Tax Reform Two Sides of the Same Coin - 700 Words

Tax Reform: Two Sides of the Same Coin Tax season is upon us and many Americans are scrambling around trying to get theirs finished by the end of the dead line. This time of year is not a joyous occasion, everyone on edge most of them pondering how much they will have to pay. While others are wondering if they will get as much as they thought they will, or are they going to be one of the unlucky few to be audited? I am one of those people, anxious, and waiting at the edge of my seat for that hammer of reality to come crashing down over my head. With each new election year comes new arguments and battles fought within the halls of Capital Hill, but who is right and is there a middle ground? I will present you with the facts as I have†¦show more content†¦This approach has been used in the past, it was used by Ronald Reagan, back then it was called â€Å"Reaganomics†, or supply-side economics. Reagan, once in office cut income taxes from 70% to 50%; by cutting taxes and putting more money right into the hands job creates you take the government out of the equation. A good example of this is comes from the National Tax Journal article â€Å"Changes in the Organization of Business Activity and Implications for Tax Reform† written by George A. Plesko and Eric J. Toder, in the article they talk about The Tax Reform Act of 1986 (TRA86), which helped begin to put things in motion to change in the corporate world, TRA 86 allowed corporations to change what type of tax bracket they wanted to be in with the only real changes was to how much they would end up paying in taxes. On January 20th President Barack Obama was sworn in again for a second and final time, with his first term done and his Health Care Act â€Å"Obama-Care† loosely in place President Obama set his sights on tax reform. His answer to the deficit we as a nation face today was the â€Å"American Taxpayer Relief Act of 2012†. President Obama has thrown his weight behind the middle class, â€Å"We have to set priorities. If we want a strong middle class, then our tax code must reflect our values†. His tax policies have shown this to be true, theShow MoreRelatedThe United States Is Home To About 42 Million Immigrants.1097 Words   |  5 Pagesfreedom, employment opportunities, better education, etc.). They say that they exploiting all the benefits offered by the government such as healthcare without putting in the work. This caused a lot of taxpayers to be angry for since they are paying in tax dollars for immigrants to get these benefits for free. Systemic Power can be defined when a system for example the government has full control over something. 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