It is on a good note that each and every one of us in a certain realm a very much concern with the details of what are the plans of our current government. In lieu of which, the national consumption tax that was being proposed for a particular time entails to give a broad overview on what specific agenda the government is eyeing for the nation.
As to some extent, the intentions of putting a tax towards our consumption goods specifically focused on luxury goods would shed light to the realization that in one way or the other it would absolutely uplift the level of our economy, “In theory, by radically simplifying the tax code and encouraging savings and investment would significantly boost economic growth.
” (Weisman, A.04). Based on the taxes that we are going to contribute by means of consuming a certain product, it will automatically contribute a certain amount for the proliferation of our nation’s stability.
Of course several queries will come into account as to who will benefit the most if this national consumption tax becomes implemented.
It is imperative to break down some elements that will basically define what could be the effects of such to our current situation. Indeed, the notion that it will uplift the economy was given; however, the question if the poor will also get something out of it will come into place as well.
It would be best to take this instance since if we as consumers embark part of what we consume by means of taxing it, the services could be augmented having additional income, thus, the less fortunate would probably exhaust the available services that the government could ever provide its people.
On another note, by the reason that the levels who can afford more are the most likely to consume luxury goods, “…income is overtaxed in some corporations, under taxed in others. Moreover, corporations spend a lot of money trying to minimize corporate taxes. Obviously, the termination of the corporate income tax would eliminate this waste.” (Seidman, pg.65), they are bound to contribute to the income of the realm, which in one way or the other a simple form of helping the people most especially the needy.
Cite this Consumption tax
Consumption tax. (2016, Aug 22). Retrieved from https://graduateway.com/consumption-tax/