Documente Academic
Documente Profesional
Documente Cultură
Kaden Schmitt
Overview
Taxes is one of the biggest topics discussed in U.S politics. There are many
mixed opinions and emptions among the American people about our tax system.
The two main parties are the Conservatives and the Liberals. The Conservatives
support the belief that the government should lower taxes for all because people
have the right to what they earn, while the Liberals support progressive taxation,
with high taxes for the rich, which will equalize incomes of Americans through
redistributing other incomes.
Both ideas seem good,
right? Unless youre part
of the wealthy bracket.
During Obamas
presidency, he lowered
the federal income tax
rates to the lowest its ever
been since the 50s. He
also permanently
extended tax cuts for 98
percent of
(Somander,2016)
Americans that had originally been set to expire after 2010 (Somander, 2016). It
looks like the Americans that were happier about Obamas tax idea was the
middle class American because for the rich; The richest 400 people in the United
States who earned more than $264 million each on average in 2013 saw their
effective tax rate rise by more than a third in 2013, from 17 percent to 23 percent,
implying they paid about $6.5 billion more in taxes than they would have under
the older rules. The richest 0.1 percent of people in the United States saw their
tax rates increase by more than 6 percentage points in 2013 to 28 percent on
average, implying that they paid more than $50 billion more in taxes than they
would have under the older rules. (Obama White House)
Wheres our taxes?
Before we get more into taxes, lets find out where our taxes are going. As you
can see, most of our federal income tax goes to the military, health, and interest
to the debt. Out of those three categories, where do you see a problem? Thats
right, 18.7% of our federal income taxes are going towards interest of 259 billion
dollars. Today the total national debt is currently at 19,857,792,600,000. Guess
where most of that debt is coming from? Not military, not Medicare, not social
security, 4/5 of the national debt is coming from home loans, which is currently at
14 trillion dollars (US National Debt, 2017). A lot of people blame the
government for our national debt, but in realistically, we the people are the main
cause of it. What do we the people need to do to help our country become
wealthier? Work! Go get a job, save up, and put as much money down on a
house while trying to avoid a very high mortgage loan with a high interest rate.
We should try our hardest to get the debt down, so that we could use the 259
billion dollars on more important things for our country instead of paying interest.
(Brady, 2008)
Why Im frustrated
I am a very hard working college student. I have moved out of my parents house
and I am independently supporting myself. I pay for my car, rent, food, school,
etc. I want to graduate school debt free. I have a job that pays the bills, but
getting taxed as a college student sucks. In my opinion, if we are in college, we
shouldnt be taxed at all. There are many Americans that graduate with so much
debt, that they cant afford a house or a new car after graduation. With this idea,
us college students would be more enticed to work and pay for college out of our
pocket instead of using the government for help. I know that someone doesnt
have to pay taxes if they make less than $9,700. I know it would make a lot of
Americans mad if the government raised the tax-free income, but could they at
least lower taxes for us college students?
HERES AN EXAMPLE:
Somander, Tanya. "Here's What President Obama Has Done to Make the Tax
Code Fairer."
National Archives and Records Administration. National Archives and
Records Administration, 14 Apr. 2016. Web. 31 Mar. 2017.