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Emirate Airlines

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May 3, 2015 Macroeconomics 2301 Professor Leonie Karkoviata Economic Impact Essay The Macroeconomics Course was very informative this semester. The concept that took my interest the most came from Chapter 12: Public Sector. The taxation principles; Benefits-received principle, and Ability-to-pay principle. I didn’t really understand taxes until now. I remember when I got my first job in a warehouse loading and unloading truck with cubes of brick and accessories to build houses. I was making $ 7.25 an hour. I was so anxious to get my check and see how much I made. 2 weeks went by and it was finally time for me to get paid. My boss was calling out names to collect their pay, and he couldn’t get to mine fast enough. Once my envelope concealing my check was handed to me, I walked to the bathroom and ripped it opened. Too my surprise, federal taxes and Social Security had been taken out. I was a little upset because I didn’t make that much as it was, and now the government had taken their share before I even got a chance to cash it. I soon realize that was the least of my worries, I still had to ration what was left over between necessities such as groceries, gas, and rent. As I was purchasing groceries, I noticed that the bill racked up fairly quickly, same with gas partially due to taxes. It wasn’t until after a few checks that I had realized that taxation was not going away anytime soon. I needed to figure out a way to either make more money or cut corners on expenses if wanted extra cash to save. Now after this course I realized that I could apply the Benefits – received principle to those experiences, and now can comprehend that because I receive the benefits of those items I should pay the taxes on them. I definitely more fund of the Benefits received principle over the Ability – to-pay principles. Can you imagine pay taxes on items, just because the amount of income you make. That would make the taxation one sided, everyone who was considered lower class would be getting the benefits as the middle class and above. I understand why most would think that those who are financially blessed should foot majority of the federal taxes, but it wouldn’t fair to penalize those citizens just because they have worked a little bit harder at making their American Dream come true. I have found new found appreciation for both Micro and Macroeconomics. I feel that all citizens should be able to comprehend what makes their government tick from the inside and out. I believe that this help us comprehend what controls taxation, the creation money, loan process, and what drives fiscal policies.

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