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The Influence of Government on the Economy

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    The government enforces taxes on goods and services, in order to create benefits for the economy. This affects our daily life because we have to pay these taxes at the moment of purchase, which provides the government with more money to spend on necessary projects we need, to progress out economy. The government always tries to move the economy forward and that means when the economy is doing well, that means more jobs are created for people, the unemployment rate is low, more money is being made for the average human and therefore prices increase (inflation). . What economic goals could the government help the economy to achieve? What do you think should be the current priorities for the federal government in arms of goals and key areas for attention and focus? There are certain economic goals that need to be made by the government that revolve around growing the economy as well as taxation. These two areas affect the economy and are two areas at which progresses the economy towards the future. However, if these goals are not met, the economy can slowly decline as years go on.

    The current priorities for the federal government should be: – Modernize Canada’s tax system to ensure fairness for taxpayers and preserve government revenues. (1) – Refrain from introducing any new targeted tax measures, or enhancing any existing targeted tax measures. 2) – Promote diversified international trade and address technical barriers to internal trade. (1) – Invest in rebuilding Canada’s infrastructure by building and investing in new transportation routes, ferry and ports and major bridges (1) – Support research and innovation by creating a fund to expand global knowledge of secondary institutions. 2) – Focus on improving Canada’s innovation and productivity performance by implementing a “patent box” to incest Canadian companies to develop and commercialism their innovations in Canada. (1) 3. In what ways is the federal government able to change its fiscal policy? The federal government is able to change its fiscal policy by addressing a lot of concerns through its 2014 budget plan that includes: – Giving Canadians skills and training they need to succeed in the labor market. 1) – Connecting Canadians with available jobs. (2) – Supporting advanced research and innovation to introduce new ideas, which are made into products and services in the marketplace. (2) – Reducing red tape and the regulatory burden faced by businesses. (2) – Creating natural resources in a responsible and secure way. (1) – Helping businesses succeed in the global economy by encouraging trade and foreign investment. (1) – Investing in public infrastructure. 1 )(2) – Supporting families and communities by keeping taxes low for families and improving the safety of Canadians. (1) 4. Analyze the budget using a chart like the one below. In the first column, note the change giving specifics. In the second column, note what the government hopes to achieve with this change. In the third column, analyze which economic goal(s) this measure will help to achieve. Include at least 10 different changes. By means of this specific change: Government hopes to: To help achieve the following goals:

    Elimination of the deficit, reducing debt and controlling expenditures Balance the budget and to keep the economy stable Continuing to control direct program spending and improving the integrity of the tax system. Promoting job creation Creating more jobs for people, decreasing the unemployment rate and keeping the economy stable Helping people acquire the skills that will get them hired or help them get better jobs Work with provincial and territorial governments and stakeholder groups to address Canada’s skills gap. Investment in education, skills and training will further grow Canada’s economy Expanding the Canada Student

    Loans Program, providing real-life work experience in high-demand fields and renewing and expanding the Targeted initiative for Older Workers No new tax measures or enhancing any existing measures Protect Canadian consumers Introducing a new Search and Rescue Volunteers Tax Credit for volunteers who perform at least 200 hours of service during the year. Invest in rebuilding Canada’s infrastructure Provide growth and innovation in the economy Provide $305 million over five years to extend and enhance access to high-speed broadband networks for 280,000 households Support research and innovation.

    Create entrepreneurial culture By keeping taxes low, the government continues to provide Canadian businesses and investors with the market access they need to succeed in the global economy Modernize Canada’s tax system Adjusting the tax system to give tax payers simplicity to work with Addressing aggressive international tax avoidance, strengthening tax compliance and eliminating some of the benefits arising from certain trust and estate arrangements Promote diversified international trade and address technical barriers to internal trade.

    For the growth and innovation of the economy Develop an Internal Trade Barriers Index, which will play a key role in identifying assure that currently restrict trade. Developing resources responsibly Raising Canada’s economic potential Expanding the types of farming livestock, Supporting mineral exploration and supporting resource programs Supporting Families and Communities Putting the consumers first to maintain order Eliminating the practice of pay-to-pay billing, developing a comprehensive financial consumer code etc. 5.

    Summarize the analysis of the budget by highlighting, in bullet form: A) The major goals the budget is trying to address B) How the budget contributes to achieving these goals C) Who benefits from actions taken in the budget? D) Who is negatively affected by actions taken in the budget? A) The budget highlights how the economy can have potential by creating jobs, innovation, a less complex tax system and new ways to support families and communities. (2) (3) B) The budget contributes to achieving these goals by letting the government know how much money is left over so it can be contributed to the goals.

    The budget also lets the government know what is working and what isn’t so that the government can make changes in order to prioritize what is important for economic growth. C) Everyone benefits from the budget. Job reaction affects unemployed people in economy in order to benefit them and at the same time benefit the economy with more profit accumulated. Research and innovation affects those who will be provided with new ways to learn and future generations. Research will not only progress the areas of interest but the economy too.

    A less complex tax system as well as supporting families and communities easily benefits everyone paying taxes and everyone in the community. D) The people who are negatively affected by the budget are the government especially if taxes plan to lower. This means that the government is to receiving the amount of money they received before which means that they have a more restricted budget for the next year. Job innovation can also affect those who already work because they have the work harder in order to generate new areas of study. . Evaluate whether this is a good budget for Canada at this time and why. If you can improve on it, write your recommendations for changes to the budget explaining the changes you would make and why. I think that the 2014 budget is good for Canada at the time because the economy is in a healthy state. According to the “Department of Finance”, since 2006, Canadians have enjoyed the trotters per capita income growth in the G-7 by far. (2) The budget plan has already been working for the past decade as job employment increased.

    Reading the budget plan, the goals are not drastic but minor adjustments, which maintains Canada’s economy. If I could put my recommendation for changes in the budget it would revolve around more environmental regulations. Believe that growth doesn’t happen unless you fix what’s damaged and maintaining environmental standards would improve the economy overall. Another change I would make would be to implement a regulation that singles out workers at every job. This regulation includes a yearly inspection, which gives raises and praise to employees working.

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