Economic Inequality: A Relational Ethical ChallengePaul H. Carr
ROOT CAUSES OF INEQUALITY
ETHICS
-Individual relationships vs Societal Responsibility
ECONOMIC THEORIES
– Individual Gain vs Common Good of Society. EDUCATIONAL REQUIREMENTS
-Most of the increase in productivity and wealth is due to advances in digital computer technology.
- Bill Gates of Microsoft and Jeff Bezos of Amazon are now wealthiest.
- Digital computer technology requires a college-equivalent math-based education
TAX STRUCTURE
-Income inequality started in 1980 with reduced income taxes on the rich. “Trickle-Down” economics not as good as "Trickle-Up"
-More inequality in US than Europe.
Post-COVID Economic Challenges: Unemployment, Increasing Inflation & National...Paul H. Carr
Post-COVID Economic Challenges: Unemployment, Income inequality, Increasing Inflation, & National Debt.
Paul H Carr summarized a webinar by the following: Eric Rosengren, President and CEO, Federal Reserve Bank of Boston; Wendy Edelberg, Brookings Institution, and Philip Swagel, Director, Congressional Budget Office. Would less inflationary and debt increasing relief act have been better than President Biden’s $1.9 Trillion bill?
From 2010—the first full year after the official end of the Great Recession—to 2018, Vermont’s economy, as measured by gross state product, grew at less than one-third the rate of the country’s overall. Vermont’s annual growth rate, after adjusting for inflation, averaged 0.7 percent per year, compared with 2.3 percent for the U.S. That was also slower than Vermont’s own annual growth rate during the previous recovery (2002-07), which was 1.8 percent. From 2017 to 2018 Vermont’s real GSP grew by 1.2 percent.
Slides from June 30, 2016 Committee for a Responsible Federal Budget webinar on the June 2016 paper "Promises and Price Tags: A Fiscal Guide to the 2016 Election." Watch the video at http://www.crfb.org/events/watch-promises-and-price-tags-fiscal-guide-2016-election.
A Budget 2014 PowerPoint Slide Pack covering the outlook for the UK economy and public finances. From a Northern Ireland perspective the key challenge will be the public expenditure cuts still to come.
Economic Inequality: A Relational Ethical ChallengePaul H. Carr
ROOT CAUSES OF INEQUALITY
ETHICS
-Individual relationships vs Societal Responsibility
ECONOMIC THEORIES
– Individual Gain vs Common Good of Society. EDUCATIONAL REQUIREMENTS
-Most of the increase in productivity and wealth is due to advances in digital computer technology.
- Bill Gates of Microsoft and Jeff Bezos of Amazon are now wealthiest.
- Digital computer technology requires a college-equivalent math-based education
TAX STRUCTURE
-Income inequality started in 1980 with reduced income taxes on the rich. “Trickle-Down” economics not as good as "Trickle-Up"
-More inequality in US than Europe.
Post-COVID Economic Challenges: Unemployment, Increasing Inflation & National...Paul H. Carr
Post-COVID Economic Challenges: Unemployment, Income inequality, Increasing Inflation, & National Debt.
Paul H Carr summarized a webinar by the following: Eric Rosengren, President and CEO, Federal Reserve Bank of Boston; Wendy Edelberg, Brookings Institution, and Philip Swagel, Director, Congressional Budget Office. Would less inflationary and debt increasing relief act have been better than President Biden’s $1.9 Trillion bill?
From 2010—the first full year after the official end of the Great Recession—to 2018, Vermont’s economy, as measured by gross state product, grew at less than one-third the rate of the country’s overall. Vermont’s annual growth rate, after adjusting for inflation, averaged 0.7 percent per year, compared with 2.3 percent for the U.S. That was also slower than Vermont’s own annual growth rate during the previous recovery (2002-07), which was 1.8 percent. From 2017 to 2018 Vermont’s real GSP grew by 1.2 percent.
Slides from June 30, 2016 Committee for a Responsible Federal Budget webinar on the June 2016 paper "Promises and Price Tags: A Fiscal Guide to the 2016 Election." Watch the video at http://www.crfb.org/events/watch-promises-and-price-tags-fiscal-guide-2016-election.
A Budget 2014 PowerPoint Slide Pack covering the outlook for the UK economy and public finances. From a Northern Ireland perspective the key challenge will be the public expenditure cuts still to come.
A presentation on the Louisiana State Budget and its tax giveaways. Shared at the Together Louisiana Statewide Issues Conference on February 15th, 2014.
Presented by Corinne Wilson
The Mayor’s budget for the City of San Diego is likely to be released on or around April 15, 2013. Join us April 4 to learn how to read a city budget. In this workshop you will learn:
*how to identify key tables
*how to read a city budget
*budget terms and concepts
This workshop is put on by the Community Budget Alliance (CBA). The alliance is concerned that city resources be allotted equitably to neglected neighborhoods, and that city residents have early, meaningful opportunities to participate in designing the budget. CBA consists of more than 40 organizations in San Diego.
For more info visit: http://onlinecpi.org/event/how-to-read-the-budget-workshop/
Based on documents provided by the City of San Diego's Office of Independent Budget Analyst (IBA), the Community Budget Alliance has created a series of presentations to help lay persons understands the basics of city budget and how they might advocate for their causes. Budget 101 is a broad overview of the San Diego city's budget process. For more information please visit: http://onlinecpi.org/campaigns/community-budget-alliance/
Thirty years of growing income inequality, corporate tax cuts and personal tax breaks for the wealthy have undermined the livelihood of working people and set up a state budget crisis which does not need to
exist. We present alternative tax proposals and issue a warning of the ominous consequences of privatization, layoffs and state service cuts for all New Yorkers.
The non-partisan Committee for a Responsible Federal Budget (CRFB) has compiled a brief background on the scope of our nation's fiscal challenges and the drivers of our debt and deficits, while outlining some of the types of solutions available to address the problems. This Powerpoint is meant to offer an objective, easily-accessible view of our country's fiscal situation as an educational tool meant to help foster open and honest discussion about these issues.
Chapter1Introduction to Federal Taxation and Understanding theJinElias52
Chapter
1
Introduction to Federal Taxation and Understanding the Federal Tax Law
OBJECTIVES
After completing Chapter 1, you should be able to:
1. Identify types of taxes used by federal and state governments to raise revenues.
2. Understand the methods of tax collection and the trends shown by tax collection statistics.
3. Differentiate between tax avoidance and tax evasion.
4. Recall the underlying rationale of the federal income tax and its historical development.
5. Describe the route a tax bill takes until enacted into law.
6. Define the basic tax concepts and terms of federal income taxation.
INTRODUCTION
Federal taxation is the fuel by which Americans power their “Ship of State.” The tax structure which supports our federal government has gone from quill and ink records of revolutionary assessments to lightning speed computers which calculate and validate millions of income tax returns submitted by individuals and corporations. Federal taxes, in addition to the income tax, include a variety of other taxes covering estates, gifts, and customs, as well as excise taxes, and other minor categories of tax. Our governments can thus select among a variety of tax alternatives to produce the revenues required to operate national programs and carry out national policies.
Taxes are big business. Unfortunately, many business decisions are made in the United States today without regard to federal tax consequences. Individuals are concerned with personal income tax decisions and gift and estate tax decisions, while corporations concern themselves with corporate taxes, personal holding company taxes, and accumulated earnings tax decisions. Further, businesspersons must concern themselves with the choice of business entity: corporation, partnership, or S corporation. Differences in tax costs can be considerable. Advantages and disadvantages are virtually unlimited. This book presents information which is required knowledge if you make business decisions.
While most businesspersons (and many advisors) think about how to make decisions in nontax terms, the tax accountant bears the burden of introducing tax considerations. The topics presented in this book must be viewed in terms of decision-making—therefore, tax planning and tax research are of the utmost importance. Tax decisions are not made in a vacuum. Lawyers, accountants, financial managers, and a host of other experts work as a team in the decision-making process. This book is intended to serve as a guide for accounting students and for MBA students interested in gaining insight into and expertise in the tax complexities of business decision-making.
OVERVIEW
This chapter presents information on the magnitude of federal taxes collected and on taxpayer obligations. Then, a brief historical account is presented of federal tax collections prior to and after the adoption of the Sixteenth Amendment to the Constitution, which enabled Congress to levy “taxes on incomes, from whatever source derived.” Foll ...
After the US dollar replaced gold, the US debt became the attention worldwide, thus the demand for the US dollar continued, furthermore the extremely low interest of the dollar. This helped the US government to borrow great amounts of debt as well as kept the creditors pleased. Due to the pandemic, the US economy retrograded because of the tax cut and unproductive rescue spending plan plus surpassing spending of the government. The rising inflation starts to increase to high levels, which certainly the government must cut back spending or its patterns, while this will lead to uncertain consequences for the long future. This paper discusses several different perspectives on the US government's sustainability as its ability to settle the debt in future, the fate of growth burdened with that debt through the neoclassical mode of growth, and also the effect of anxiety of defaults and unfunded obligations. Inversely, it explores the strength of the dollar with a low-interest rate and its sustainability worldwide. We also propose ways helping of strengthen the fiscal government position and solutions to help the economy recover in long term and to easiest the situation. In the synopsis, we propose something that could affect and shake the global market.
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2. Deficit Fever
Is it a disease or a symptom?
How sick is the patient?
What’s the cure?
3. Basic Contentions
1. Since 1981, tax policies rather than spending decisions
have been the main drivers of deficits.
2. Insofar as spending should be cut, we must not treat the
largest annual expenditure—on wars and the military—as
untouchable.
3. We won’t successfully solve our problem unless we
recognize the underlying force driving all phases of our
economy and politics. (We won’t name that force for
now.)
4. Clearing the Air
Myth: Social Security spending adds to deficits and
therefore must be “fixed.”
Reality: Social Security is a self-funded trust fund.
Its annual surplus is always used to mask the real
size of the deficit. The latest treasury estimate is
that, left alone, Social Security will continue to run
surpluses for another 25 years.
5. MEDICARE
It is also a self-funded trust fund and adds
nothing to deficits. It will stop running
surpluses in 10 years, however. So,
considered separately, it will need fixing
soon. That fix will only succeed if the U.S.
finds a way to control its exceptionally high
and ever-escalating health care costs—the
subject of a different discussion than our
discussion today.
5
6. Myth: Lowering taxes on the wealthy
encourages investment and job creation.
Reality: During the 8 Clinton years, 23.1
million jobs were created. During the 8 G.W.
Bush years, when taxes on capital gains,
dividends and estates were drastically
lowered, only 3 million jobs were created.
6
Clearing the Air 2
7. Taxes and Investment
“I have worked with investors for 60 years
and I have yet to see anyone—not even
when capital gains rates were 39.9 percent in
1976-77—shy away from a sensible
investment because of the tax rate on the
potential gain. People invest to make money,
and potential taxes have never scared them
off.”
Warren Buffet, “Stop Coddling the Super-
Rich,” The New York Times August 14, 2011
7
8. The Three Causes
of Deficits and Debt
1. Spending
2. Tax policies
3. Whether the economy (as
measured in GDP) is growing or
contracting
9.
10. Federal spending, federal
debt, and GDP (averages)
Fiscal Year Federal spending Federal debt Gross Domestic Product
1978-2005
Democratic + 9.9% +4.2% +12.6%
Presidents
1978-2005
Republican + 12.1% +36.4% +10.7%
Presidents
11. The “Perfect Storm”
of Budget Disaster
Second-to-last G.W. Bush budget
FY 2008: $459 billion deficit
(3.2% of GDP)
Last G.W. Bush budget modified by Obama
FY 2009: $1.17 trillion deficit
(10% of GDP)
First Obama budget
FY 2010: $1.3 trillion deficit
(about 9% of GDP)
12. Components of the Budget:
Expenditures
1. Trust fund entitlements The main trust funds are Social
Security and Medicare. Some others are FUTA and the
Highway Trust.
2. Interest on the national debt
3. Appropriated entitlements These programs also
mandate payment of benefits to any person meeting
eligibility requirements. Congress does set the eligibility
requirements and fund these programs, but not annually.
Usually they are funded every five years. Such programs
include Medicaid, Food Stamps, and Head Start.
4. Discretionary programs Annually appropriated programs.
Military spending is by far the largest.
13. FY 2008 Spending Budget: $2.983 trillion
as usually presented
(chart numbers in billion $)
14. FY 2008 Spending Budget: $1.732 trillion
without trust funds and interest on debt
(chart numbers in billion $)
15.
16. Choices for Jackson County, Oregon
In FY 2012, taxpayers here will pay $210.3 million for proposed Department of
Defense spending. For that much money, the following could be provided:
110,202 Children Receiving Low-Income Healthcare for One Year, OR
3,330 Elementary School Teachers for One Year, OR
37,910 Head Start Slots for Children for One Year, OR
28,299 Scholarships for University Students for One Year, OR
113,854 Households with Renewable Electricity-Wind Power for One
Year, OR
3,040 Police or Sheriff's Patrol Officers for One Year
17. Starving the Budget
The federal government collected less in
taxes in 2010 than it has in over three
generations, and tax rates are at historic
lows.
18. Taxes on Corporate Income
• Corporate income taxes totaled about 1% of
GDP this year, 60% lower than 40 years ago.
• While the official corporate tax rate is 35%,
one of the highest in the world, the effective
corporate tax rate averages 18%.
• Using various loopholes and off-shore tax
havens, some of the largest U.S. corporations
pay little or no taxes whatsoever.
19. Exploiting the Loopholes
1. In 2005, one in four large United States corporations paid
no taxes on revenue of $1.1 trillion, Government
Accountability Office 2008 report
2. In 2010, General Electric paid no U.S. taxes despite global
pre-tax income of more than $14 billion, $5.1 billion
earned in the U.S. No taxes in 2009 either, but $3 billion
in tax credits for the two years.
3. In 2010 Exxon Mobil reported a record $45.2 billion
profit. It paid no taxes in the U.S., thanks to 20 wholly
owned subsidiaries domiciled in the Bahamas, Bermuda
and the Cayman Islands that (legally) shelter its overseas
cash flow.
20. 1940 1950 1960 1970 1980 1990 2000 2010
TAXATION OF HIGHEST INCOME BRACKET
HISTORICAL VIEW
21. Taxation of Capital Gains
Year President Maximum tax rate
1979 Carter 28%
1982 Reagan 20%
1996 Clinton 29%
2006 G.W. Bush 15.70%
22. The Bush tax cuts added
$1.7 trillion to the nation's debt
over 2001-2008.
23. 2010 Shares of the
Bush Tax Cuts
The richest 1% of families got an average tax cut of
$92,000, including cuts in income and estate
taxes. That represented 53% of the total reductions.
Next 4% richest: 6.6 % of the total reductions.
Next 15% richest: 12.1% of the total reductions.
Everyone else (80% of American taxpayers): 28%
of the total reductions.
25. Third Contention Revisited
We won’t successfully solve our problem
unless we recognize the underlying force
driving all phases of our economy and
politics: the large and rapidly growing divide
in wealth and political power between the
richest 10% and all the rest of us.
25
28. The real choice we face:
democracy or oligarchy
“Of all the costs imposed on our society
by the top 1 percent, perhaps the greatest
is this: the erosion of our sense of identity,
in which fair play, equality of opportunity,
and a sense of community are so
important.”
— Joseph Stieglitz