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Essay / Research Paper Abstract
This is a 3 page paper discussing the pros and cons of tax increases. Increases in income, payroll and property taxes usually meet with opposition when proposed by government officials. However, in many instances an increase in taxes can in the short and long term benefit those who pay them and those who rely on government funding to live. While in many cases, an increase in tax may be used to pay of local, state or federal deficits, in the case of taxes for benefit systems such as Social Security an increase in payroll tax may be the only option available in order to maintain the program, currently expected to begin an annual deficit in 2018. Other tax increases can be seen to benefit residents in a particular community immediately as in the case of Seattle area residents who have been asked to approve a tax increase to maintain the current park system.
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Page Count:
3 pages (~225 words per page)
File: D0_TJtaxin1.rtf
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Unformatted sample text from the term paper:
long term benefit those who pay them and those who rely on government funding to live. While in many cases, an increase in tax may be used to pay of
local, state or federal deficits, in the case of taxes for benefit systems such as Social Security an increase in payroll tax may be the only option available in order
to maintain the program, currently expected to begin an annual deficit in 2018. Other tax increases can be seen to benefit residents in a particular community immediately as in the
case of Seattle area residents who have been asked to approve a tax increase to maintain the current park system. In a recent
document released by the DC Fiscal Policy Institute, the proposed budget for the fiscal year of 2004 is discussed in terms of a tax increase which would address a current
$150 million shortfall among other issues. The proposal has positive and negative affects on different portions of the population as it is targeted for residents with taxable incomes above $100,000
(Lazere, 2003). The proposal states that this is a "temporary (two-year) increase". Apparently, since 1999, the income tax rates have fallen as a result of the Tax Parity Act and
the new proposal would offset these tax cuts for the higher-income DC residents. Overall, it is stated that "some may characterize this as a substantial tax increase, but for the
vast majority of DC families, the tax increase would be far less than the income tax relief they have received since 1999" (Lazere, 2003). This tax increase will allow
those families who have lower incomes to not be affected while the city will still many to increase revenues by an expected $49 million. The new temporary tax rate of
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