Tax Rates Variations And Its Effect On Individual Tax Payers A Research Focussed On Salaried Class People In India

The structure and financing of a tax rate variations are grave to achieving economic growth. Tax rate cuts may encourage individuals to figure, save, and invest, but if the tax cuts aren't financed by immediate spending cuts they're going to likely also end in an increased federal deficit, which within the long-term will reduce national saving and lift interest rates. Even though, they reallocate resources diagonally toward their highest-value economic use, resulting in improved efficiency and potentially raising the overall size of the economy. The sample for the study happens to be 384 number of taxpayers. The cogent way of statistical analysis is made via ANOVA and T-test. This paper makes an attempt to explore the tax rate changes and its effect on individual tax payers.

Book Reviews

Alberto Bisin of New York University reviews The Defcit Myth: Modern Monetary Theory and the Birth of the People’s Economy,“ by Stephanie Kelton. The Econlit abstract of this book begins: “Examines the US federal deficit and its relationship to the economy through the lens of modern monetary theory (MMT), focusing on dispelling misunderstandings about the national deficit that have shaped the public discourse.”.

Unemployment after the Great Recession: Why so High? What Can We Do?

The surprising increase in U.S. unemployment in the Great Recession and the persistence of long-term unemployment in the economic recovery pose important questions for employment policy. Why did unemployment grow more than forecast? Is the character of long-term unemployment the result of cyclical or structural causes? I discuss eight policy changes that would reduce the ranks of the unemployed and that would improve the efficiency of the labor market. Most of these proposals do not add big-ticket items to the Federal budget; their merits are independent of the question of how large the federal deficit should be at this time.

US spending cut push could come with political costs

President Donald Trump is moving to tackle the rising federal deficit, but this will not be risk-free

Tax Reform Consequent upon an Embedded Single-Rate Vat Just Might Prevent Injustice While Revivifying a Geriatric Uncle Sam

<p class="1"><span lang="EN-US">Economists and legislators have proposed many theories and plans for overhauling the corporate tax system (and the U.S. tax system as a whole); however, this Article argues that any viable proposal should begin with the enactment of a value added tax (VAT).</span></p><p class="1"><span lang="EN-US">As a result of the IRC's unworkably complex corporate section, the United States economy has been hindered by high compliance costs and the loss of business overseas. Overall, a substantial federal VAT is the best option in terms of compliance and administration costs as well as reducing opportunities for federal tax evasion. But merely placing a VAT on top of the existing system would merely send us in reverse by further increasing the variable and substantial fixed costs of administration and compliance. A mere changing of the marginal rates or deduction rules would be insufficient to deal with the systematic problem caused by the yawning federal deficit and the arcane IRC. A VAT rate set too low would impose substantial costs per dollar of additional revenue. Thus, Congress should enact either a federal VAT (15%) capable of significantly reducing the federal deficit or none at all.</span></p>

Reducing the Federal Deficit: Approaches in Some Other Countries

The United States is not the first advanced modern economy to face a serious federal budget challenge. A number of countries have seen their debt rise to unacceptable levels in recent decades, and they have taken steps to rein it in. We explore the approaches that Canada and the United Kingdom have used. Though there are important differences in approaches and countries, we draw five useful lessons for the reforms that may be proposed in the U.S. as it addresses its fiscal challenges.