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I will pay for the following essay International Taxation: Policy and Practices. The essay is to be 10 pages with three to five sources, with in-text citations and a reference page.Over the years, US
I will pay for the following essay International Taxation: Policy and Practices. The essay is to be 10 pages with three to five sources, with in-text citations and a reference page.
Over the years, US taxation policies have faced significant criticisms for its higher level of complexity. President Obama lead Government is facing lots of pressure from the country men to relax their present taxation rates. Rick Perry, Governor of Texas has come up with the example of foreign countries where flat tax rates are present. Current American income tax rate varies from 10-35 percentages. But the new taxation policy will fix that rate to 20%. This new idea of Rick Perry has created lots of debates in US. That is why the topic is a highly burning issue in the context of US taxation. It has been noticed that due to inconsistent tax rates citizens of US have showed their grievances (Anderson, 2011). To address those grievances the Texas Governor and Republican presidential candidate has come up with this new tax concept in 2011. During the course of this essay 20% flat tax policy will be critically evaluated. In this evaluation the concept of flat tax will be discussed in detailed fashion (Anderson, 2011).
Flat tax is a concept of taxation where marginal rate is constant and predetermined. This concept of taxation has significant applicability in the context of individual income tax. This taxation concept talks about equal rate of taxation for every tax payers whatever may be their income. According to this concept of taxation, all the taxpayers are suppose to pay equal rate of tax without any opportunity of tax deduction or exemption. This taxation system allows high income people to get lots of high incentives as far as the taxpaying is concerned. Fluctuating tax rates force high income people to pay high taxes. But flat tax rate allows the high income people to pay less tax. Many people have identified this taxation fairer because there is no scope of inequality in tax paying rates. In the case of progressive taxation system, people are required to pay their taxes on the basis of their incomes but in case of flat tax system taxation is
