I experience a maddening frustration when I review my pay stub and observe in detail the amount of money taken out for taxes. The fact that there has been a growing complaint from the taxpayers in this nation without a serious effort to change it is infuriating. It is a common concern of the middle class that the wealthy are privy to large deductions, corporations are avoiding taxes, and that there is a growing number of individuals paying nothing at all. It is time for our political leaders to get off their butts and fix the tax code, in order for everybody to pay their fair share, rather than shifting the cost of higher taxes to the middle class. Political leaders often appeal to the middle class during the campaign season. I remember a
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Richard Rubin with Bloomberg Business reported that corporations have moved over 2 trillion dollars overseas to avoid hundreds of billions in taxes. This is an issue being acknowledged by both political parties, since the burden for the avoided tax revenue has shifted to the individual taxpayer. Recently, I heard presidential candidate Donald Trump suggest that he would allow companies to repatriate their offshore money for a one-time 10% tax. In addition to avoiding taxes with money stashed offshore, corporations also receive tax deductions for corporate jets, pilots, chefs, limos, apartments, and business trips to luxury resorts. While it is certain that the people who receive the benefits of these corporate perks are elated to receive them, and would probably argue they are just a component of doing business, it is deplorable our government is once again shifted such costs to the individual taxpayer. To be fair, the United States corporate tax rate is one of the highest in the world, and incentivizes corporations to seek ways to avoid paying taxes. Corporations are needed in this country, not just for tax revenue, they also employ millions of people. There has to be a sensible and fair means of taxing companies is this nation. A system that encourages both growth in industries, and meaningful jobs that people can aspire to …show more content…
A significant number of people in this nation not only receive a full refund for the taxes they contributed during the year, with the unearned income tax credit, they generally receive thousands of dollars in excess of what they have contributed. The government effectively collects federal income taxes from the people whom they require to pay, and then transfers the money to those who pay nothing at all. People may argue that the poor should not have to pay anything; however, I consider it appropriate that everybody contributes taxes even if it is only a modest percentage, since all benefit from the protection of the military, the roads that transport goods for our consumption, and other various federal agencies. Martin Matishak, a Washington Correspondent who reports for major news and publication outlets, recently reported that 77.5 million households pay zero in federal income taxes. These households can now use this situation as political leverage to vote for politicians who will continue to raise taxes on the individuals who do pay, in order to transfer that money into their own pockets, which hardly seems to be the sort of system that people can honestly call
Richard Rubin with Bloomberg Business reported that corporations have moved over 2 trillion dollars overseas to avoid hundreds of billions in taxes. This is an issue being acknowledged by both political parties, since the burden for the avoided tax revenue has shifted to the individual taxpayer. Recently, I heard presidential candidate Donald Trump suggest that he would allow companies to repatriate their offshore money for a one-time 10% tax. In addition to avoiding taxes with money stashed offshore, corporations also receive tax deductions for corporate jets, pilots, chefs, limos, apartments, and business trips to luxury resorts. While it is certain that the people who receive the benefits of these corporate perks are elated to receive them, and would probably argue they are just a component of doing business, it is deplorable our government is once again shifted such costs to the individual taxpayer. To be fair, the United States corporate tax rate is one of the highest in the world, and incentivizes corporations to seek ways to avoid paying taxes. Corporations are needed in this country, not just for tax revenue, they also employ millions of people. There has to be a sensible and fair means of taxing companies is this nation. A system that encourages both growth in industries, and meaningful jobs that people can aspire to …show more content…
A significant number of people in this nation not only receive a full refund for the taxes they contributed during the year, with the unearned income tax credit, they generally receive thousands of dollars in excess of what they have contributed. The government effectively collects federal income taxes from the people whom they require to pay, and then transfers the money to those who pay nothing at all. People may argue that the poor should not have to pay anything; however, I consider it appropriate that everybody contributes taxes even if it is only a modest percentage, since all benefit from the protection of the military, the roads that transport goods for our consumption, and other various federal agencies. Martin Matishak, a Washington Correspondent who reports for major news and publication outlets, recently reported that 77.5 million households pay zero in federal income taxes. These households can now use this situation as political leverage to vote for politicians who will continue to raise taxes on the individuals who do pay, in order to transfer that money into their own pockets, which hardly seems to be the sort of system that people can honestly call