American Government – Taxes

To help eliminate this year’s $966 billion deficit, would you raise personal income taxes? If not, then why not? If so, who would you raise taxes on? If you say rich people, define rich. How much annual income to do you consider rich? If you believe everyone should pay more in taxes, how much do you believe everyone’s taxes should be raised? See the inserted table below for the federal income tax rate that everyone currently pays depending on how much money they make. For example, if your household’s annual taxable income (after allowed deductions), either as an individual or combined with a spouse, is $85,000, then you pay 22% federal tax (meaning you pay $22 of federal tax for every $100 you earn).Do you believe corporations should pay higher taxes on their profits. Corporations currently pay 21% tax on their profits, but many don’t pay any federal income tax at all because of certain tax laws (called loopholes) that benefit them. The companies include some of the biggest and richest in the United States like Amazon, General Motors, Netflix, Chevron, IBM, and Goodyear. Some believe shielding corporations from paying taxes is a good thing because it makes them more profitable, which protects jobs. What do you think?Do you believe expenses should be cut? If not, why not? If so, the areas of expenditures that would make the most difference in reducing the $966 billion deficit are defense, Social Security, Medicare, and various other entitlement programs. Questions to consider include: Can U.S. national security be adequately protected by spending less than the current annual level of over $600 billion? Should Social Security and Medicare retirement benefits for older Americans that total over $1.8 trillion each year be reduced? Should entitlement programs for low-income Americans that cost hundreds of billions of dollars each year be reduced such as Medicaid, Food Stamps, family & child welfare, etc? If you favor reducing programs for low-income Americans, what should be done to address the needs of the approximately 40 million citizens considered to be living in poverty? Address all of these questions in some fashion in your initial post. Support your positions, where needed, with explanations or evidence.

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