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Taxation Benefiting All

Taxation Benefiting All. Colleen DuBois April 25, 2013 Public Economics. What’s Important About our Taxes?. Where our taxes come from US Workers No Equal D istribution Effects on the US Middle Class Main part of having a democracy Lose the “American Dream” Decreases Morale

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Taxation Benefiting All

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  1. Taxation Benefiting All Colleen DuBois April 25, 2013 Public Economics

  2. What’s Important About our Taxes? • Where our taxes come from • US Workers • No Equal Distribution • Effects on the US Middle Class • Main part of having a democracy • Lose the “American Dream” • Decreases Morale • Suffering Economy

  3. Current Tax System • Income Taxes • Payroll Taxes 81% • Sales and Excise Taxes • Property Taxes • Estate and Gift Taxes • License and Occupational Taxes • Corporate Income Taxes

  4. Middle Class Squeeze • Increased number of High-Paying, High-Skilled jobs • Increased number of Low-Paying, Low-Skilled jobs • Lack of Middle-Skilled, Middle-Wage jobs “A Broad and A Strong middle class is key for a stable democracy”

  5. Literature Review America The Fallen • Detroit Before • The Highest Per Capita Income in the US • One of the Most Prosperous Cities in the WORLD “The rise of the most vibrant middle class in the history of the planet” • Today • People visit and take tours of the ruins • 70,000 abandoned buildings • ~1/3 of their 140 square miles is vacant or derelict “Our once proud cities are being transformed into poverty-stricken Hellholes”

  6. Literature Review Trickle-Down Taxation • Burden on the small business owners • Pay on behalf of the firm • Hurts employee salaries • So important because they create the new jobs • When targeting the rich these guys get hit hard • Creates a bigger gap between the rich and the poor • Economic expansions will be discouraged

  7. Literature Review Global Dividend Hunters • Taxes on Dividends in Canada work wonders • Tax national and international traders • Benefits the Economy! Investment and Earnings 79% of income tax

  8. Does this system work • Its working, Sufficient • But it has flaws, Room for Improvement • Needs to become more fair • Middle Class Friendly

  9. Solutions/Improvements • Control the entitlements • Don’t discourage the Lower Class from working Benefits Improve and Encourage middle class Decrease in Unemployment Risks Struggling working class

  10. Solutions Cont. • Manage the exemptions • Upper Class does not need any more breaks • Keep the exemptions beneficial • Upper Class has Political Power Benefits More fair tax system Incentive to file taxes Risks Complaints Power of the upper class

  11. Solutions Cont. • Create a new tax system • Add a Dividend tax • Mainly just a tax on interest Benefits Targets the upper class Hopefully increase more educated trading Huge over the long run Risks Traders will avoid the stocks with tax Traders will go to different countries

  12. Overall Goal • More Control of Taxes • Strengthen and maintain our middle class • Motivate Workers • Keep the taxation as fair as possible “Ruins don’t make you think of the past, they direct you toward the future.”

  13. Sources • http://economyincrisis.org/content/tackling-americas-tax-problem • http://articles.chicagotribune.com/2013-02-14/business/sns-rt-us-column-freelandbre91d1a9-20130214_1_middle-class-middle-skill-middle-wage/2 • http://en.wikipedia.org/wiki/Taxation_in_the_United_States#Sales_and_excise_taxes • http://www.washingtonpost.com/blogs/wonkblog/wp/2013/04/04/u-s-tax-code-isnt-as-progressive-as-you-think/ • http://www.washingtonpost.com/blogs/wonkblog/wp/2012/09/19/other-countries-dont-have-a-47/ • http://www.nytimes.com/2013/02/22/business/a-tax-that-could-change-the-trading-game.html?pagewanted=all

  14. Sources Cont. • http://articles.washingtonpost.com/2013-02-26/business/37307773_1_transactions-tax-financial-crisis-financial-sector • http://www.forbes.com/sites/davidmarotta/2012/12/30/trickle-down-taxation/ • http://www.marketobservation.com/blogs/index.php/2011/02/13/a-broad-and-strong-middle-class-is-key-for-a-stable-democracy?blog=10 • http://theeconomiccollapseblog.com/archives/america-the-fallen-24-signs-that-our-once-proud-cities-are-turning-into-poverty-stricken-hellholes • http://www.jstor.org/stable/1928532?seq=2 • http://www.marketobservation.com/blogs/index.php/2011/02/13/a-broad-and-strong-middle-class-is-key-for-a-stable-democracy?blog=10

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