...Individual Project 2 Dejon Mullen AIU Online Taxes paid should be determined on the ratio of how much a person makes. In today's society working class people have less money than the rich have day to day troubles in various things because of this. From feeding children, to buying furniture for their low income homes, and some need to find a job that's if they don't already have one that their miserable at making minimum wage. While rich people have worked hard for their money, they should be a little more linnet and be fair and help the poor. The rich should pay more taxes because majority of the tax breaks go to the rich, average Americans are paying more than corporations, and the simple fact that these working class Americans contributed to their success which without them would probably be non-existent. Rich people receive awesome benefits, but the taxes they pay are a joke. Some people believe the wealthy pay the most taxes but this is extra wrong. Working class Americans pay a higher percentage with state and local income combined. This is what has most Americans in the loop hole. When it comes down to taxes being considered, middle class and upper middle class pay 1% of taxes about the same amount as the wealthy. Wealthy people do get most of the tax breaks. Wealthy merchants own about 80% of the stock market giving them billions of unearned income which is taxed at half of the rate of income that is earned. The rich work way less than the average Americans. This is something...
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...Chapter 4 of Rich Dad Poor Dad, by Robert Kiyosaki, continues to reinforce the idea that the rich and the poor think differently. In chapter four, titled “The History of Taxes and the Power of Corporations,” Mr. Kiyosaki discusses the power of the corporation, and how the rich have learned to use the corporation to hide their money. Through a variety of charts he shows how the cash flows through business versus how cash flows through the poor and middle class. Corporations spend their money and then pay taxes on what is left, where the poor pay taxes and they what is left they spend on other things. Robert continues to drill the idea of developing your financial IQ in order to break the rat race and escape the machine that sucks you into the work force. He says being ignorant gets you bullied, and if you were to learn you may stand a chance. Robert actually wrote an entire book on raising your financial IQ, although I think you would be better off going through a professional educator, he makes several good points in the book. One point that I like from this chapter, and actually is driven home by this current election campaign, is the idea that the more you tax the rich, the less willing they will be to create jobs. For the 2012 election, you have one candidate that wants to bring down taxes on the rich so they create more jobs, and in turn, return more money to the government in taxes. The other candidate wants to increase taxes on the rich, which will make the rich just find...
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...food for other people. Swift believes by doing this many problems will be resolved for everyone. This piece of writing is a satire but it still shows the idea that Swift was trying to get across through his writing. The main point of the satire is that the rich have a responsibility to help the poor people. I disagree with Swift’s perspective on the relationship between the poor and the wealthy, I think that they don’t have a responsibility for the poor. I believe that the wealthy don’t have that responsibility especially in contemporary American...
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...Rich Dad, Poor Dad is the story of author Robert Kiyosaki's upbringing and his two fathers, one rich father (not biological) and one poor father (biological). He was forced to choose between following in the footsteps of his poor father – a highly educated government worker – or his rich father – an entrepreneur who never graduated high school. In the end he decided to learn from his rich dad.The book focuses mostly on the education and financial advice Kiyosaki learned from his rich dad. His rich father was able to create a multi-million dollar empire from virtually nothing, using his financial knowledge and the power of his imagination. The book gives basic lessons which combine the teachings of Kiyosaki's rich dad with experiences from his own life.One of which is the importance of improving your financial IQ and financial literacy,(skills the author believes is absent from the current education system). The book also shows how the rich don't work for money, they make money work for them. They acquire assets rather than liabilities. The author emphasises the importance of being able to differentiate between an asset and a liability. He states that in order to be truly wealthy, your asset must be large enough to offset your living expenses. He explained about the misconception of a high income meaning wealth, but in reality a strong asset column is what is needed. Higher incomes often lead to higher expenses, higher taxes, and more debt. The author (Kiyosaki) eliminates...
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...in favor of tax cuts argue that by reducing taxes, we can improve the economy by increasing spending. However, there are people who oppose them and say that tax cuts only help the rich because it can lead to a reduction in government services upon which lower income people rely on. No matter which side you agree with, they both have they’re pro’s and con’s depending on the current state of the economy. Understanding our countries Federal tax system and how they can implement certain tax cuts is important as it directly impacts the GNP. Since we are currently in one of the worst recessions, we must consider if tax cuts will help revive our economy. The Federal Tax System Our Federal tax system relies on a number of different types of taxes to generate revenues. The largest source of funds is the personal Federal income tax. Personal income taxes are levied against income, interest, dividends and capital gains, with higher earners generally paying higher tax rates. Another source of funds are payroll taxes. The payroll tax is a tax levied at a fixed percentage on salaries and wages, up to a certain limit and is paid equally by both the employer and employee. Payroll taxes have become an important source of revenue for the Federal Government and have grown more rapidly than income taxes as the government has raised rates and income limits. Payroll taxes are otherwise known as The Federal Insurance Contributions Act, or FICA taxes, which is used to pay Social Security benefits...
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...government with the return. In this sense, the term indirect tax is contrasted with a direct tax which is collected directly by government from the persons (legal or natural) on which it is imposed. Some commentators have argued that "a direct tax is one that cannot be shifted by the taxpayer to someone else, whereas an indirect tax can be. An indirect tax may increase the price of a good so that consumers are actually paying the tax by paying more for the products.[2] Examples would be fuell, liquor, and cigarette taxes. An excise duty on motor cars is paid in the first instance by the manufacturer of the cars; ultimately the manufacturer transfers the burden of this duty to the buyer of the car in form of a higher price. Thus, an indirect tax is such which can be shifted or passed on. The degree to which the burden of a tax is shifted determines whether a tax is primarily direct or primarily indirect. This is a function of the relative elasticity of the supply and demand of the goods or services being taxed. Under this definition, even income taxes may be indirect. Features of Indirect Tax: Indirect taxation is policy often used to generate tax revenue. Indirect tax...
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...reading this chapter is watching a movie or working freelance, therefore the opportunity cost of reading this chapter is the time spent plus the pleasure I relinquish by not watching a movie. Or it could the money I forgo by not working freelance. Q2: If taxes on rich were raised to provide more housing for the poor, how would the willingness to work be affected? What would happen to total output? The issue of raising the taxes of the rich has been a centre of high political debate. Just recently, billionaire Warren Buffet made a proposal to the Congress to raise the taxes of the rich so as to reduce America’s current budget deficit. In other fronts, raising the taxes of the rich is also seen as a way of reducing the wide gap between high income earners and low income earners. In our case, we are trying to analyze the implications of tax increases on high income earners in a situation where a transfer is made to improve housing for the poor. By doing this, it means that the standards of the poor are somehow improved. According to me, this is just a single approach to the multifaceted problem of raising the standards of living of low income earners. A question of concern would be the motive behind raising the taxes of the rich. How about it’s effect on output? Economists have argued that tax increases doesn’t necessarily...
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...By definition (Business Dictionary), taxes are a means by which governments finance their expenditure by imposing charges on citizens and corporate entities. Governments use taxation to encourage or discourage certain economic decisions by the citizens and the government. I don’t embrace the house’s belief, as I believe that we should not tax the rich more and everybody should work for the things they want such as money. The poor should not feed off of the rich because the rich have earned their money and the poor should do the same. The tax percentage should stay where they are in Canada right now as it is appropriate for everyone. I will expand upon these points further in my paper. However, there are some people who wouldn’t agree with me. It depends on the point of view of each individual. Those people would say that it’s about moral ethics and no one should be allowed to have millions of dollars while...
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...wealthy individuals and corporations should be taxed more for the objective of fairness. I have focused on what the overall benefit would be if taxes were raised for those who can easily pay for them. Taxes should be paid by every single individual, however, for years now, the main question within this idea is if the wealthy and corporations are entitled to pay more in order to specifically reduce the national imbalance. To answer this complex question can answered by examining why it is okay to tax those who are well-off, how it would effect our current economy and finally its the overall benefit....
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...to the U.S. population and the economy, Reaganomics ended up destroying the middle class and America. This is because it led to uneven distribution of wealth, wage disparity, unregulated economic activity, increased deficits and low-end jobs. The following is an analysis of how Reaganomics negatively impacted the middle class and the Americans. Majority of Americans welcomed the idea that was presented to them by their President Ronald Regan in the 80s whereby he made a policy of cutting down taxes for corporations, businesses and the investors who are the rich in order to stimulate economic growth and to create jobs for the youths and the poor in the society (Chafe 110). American citizens were told that Reaganomics will better the economy but that did not happen instead those who were mainly affected in a negative way were the middle class people and the rich. Reaganomics led to: Uneven distribution of wealth: Reaganomics was an idea that cutting down on taxes would trickle down the U.S. economy. After the policy was implemented, there was a reduction of tax...
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...The purpose of working is to make money and achieve the American Dream, however, reality is not as sweet as dream, people work like workaholic, and they never have plenty of money like the rich. Despite this bitter reality, people still give up everything they have and come to the U.S like the ephemera see the light. However, the light will burn the ephemera like how the rich make the poor suffer, and slower the upward mobility. The two mains reason make the upward mobility get slower is because of race and political. Race is the huge factor for most of problem in the U.S. In the movie park avenue, it said that for some kids they are far behind in the success race even when they haven’t born because of who they are. Also, in busted, the author said that more than half of our income is determined when we are...
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...Kiyosaki was taught that financial intelligence is the way to be rich. People today are desire money and are afraid of not having money; they spend their lives working for money. Kiyosaki says we need to have money work for us. Kiyosaki wanted to grow up not having to live in the “rat race”. He wanted to be able to go where he wanted to go, do the things he wanted to do, to not have anything holding him down, and that is why he strived to become “rich”. This book is for of guide lines that Kiyosaki used or experienced and he wants others to learn from. The first chapter Rich Dad Poor Dad is where Kiyosaki introduces his two fathers. He says, “one was highly educated and intelligent;… [and the other] never finished the eighth grade.” Both his fathers were strong and influential, and both were successful in their careers; but one struggled financially all his life and the other became one of the richest men in Hawaii. Kiyosaki was glad to have two fathers to learn from learned from. He was able to see the point of view of both the poor and the rich. Even though the time he started learning from them when he was nine years-old the rich dad was not yet rich and the poor dad not yet poor. At the age of nine Kiyosaki started listening to his rich dad. Rich dad taught six main lessons. The second chapter was the first lesson, The Rich Don’t Work for Money. Kiyosaki asked both dads if they could teach him how to get rich. Poor dad, Kiyosaki’s dad, responded that you need to make money...
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...bucket experiment”? In the words of Okun: "The money must be carried from the rich to the poor in a leaky bucket. Some of it will simply disappear in transit, so the poor will not receive all the money that is taken from the rich." Basically, the leaky bucket experiment was a concept developed by Okun that explains how money in our economy flows from the rich to the poor in an inefficient matter. He uses the term “leaky bucket” because we can imagine a situation where the rich carry money to the poor using a cracked bucket in which some money falls out on the way. However, we may wonder just how big these cracks are, that is to say, just how much money is leaked in transit, and where does it go? In figuring this out, we are able to estimate just how inefficient our system is. The method in which this transfer occurs in our economy is primarily by taxes on the rich, and welfare programs for the poor. However, as we can guess, not 100% of the taxpayer’s money is transferred over. Okun explains how only in a perfectly efficient economy [which does not exist], would the transfer be dollar for dollar. Part of the leakage begins with personal costs on part of the taxpayer. How much money is earned and spent affects the final cost of the tax that the taxpayer actually incurs. Now, much like any other multi-level process in our economy, each level bears a cost on someone. In this case, money leaks from the taxes to all of the costs associated with managing and attempting to create a “fair”...
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...Roman Injustice How come the Romans have to cause all the trouble, it is always the Romans? In Roman times there was so much ways that were acts of injustice that many, many people died a horrible slow, lifeless death! There were gladiator fights that were to the death but not so quickly for they were forced to do it slowly. There was other ways of a unwanted death like through slavery. Nobody wants to die a slave that can be traded with no say in it, or have any rights to freedom. Just one more way there was another major act of injustice, the Roman tax system! People were forced to pay, no choice, with or without a house to live in, family or no family. Romans were always unjust in many ways, forced people into slavery, brought others down with taxes, or even forced...
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...Perry's plan offered in 2011 was imperfect, but it represented a overall structure and ideas. The focus of the plan scrapped, “the graduated income tax and replace it with a 20 percent flat rate. By throwing out rates as high as 35 percent and eliminating estate and investment taxes, the plan would grant a major tax cut for the wealthy…his proposal would also offer benefits to middle-class Americans by giving a $12,500 deduction for every member of a household while preserving exemptions for state and local taxes, mortgage interest and charitable contributions for anyone making less than $500,000. He said anyone could still file under the current code, and he also pledged to lower the corporate tax rate to 20 percent, from 35 percent” (Oppel, 2011). This means that taxes will be sliced for all groups in America: this will equate to more money for individual Americans, allowing them to make a greater investment in the private economy. The plan was criticized as being ambitious because of the fact that most Americans wanted to see the wealthier taxed more heavily rather than the opposite. The plan would ask that the federal government engage in severe cuts in the federal budget and that spending would be no more than 18-20% of the gross domestic product. Perry’s plan would have definitely pushed the federal government tax collection in the right direction: it “would equate to a cut of one-quarter of the budget from 2011 expected...
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