When there is a government surplus or an election approaching politicians propose a plan to reduce taxes. In this recent election the two candidates Al Gore and George Bush Jr. have proposed to different plans for these returns given to the U.S. citizens. Even though tax cuts are only a small portion of ones income, as a whole they benefit the economy if used wisely. Bush’s proposal gives the majority of tax cuts to the wealthy. In contrast, Gore’s proposal provides the tax cuts to the largest class of the population, the middle class.
The majority of tax cuts should go to the middle class rather than the high class.
These tax cuts are important to keep not only a balanced budget but, economy. The tax cuts give the taxpayers somewhat of a hand with their finances. When a taxpayer has extra money to spend on things other than the basic elements of life (food, shelter, and clothing), the other purchases give back and strengthen the economy.
It is important for the tax cuts to go to the right portion of the population. Tax cuts are most beneficial if they are well dispersed throughout the economic classes. By giving a particular class a break on taxes they are reducing the large amount of money that they pay in taxes. When it comes down to it, the tax cuts that are given are particularly small. The average family will spend the money that they receive on something small, making the cuts almost unnecessary.
Al Gores plan is to give the majority of tax cuts to the middle class. Contrary to his opponents plan, Al is giving a larger percentage of money towards tax cuts aimed at the larger percent of the United States population. It is not logical to provide cuts to the wealthy because they make up such a small portion of the population, that being one percent. On the other side of the equation, the poor have needs that are barely met by their economic status. Being that everyone needs to buy the basic elements of life, food, shelter, and clothing, the poor is left with little to spend. The wealthy make up such an insignificant portion of the population it is merely illogical to give them a tax break. Gores plan is most logical because the Middle class not only makes up a major part of the population but the people of a moderate wealth have enough money to buy things that give back to the economy.
By supporting Gore we the voters are bettering the economy through his proposal to provide the middle class taxpayers with extra money that they would otherwise give to the government. These tax cuts are not very profitable for the individual but if the money that is cut will return into the economy, the economy and country will benefit greatly.
Cite this Tax Cuts Benefits
Tax Cuts Benefits. (2018, Aug 19). Retrieved from https://graduateway.com/tax-cuts-benefits/