Laws Governing Taxation Have Long Term Paper

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..individuals are taxed in their total annual income minus their net new additions to savings, which equals annual consumption (Weiler).

Both forms of consumption tax are not without their troubles and for the most part there is no consensus on the benefits of either alternative. Overall, the quest to reform the current system of taxation rages on. It will be very difficult to reform the current progressive tax system of because it is so steeped in bureaucracy and tradition.

Conclusion

The purpose of this discussion was to examine the progressive income tax. We found that the this tax system operates by taxing a certain percentage of individual income excluding certain deductibles. The investigation detailed the history of progressive taxation and clearly defines progressive taxation. The investigation revealed that the implementation of such taxation was controversial since its inception which came as a result of an amendment to the constitution.

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In addition, the research presented the problems associated with progressive taxation and the solutions to these problems. We found that the main problem often associated with this type of taxation is the placement of a tax burden on middle-income families. To remedy this problem the research asserts that consumption taxes should take the place of a progressive tax. It is believed that such taxes will reduce the tax burden of the middle class and reduce the occurrences of tax evasion, which are so prevalent with the current system of taxation.

In any case the research has proven that the current tax system is problematic and in need of reform. The progessitivity of the system compounded by complex tax laws make the system unfeasible and terribly burdensome for the middle class.

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