Pavan Kumar Economics essay

Pavan Kumar

100937986

Macroeconomics Essay

Money tax reduction would be the most beneficial for the long term economic regarding Canada when compared to a reduction in GST/HST. A reduction in income tax would allow Canadians to set aside more discretionary income to spend money, make a flat taxes system, along with lower income tax grows the economy because it enables tax payers to keep additional money in their pocket or purse and enables them to use it in a which way necessary and that empowers the tax payers. Reducing the income tax happens to be a touchy subject stating that it would only help high income households nevertheless more discretionary income which can be derived from disposable income which equals revenues minus fees would support taxpayers of brackets preserve towards their RRSPS, educational saving plans, and other opportunities. Also discretionary spending is important part of having a healthy economy because people will simply spend money on things such as travel, movies, and client goods. Too lowering tax would make a flat taxes system which usually takes the concepts with the GST/HST and doesn't discriminate based on profits level because everyone pays the same percent of income. For example it could be significantly simpler to file taxation due to the fact that everyone pays one rate, as well the implementation of smooth tax means that all will be contributing an equal proportion with their income to the maintenance of authorities services, last but not least it would encourage economic expansion because research have shown that lots of fast growing/rising economies are found in countries that have a flat tax rather than progressive taxes system that can fluctuate. Last but not least a flat tax would end the common and dodgy process of obtaining loopholes to cheat the tax guy and economists say most notably the pro-growth impact of lower limited taxes, lowered tax tendency against salary that is salvaged and expense. An example of toned tax can be if one individual is producing $200, 500...

References: Advantages & Negatives of a Smooth Tax. (n. d. ). Retrieved November 27, 2014, from http://smallbusiness.chron.com/pros-cons-flat-tax-4210.html

Pros and cons of using the tax system to subsidize health care premiums pertaining to the uninsured - Canadian Business. (n. d. ). Retrieved Nov 27, 2014, from http://www.canadianbusiness.com/business-news/pros-and-cons-of-using-the-tax-system-to-subsidize-health-care-premiums-for-the-uninsured/

Reducing Personal Income Tax or maybe the GST: Benefits and drawbacks. (n. d. ). Gathered November twenty seven, 2014, from http://www.parl.gc.ca/Content/LOP/researchpublications/prb0596-e.html

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