Us Public Financial And Fiscal Policies

2660 words - 11 pages

The US has the largest single national economy in the world. As it is a democratic society one might assume that the wealth is equally distributed amongst its people. In reality the nation is severely segregated in terms of who has the wealth and all the benefits associated with it. A central aspect of this unequal distribution results from Government Fiscal policies. This is especially true of Tax Revenue, with all the possible breaks, exemptions and loopholes that currently exist. The major benefactor of the current Tax system is what is commonly called the “1%”. This refers to the one percent of the population who control approximately 40% of the country’s wealth. Given this inequality it is imperative to consider alternative Economic policies, which might help bridge the gap between the “1%” and the rest of the population. There are many possible adjustments regarding the current Economic policy in America that would benefit the masses and the subsequent redistribution of wealth would ameliorate the current economic situation.

There are two schools of thoughts when regarding the situation at hand, obviously both come from the different parties involved in Politics. The general Idea goes as follows “Democrats support progressive taxes i.e. they want high-income individuals to pay taxes at a higher rate. They support higher taxes on the wealthy to pay for public programs. Republicans support tax cuts for everyone (rich and poor alike). They consider higher tax rates on the rich a form of class warfare.” It is often perceived that the rich are actually the job creators and therefore taxing them heavily would impede job creation. Before we consider any alternatives it is important to educate ourselves on the issues at hand and fully understand the current situation regarding the Tax system and other economic components in the United States. It is worth noting that there are a few credits and exemptions associated with Education and Health care but the main focus of this paper is to become more familiar with the Tax Structure in dealing with Income tax, Capital gains, as well as minimum wage. These main points of interests are essential in clearly displaying the segregation between the “1%” and the rest. The reason why the Gap has become such an issue over the last few years is the changes in average income while the vast majority has had a decrease in income over the last 10 years, the rich and super-rich have had unfathomable increases in the 209% and 650% respectively thus consequently only improving the economy of the few.
Income tax is a percentage of the earnings given to the government. The percentage is dependent on the salary amount and moves progressively to a higher percentage, as the salary gets higher. On paper the progressive nature of taxes brackets are beneficial to bring in an equal share amongst all Americans for the purpose of government spending in enhancing social services and effective government action. The...

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