Public finance has been one of the most informative and beneficial classes I have taken at UVA-Wise. In this course I have learned many things that that should have probably been taught to me years before this. I have learned many things about taxation in our current economy, which appears to me to be a huge problem. My five bulleted items list the most important things I learned in this class in regards to taxation. This class taught me that I am strongly in favor of the Fair Tax.
One of the most surprising this I learned in this class was that only people, not corporations or anything else, pays taxes. I first learned about this on the section regarding corporate income taxes. The name makes it sound like the corporation is going to be …show more content…
I was not aware that politicians add tax preferences whenever they please in order to obtain the attention/votes form a selected party. When I was looking at some of the more outrageous tax codes, it became clear that politicians were using this to push their own agendas. Taxes shouldn’t be a campaigning tool for some of the most corrupt people. The complexity of the tax code should be changed because the people paying it should be able to understand it.
This class taught me that our national debt is out of control, but it isn’t a priority to repay it any time soon. Our national debt is over 19.5 trillion dollars. That is an insanely large number, and I did learn that it isn’t as bad as it may seem, it is still way out of hand.
There isn’t a limit on our national spending, and we don’t even have a federal budget in place. There must be a tax surplus if we ever want to make a dent in the federal budget. With all of the taxes that we have now, it would be very complicated to raise them all, or even a few of them. However, the taxes must be raised, or federal spending must come down if we ever want to see a reduction in our debt. If the taxation method were changed to a fair tax, the tax rate on goods could be changed in an effort to see improvements in the national …show more content…
I originally was not a fan of the fair tax because I dint like the idea of taxes being placed on goods, because I thought the prices of them would raise way too much. However, the last couple of weeks have taught me otherwise.
The fair tax should be our method of taxation for America. It would place a tax on goods at their time of purchase. This would allow people to only be responsible for the taxes on goods they consume. It would make it clear that only people pay taxes. It would clear up all of the confusion around tax preferences and the tax code. The fair tax would prevent tax evasion, rid people of tax season stress, and benefit the economy. This class has taught me many things about taxation, but I think these five are the most important in regards to why the taxation method in our country needs to be changed. We need to switch to the fair tax, because it could eliminate all of these problems, and many more. I know that we probably wont switch to a fair tax any time soon, but I feel like that is our only hope at getting the situation under
One of the most surprising this I learned in this class was that only people, not corporations or anything else, pays taxes. I first learned about this on the section regarding corporate income taxes. The name makes it sound like the corporation is going to be …show more content…
I was not aware that politicians add tax preferences whenever they please in order to obtain the attention/votes form a selected party. When I was looking at some of the more outrageous tax codes, it became clear that politicians were using this to push their own agendas. Taxes shouldn’t be a campaigning tool for some of the most corrupt people. The complexity of the tax code should be changed because the people paying it should be able to understand it.
This class taught me that our national debt is out of control, but it isn’t a priority to repay it any time soon. Our national debt is over 19.5 trillion dollars. That is an insanely large number, and I did learn that it isn’t as bad as it may seem, it is still way out of hand.
There isn’t a limit on our national spending, and we don’t even have a federal budget in place. There must be a tax surplus if we ever want to make a dent in the federal budget. With all of the taxes that we have now, it would be very complicated to raise them all, or even a few of them. However, the taxes must be raised, or federal spending must come down if we ever want to see a reduction in our debt. If the taxation method were changed to a fair tax, the tax rate on goods could be changed in an effort to see improvements in the national …show more content…
I originally was not a fan of the fair tax because I dint like the idea of taxes being placed on goods, because I thought the prices of them would raise way too much. However, the last couple of weeks have taught me otherwise.
The fair tax should be our method of taxation for America. It would place a tax on goods at their time of purchase. This would allow people to only be responsible for the taxes on goods they consume. It would make it clear that only people pay taxes. It would clear up all of the confusion around tax preferences and the tax code. The fair tax would prevent tax evasion, rid people of tax season stress, and benefit the economy. This class has taught me many things about taxation, but I think these five are the most important in regards to why the taxation method in our country needs to be changed. We need to switch to the fair tax, because it could eliminate all of these problems, and many more. I know that we probably wont switch to a fair tax any time soon, but I feel like that is our only hope at getting the situation under