Sample Essay
Words 999
In the United States, the federal government covers its expenditures largely by way of taxation. The federal government’s principal resource of proceeds has been the income tax. The federal income tax is imposed on the universal income of U.S. citizens and resident, and on specific types of U.S. income of foreigners.
Tax cutbacks have been an outstanding issue, President Bush sent to Congress a tax cut plan to Congress including the important essentials of the plan he advanced throughout the presidential campaign.The desirability of a tax cut as an economic incentive has appeared as one of the first tax policy debates in which the Bush administration has been occupied
Frank Sammartino et. al. have noted in an article Providing Federal Assistance for Low-Income Families through the Tax System: A Primer (2002) that:
“Tax incentives are popular because they represent a way of increasing federal support for the social policy while seeming to cut taxes rather than increase spending. Compared with direct outlay programs with similar goals, tax incentives better meet the need of politicians to expand programs while appearing to restrain the size of government. That is, the incentives show up as tax cuts rather than spending increases, even if they have the same economic effect. Consequently, they often appear more politically attractive than spending programs designed to achieve the same ends.” (Sammartino et. al., 2002)
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