In thinking of our future, we would likely agree to pay less of our income to taxes. After all, we make our money and would like to keep as much as we possibly can. The problem with paying less in taxes is that we need taxes for our schools, roads, fire fighters, etc. There is a balance that we must have. This week’s discussion question is going to be a subjective question that requires a fair amount of research so please start early in the week.
Our current income tax system is called progressive. This means that the tax rates go up as our income increases. There are several that oppose this system and proposed other methods of taxation.
Please review and report on one of the following alternative taxation ideas.
Write at least one paragraph (3-6 sentences in each paragraph) on the advantages of this tax plan.
Then, write a second paragraph about the disadvantages of this tax plan.
Finally, write 3-4 concluding sentences about your thoughts in regards to the tax plan vs. the current progressive taxation system.
Here are your two alternatives:
The Fair Tax (Links to an external site.)
The Flat Tax (Links to an external site.)
Use at least two of the following terms in your answer:
Progressive Tax
Proportional Tax
Regressive Tax
Excise Tax
Corporate Income Tax
Payroll Tax
Please be sure to validate your opinions and ideas with citations and references in APA format.