loss of coordination and audio and visual distortion.
In 1937 the Marijuana Tax Act was created to ban marijuana but it created consequence. Before a congress…
resident’s deal with unemployment due to a series of plant closings in the Chicago area. Barack Obama attended Harvard Law School and worked for the Harvard Review, where he became first African American editor-n-chief of the Harvard Review. After Barack graduated from Harvard Law, he was offered a judicial clerkship, which he turned down, instead choosing to return to Chicago a practice civil-rights law. Barack taught civil law at University of Chicago Law School. Michelle Robinson was a fellow attorney that…
country above, Brazil had unitary political system with centered power in the national legislature and the president, and complex federal system. These conditions above from Brazil made Intel difficultly chose which state to invest based on the different tax policy and individual government incentive. Security is another issue rising more and more with the development of technology, and Brazil was one of the examples that had the rise of hijacking of truck in Sao Paulo. In addition, Intel selection team…
People love voicing their opinions, getting their views across, and being a part of the change they want to see happen. But people have such ranging ideas about delicate issues that a unanimous consensus is hard to come to. The issues that our country faces today are problems that can only be fixed with the correct solution. Everyone can agree that these prominent issues need to be addressed and resolved before they are prolonged any further. Currently, abortion and immigration are two topics that…
whom it came from. The objective of this essay is to address the role that money plays in a campaign and how it can affect the actions and decisions of the candidate. To do so, I chose to research U.S. Senator Robert (Bob) Corker.
Bob Corker graduated from the University of Tennessee in 1974 with a BS in Industrial Management. From 1994 to 1996, he served as the Tennessee State Commissioner of Finance and Administration. He was the mayor of Chattanooga, Tennessee from 2001-2005. Bob Corker is…
the attack the triple wall of privilege; tariff, banks, and trusts. He soon convinces congress to pass the Underwood Tariff Bills, which helped reduce the tariff. Soon after this the 16th amendment was ratified which let congress collect a graduated income tax. These are smaller things he did in his first term as president. One of Wilson’s bigger accomplishments was creating a banking system while benefited the United States majorly.
The Federal Reserve System, founded by Woodrow Wilson, is a…
Notes to accompany Chapter 1
Sources of Tax Law
The Constitution is the basic law of the land, and the statutes passed by Congress are valid only if they are consistent with it. For much of the history of the United States there was no income tax and there was some controversy over whether the Constitution permitted one. This controversy was resolved when the Sixteenth Amendment was passed in 1913.
The Congress shall have power to lay and collect taxes on incomes, from…
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(TCO A, C) Jim worked for AAA Job Shop, Inc. for over 30 years. Two months before Jim retired, the head…
Which of the following is the actual rate of interest paid or earned over a year's time?
Wrong Answer: the periodic rate
Which of the following has the highest time value of money at the same time interest rate for the same number of payments
Correct Answer: the future value or an annuity-due
Which of the following would increase the present value of a single cash flow?
Wrong Answer: a decrease in the cash flow
You invest $1000 at 6% compounded annually and want to know…