Ramifications of raising taxes for wealthy

Assignment Help Accounting Basics

Reference no: EM1364967

Axes are a part of fiscal policy and very controversial. Some politicians want to raise taxes for incomes over $250,000, representing the 2% highest incomes, and would also include budget cuts of approximately $4 trillion over the next 10 years. Another proposal wants to lower the maximum tax rate from 35% to 25%, leaving tax rates the same for the other brackets, while also proposing a reduction of total spending by $6 trillion over a 10-year period. Another proposal has advocated a simplification of taxes by eliminating all corporate and individual deductions and estimating this would reduce the deficit by $3 trillion over the next 10 years, plus there would also be reductions in spending equal to another $3 trillion.

What are your thoughts on the three proposals outlined above, and please feel free to suggest anything that you feel should also be considered in reducing the deficit.

Reference no: EM1364967

Questions Cloud

Design program to compute-display number of miles per hour : Design a program that calculates and displays the number of miles per hour over the speed limit that a speeding driver was doing.

Determine new funds needed to finance the growth : Owen's Electronics has 90 operating plants in seven southwestern states. Sales for last year were $100 million, and balance sheet at year end is same in % of sales to that of previous years.

Manage scope creep : Project foundations (operational requirements, system requirements, design constraints, and software requirements) determine the scope of work to be accomplished in a project.

Type of market-reimbursement method : What is the difference between capitation and fee for service (FFS)? Describe the type of market appropriate for each reimbursement method.

Ramifications of raising taxes for wealthy : What are your thoughts on the three proposals outlined above, and please feel free to suggest anything that you feel should also be considered in reducing the deficit.

Organizations that have made mistakes in foreign countries : Do you know of an example where an individual or an organization made a mistake in another country that damaged their business or reputation?

What is theoretical maximum channel capacity : What is the theoretical maximum channel capacity (Kbps) of traditional telephone lines (POTS)? Will that be the actual maximum channel capacity?

What is the coefficient of linear expansion : find the coefficient of linear expansion for the material of which the rod is made.

Management of health-related services : What do you consider to be the most important attributes of good management practice? Discuss in relation to examples of good management of health-related services that you have encountered.

User Account

All Pages