The main focus of the republican tax platform centers on federal tax and/or state tax reform. The Republican Party believes that in order to help revive the economy, several measures must be taken that generally involve cutting down taxes (federal tax and/or state tax), lowering interest rates on housing loans, and repeal death tax as well as give substantial tax breaks (tax credit, tax deductions, tax exemptions or tax write offs) to the elderly.
The Republican Party stresses the importance of free market, laissez faire economics and favoring personal responsibility over welfare programs since they stand by the idea that the private sector can help the poor more than the government. Due to this concept, the Republicans support faith-based and private charitable institutions to supersede welfare spending by the government.
They advocate reducing income tax rates through tax breaks, believing that it will increase the growth of GDP (Gross Domestic Product) or market value of all products and will subsequently generate more revenue for the government based on smaller tax on the extra GDP growth. They consider the income tax system as useless and inefficient and are greatly opposed to graduated tax rates because they believe that it is unfair. The Republicans propose to replace the five current tax brackets and make it just four with lower rates that will benefit low-income workers as well as relieve taxpayers in targeting the tax liabilities during tax filing on fiscal periods.
They are also against estate tax and had numerous times pointed out that over-taxation resulted to budget surplus that only goes to projects that never benefited every American citizen. People are burdened with paying their taxes that most often than not, stagnate the progress of the nation.
Tax filing is never a walk in the park. For most, calculating for the taxable federal tax and/or state tax can be quite taxing. There are many contradicting regulations, marginal formulas, tax breaks and tax credits information provided by the Internal Revenue Service (or IRS) that can sometimes seem like to take on forever, restraining taxpayers from getting a quick tax return. There are also many loopholes and tax shelters in existence that some revert to fraud in order to reduce paying their required federal tax and/or state tax on fiscal time.
For them, taxpayers deserve to keep their money and invest it on their future instead of funding the government that uses their money that may or may not benefit all taxpayers. Limiting income taxes is a way for people to have a more disposable income and they can do whatever they want with their hard-earned money. Low federal tax and/or state tax policies can help promote a strong and healthy economy.
They believe that the government should only require federal tax and/or state tax to raise money for important or basic functions such as maintaining infrastructure and national security. They also propose to doubling tax credits for children and take out the marriage penalty. These proposals are to help families, promote charitable donations as well as education.
Cutting down on federal tax and/or state tax can also help businesses grow and create more jobs to thousands of unemployed Americans. During George W. Bush’s administration, after the congress signed the law to cut $1.35 trillion on federal tax and/or state tax, people were given relief, getting three hundred to six hundred dollar rebates on products, child tax credit were doubled and the marginal rate on federal tax and/or state tax were lowered. The tax cut also gave way to major tax incentive on businesses, which provided jobs and growth on tax relief.
The Republicans’ focus on families, proposing that they should be given precedence by bestowing generous tax breaks or giving bigger tax credits has met favorable support from the masses. They also believe that religious organizations, charitable institutions and benevolent societies must not be subjected to pay federal tax and/or state tax.
Critics were known to point out that the Republican Tax Platform stresses more on protecting investments, businesses and personal income in contrast with the Democratic Tax Platform, which stresses more on spreading the wealth and supporting small businesses. The critics and economist also pointed out the true motive of the Republicans’ federal tax and/or state tax reform policies may be to funnel money to the wealthy and the large corporations, which has been met with condemnation. However, it may seem though, the fact that both political parties has laid down their proposals that will benefit the people in some way, but not completely. There are still flaws on their federal tax and/or state tax policies that hinder the ability of the people to distinguish which will contribute more to the growth of the nation and its economy.
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