代写范文

留学资讯

写作技巧

论文代写专题

服务承诺

资金托管
原创保证
实力保障
24小时客服
使命必达

51Due提供Essay,Paper,Report,Assignment等学科作业的代写与辅导,同时涵盖Personal Statement,转学申请等留学文书代写。

51Due将让你达成学业目标
51Due将让你达成学业目标
51Due将让你达成学业目标
51Due将让你达成学业目标

私人订制你的未来职场 世界名企,高端行业岗位等 在新的起点上实现更高水平的发展

积累工作经验
多元化文化交流
专业实操技能
建立人际资源圈

President Obama’s New Tax Reform Could Be A Pill To American Economy

2020-05-19 来源: 51Due教员组 类别: Paper范文

网课代修,网课代写,作业代写,北美代写,代写

下面为大家整理一篇优秀的paper代写范文-President Obama’s New Tax Reform Could Be A Pill To American Economy。在奥巴马总统公布2016财年预算时,“没有代表就不征税”这句老话可能和“有决议就征税”一样,我们在预算中看到了重大的税收改革。白宫表示,这是一项“促进增长和机遇的税收改革”(2016财年:预算,2015年)。更具体地说,4万亿美元拟议预算的财政计划$1.7条在未来十年内,将征收数万亿新税,目的是提振中产阶级经济,并在全国范围内建设基础设施。这将主要通过两种方式实现:一是提高最高收入家庭的资本利得和股息税率,从23.5条对于28%,2%是对海外高达2万亿美元的收入一次性征收14%的税,约为2800亿美元。

 

      The old saying of “No Taxation Without Representation” might just as well put as “Taxation with a resolution” as President Obama released his fiscal 2016 budget, in which we see a significant tax reform. The White House says it is a “Tax reform that promotes growth and opportunity” (Fiscal Year 2016:Budget, 2015). More specifically, the fiscal plan of a total $4 trillion proposed budget would collect $1.7 trillion in new taxes over the next ten years in aim to boost the Middle Class economy and to build infrastructure work across the nation. This will achieve mainly through two ways: one is raising the tax rate on capital gains and dividends for the highest-income households, from 23.5 to 28 percent, two is a one-time 14 percent tax on the up to $2 trillion earnings abroad, which is about $280 billion. (8)

      Like every other reform, there are opposite opinions on the new tax reform. For example, the Wall Street Journal’s “Obama Unchained” called this act will fall short in the long run highlighting the impact with listing many numbers to suggest the amount of added tax is simply too much. The article is not without a point. That is, “The White House budget office expects federal outlays and revenues to rise to altitudes well above historical norms, yet the average estimated deficit over 10 years of $567 billion is higher than any Administration since World War II” (Obama Unchained, 2015). While the figures might be true, it is noticeable that the article gave no credits to those that get a tax cut and the areas that badly need investments, such as infrastructure and child care. Instead, it focuses on the growing budget plan, creating an illusion that the President only knows and cares about collecting cash while neglecting the greater good the tax reform will bring to the overall public, not just the Wall Street itself.

      Thus, although I am aware of the knowledge I gained from reading is far from a comprehensive understanding, I am more hopeful than doubtful toward the Obama’s new tax reform and I will explain with more details in the essay ahead.

      The U.S. has the world’s most complex tax system that involves hundreds of tax authorities. However, it is the President’s job to make sure the tax is spent efficiently in areas that need it the most, especially when it requires a tax increase. In this case, President Obama indeed did his job in the sense that the reform will benefit the big chunk of working class, the middle-and lower-income class. “The President is committed to continuing the manufacturing sector’s growth in order to attract the kind of well-paying jobs that will help drive middle class economic security.”(Fiscal Year 2016:Budget, 2015, p.17). Tax cuts made available will expand access to affordable child care, provide free two-year community college education as well as expand income tax credit for workers without children and continue EITC improvements, which will benefit 16 million working families with children (Fiscal Year 2016:Budget, 2015, p54). These tax provisions will reward the word force and “help at-risk families stay above the poverty line.” (Citizens for Tax Justice, 2015). Like The Center on Budget and Policy Priorities suggests, “These policies would also help to ease the enormous and growing income and wealth disparities and ensure that the benefits of the economic recovery are somewhat more widely shared.” (2015).

      Not surprisingly, the money that will fund the policies comes from the hands of the most wealthy: from collecting a tax increase on capital gains and ending the “carried interest loophole that allows hedge fund managers to characterize income as capital gains”. (5) Noticeably, such increase will most likely not affect middle-class families while the “first $100,000 of unrealized capital gains per individual-$200,000 per couple-would be exempt.” (6) As a matter of fact, the wealthiest top 1 percent of tax filers are paying for the cost of 99 percent of these reform while the wealthiest 0.1 percent of Americans are responsible for 80 percent. (7) We know that the economy react to incentives instead of still assets that are held in hand by the rich, the tax act will boost economic growth by strengthening the workforce.  

        Now an interesting topic arises, how does the U.S. corporations feel about it? They seem to be the biggest loser in the new tax reform. Not only do they have to face paying taxes for abroad earnings for the first time, but also, the capital gains also raise a whooping 4.5 percent to 28 percent. It is interesting, therefore, to look at the two contradictory articles by WSJ’s “Letting Tax ‘Extenders’ Die”(2015) and John Miller (2015)’s “The Wall Street Journal’s Yankee Swap”.

       While WSJ is suggesting the “real Republican goal should be a change in law that locks in lower rates and eliminates as many special tax breaks as possible-and doesn’t expire,” (Letting Tax ‘Extenders’ Die, 2015) Miller argues U.S. corporations are the last ones that need a tax relief, which is in line with Obama’s new tax reform. The so-called “punishing” corporate tax, as Miller points out, is not punishing at all if a fair comparison is made, which is through comparing “effective tax rates”, that counts in income in all forms averagely that is more meaningful. In that case, the effective U.S. corporate tax rate in 2008 (27.1 percent) was actually lower than the other Organization for Economic Cooperation and Development countries. (Miller, 2015).

       Miller also points out that the reasons why the effective U.S. corporate tax is lower while its statutory tax is significantly higher: three loopholes of foreign income, accelerated depreciation and domestic production activities. (2015) Under The President’s new tax reform, these loopholes will finally be fixed and give incentives to give up holding the profits overseas while instead, rejuvenate the domestic economy by bringing in more jobs.

     Moreover, while both WSJ’s articles (“Obama Unchained” and “Letting Tax ‘Extenders’ Die”) push for a permanent lower rate on corporations, neither of them has enough evidence to back up their claim. In fact, they offered no evidence at all: all they did was to reiterate what they want and stress the deficit that is born into Obama’s administration and list numbers that don’t mean much, especially to the general well-being of the American people. The article “Obama Unchained” ended with “…On the evidence of this budget, they’re unlikely to get even the back of his hand.” It is obvious to see what the republicans truly care about: not the American people but their own concerns. Thus, their arguments against the new tax reform are weak and not progressive for the nation to move forward because they seem to speak favorably only for the corporations and politics.

      The word “family” appears 19 times in The President’s new budget plan while the word “middle class” appears 22 times and the word “infrastructure” has 83. We can see clearly where The President is standing. Under the new tax reform, more jobs will be created from infrastructure work and fewer concerns from the middle-class and underprivileged families will be made possible. Although there are mixed views toward the new tax reform, suggesting primarily from conservative publications, we can tell after an educated reading that the reform could indeed be the pill to American’s economy.

 

51due留学教育原创版权郑重声明:原创paper代写范文源自编辑创作,未经官方许可,网站谢绝转载。对于侵权行为,未经同意的情况下,51Due有权追究法律责任。主要业务有essay代写assignment代写、paper代写服务。

上一篇:Measures after Portuguese occu 下一篇:The Symptoms