Taxesand Fiscal Policy American Tax Code and Essay

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Taxesand Fiscal Policy

American Tax Code and Proposals for Change

The American tax code has always been a controversial subject for American politicians, particularly since the presidency of Ronald Reagan, who focused on reducing taxes for the wealthy, who would then use their extra income in investments intended to increase the production output of the American manufacturing and service industry. Subsequent presidents Bill Clinton and George W. Bush both decreased taxes during their administrations, as the United States underwent a long sustained economic boom during this period as globalization changed the face of business. President Obama, or possibly his opponent this November, will have to make a drastic change to the American tax system in order to reduce the amount of dangerous national debt which has accumulated exponentially for decades. The following three proposals seek to balance smart economic decisions with the requirement of deficit reduction, each addressing a different option for resolving these two problems.

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The first proposal is the most populist, it calls for raising taxes on incomes over $250,000, while enacting budget cuts of 4 trillion over ten years. This proposal would raise more income for the government, while finding areas to cut at the same time, which would make a huge dent in America's problem of increasing debt. The highest income bracket, the bracket that makes most of the purchases as well as decisions in the United States, will have to be persuaded to accept a tax increase on their wages, a battle not easily won. If this tax system is adopted, however, it is a great compromise that will allow for minimal tax cuts while still reducing the national deficit by a large amount.

The second proposal calls for lowering taxes universally….....

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