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Democrat-Republican Tax Plans

The wealthiest people of course make the most money, so the overall cut is higher. High tax cuts can put the future economy in trouble. High tax cuts make for less money to pay off the national debt. This debt will continue to grow, and get bigger every year. In the 10 years that bush's plan will exist where will the national debt be? Simple math will tell us that the nation's deficit will grow. And really it is a proven fact it will grow unless we pay down on the deficit. So in ten years will a growing deficit benefit the economy? The democrat's plan is only 1/5 of the proposed 670 billion in tax cuts proposed by the republicans.
             Of the 670 billion dollars proposed by the republicans, a little of half of the total over the ten year period is going towards eliminating the dividend's tax to investors. This is the most controversial proposed tax cut made by bush. This is the biggest cut area, and only affects the richest people. .
             Let's look at 401k retirement plans. These plans will not receive a boost in the republican's tax plan. You would have to pay taxes on the money, even if it was built with a tax-free dividends. 401k retirement plans are offered to many people that do not directly work with the stock market. But they will not benefit from the tax-free dividend, even if a 401k plan is relying on stocks that do benefit. 410k plans are now used by many people that will not see the majority of benefits from Bush's plan. .
             The Republican plan is focused on one thing; bring the economy out of recession. This is definitely a problem that does need addressing at this time. But the tax plan proposed is doing nothing for the economy foundation. Metaphorically speaking the republican plan is building a high rise on a crumbling foundation. The foundation may not be able to support the proposed aim; building the economy; if the little things are not addressed. The democrats plan has taken a bottom up approach.


Essays Related to Democrat-Republican Tax Plans

1. Tax Cuts

A tax cut is often thought of as the magical solution to our economic problems, but a tax cut is not always what it seems. ... The Bush tax plan would reduce the average statutory marginal tax rate (that is, the average tax rate applying to the last dollar earned in the economy) by roughly three percentage points relative to the current distribution of tax rates. ... First, for any given tax, the current tax rate must be beyond the point of maximum revenue. ... For the payroll tax cut to succeed, people must work significantly more when their real after-tax wages rise, because only then could ...

  • Word Count: 853
  • Approx Pages: 3
  • Grade Level: Undergraduate

2. Tax Cut

A tax cut is often thought of as the magical solution to our economic problems, but a tax cut is not always what it seems. ... The Bush tax plan would reduce the average statutory marginal tax rate (that is, the average tax rate applying to the last dollar earned in the economy) by roughly three percentage points relative to the current distribution of tax rates. ... First, for any given tax, the current tax rate must be beyond the point of maximum revenue. ... For the payroll tax cut to succeed, people must work significantly more when their real after-tax wages rise, because only then could ...

  • Word Count: 853
  • Approx Pages: 3
  • Grade Level: Undergraduate

3. Bush Tax Relief

Bush Tax Relief Many issues surrounding the tax relief plan, signed into law on June 7th of this year are very unclear and contradictory. ... However, the Bush tax relief plan must first be described and enumerated. ... The fifth part of the tax cut plan is the expanding of the realm of charitable deductions. ... A more economic reason for the Bush tax plan is the belief that by decreasing tax rates, the revenue will actually increase. ... When Bush proposed the plan in 1999, it ...

  • Word Count: 2226
  • Approx Pages: 9
  • Grade Level: Undergraduate

4. 529 Savings Plans

The growth of funds in a 529 plan and withdrawals made for the purpose of education are tax-free at the federal level. ... The 529 plan tax treatment applies at two levels; the federal level and the state level. ... Some states provide partial or full income tax deductions for contributions into that state's plan. Also, some states provide the residents a tax break from the 529 plan on earnings that are payments for the college expenses. e.g. ... Tax deductibility on these plans varies by state. ...

  • Word Count: 1749
  • Approx Pages: 7
  • Grade Level: High School

5. The Bush Plan

The Bush plan: What it means to you Here's how the president's economic stimulus package may affect you.January 8, 2003: 1:12 PM EST NEW YORK (CNN/Money) - As expected, President Bush on Tuesday proposed an accelerated reduction of income tax rates and the elimination of taxes on dividends for individual investors. ... Many states have been facing fiscal problems and are planning spending cuts and tax increases. ... (To read about the Democrats' rival stimulus plan, click here.) ... In addition, Bush proposed that Congress raise the amount of income that applies to the 10 pe...

  • Word Count: 7291
  • Approx Pages: 29
  • Grade Level: High School

6. Introduction to Tax Policy

As we have mentioned, many researches that measuring or estimating attitudes towards taxation are based on the intrinsic motivation for individuals to pay taxes which is sometimes termed their "tax morale ". The tax morale is strongly associated with some psychological factors such as subjective evaluations of tax evasion, evaluations of crime in general, judgments of the government and state in general and so on. ... The first one is that the more progressive the tax schedule is, the higher an individual's tax morale is and the second hypothesis is that the positive impact of progressiv...

  • Word Count: 674
  • Approx Pages: 3
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7. The Federal Income Tax: A Centenary Consideration "

Helping with this important day on the calendar, our 30th President, Calvin Coolidge, took office in 1921 with a tax plan in mind. ... Coolidge also planned on reducing federal expenditures in hopes of decreasing the federal debt. ... The fair tax rate is a tax reform proposal that would replace all federal income taxes, payroll taxes, gift taxes, and estate taxes with a single consumption tax on retail sales. ... We currently have tax tables that differ depending on level of income and how you file taxes. With the fair tax, one tax rate would be applied to every single taxpayer in the United ...

  • Word Count: 1441
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  • Grade Level: High School

8. Death Taxes: Punishing Farmers For Dying

Actually, there's a third; Death Taxes. ... They tax you again on income and assets already taxed, but this time, at an astonishing rate of 55 percent. ... Taxing people twice? ... Faced with a big tax bill, many families are forced to sell family-held businesses just to pay the federal estate tax. ... Much of the anger among farm owners about death taxes is the extraordinary time, effort, and expense it takes to try to plan for them. ...

  • Word Count: 1088
  • Approx Pages: 4
  • Grade Level: High School

9. Finance, Banking, Trade and Tax Structure

Trade Practice in Myanmar Since, Myanmar has changed its economic course from a centrally planned economy into a market oriented system On 2010 according to the 2008 constitution, a series of structural reforms had been introduced and new legal policy instruments given the private sector including foreign investors and businessmen, the right to do business and to make investment in the country were enacted. ... (7) Exemption of commercial tax and customs duty on the imported items like fertilizers, agricultural machineries and implements, insecticides and pesticides, medicines and raw mate...

  • Word Count: 9814
  • Approx Pages: 39

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