Tuesday, March 26, 2019
Double and Triple Taxation Must be Eliminated :: Expository Exemplification Essays
Double and trio Taxation Must be EliminatedPresident George Bush states that its unfair to assess gold twice. This statement is actually an example of normative economics and lone(prenominal) describes an opinion. It tinnot be proven because the term unfair is relative to different bulk however, not many people would d ar to disagree. Especially if the bifurcate assess was not aimed only at the large corporations or the richest 10% of the race but at every hardworking American who brings home a paycheck. Even worse, many of these Americans do not even realize the double revenue enhancement, and sometimes even troika tax, that is imposed on them. Currently, large corporations are required to be taxed a certain percentage of all of their profits. This includes the bullion from which dividends are derived. When stock holders obtain the dividends from these corporations, the government counts this as individual income and is taxed at a time again. Six percent of the populat ion would benefit from abolishment of this double tax. However, the largest give out of the income that is taxed twice is the income from the workers paycheck. Opposed to the 6 percent of dividend holders, this affects every working American. The income is for the first time taxed as a whole and then sociable surety and Medicare tax is also deducted. The coin that was for Medicare and Social Security is never seen but is counted as if the individual had an opportunity to spend it. What is worse is much of the Social Security money is received from retirees who are again taxed on the income, creating a threesome tax. For Social Security recipients, there is a fixed count of income allowed to go untaxed but is taxed once exceeded. However, these base amounts do not trade with inflation which creates more and more people who are unfairly taxed. Also, this triple tax is paid all by the same person whereas the dividend tax is shared by both corporations and stockholders. This doub le tax is imposed on far more people who make much less money than the dividend holders. The Social Security tax on a workers paycheck can only be implemented on a certain amount of income, creating a maximum base amount. This base amount does rise with inflation. Therefore, as income increases, the Social Security tax actually decreases. Those who make less money pay a larger percentage of their income to the government through the Social Security tax than the wealthy class does.