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TaxesAn income tax is a tax based on the income of an individual or a business In the United States personal income tax accounts for approximately 45 of the total tax revenuei Income tax was first used as a temporary method of helping finance the Civil War Soon after the Civil War the income tax was repealed Then in 1913 the 16th amendment was ratified to allow income taxation At its simplest form there are three main types of income tax a progressive tax a regressive tax and a proportional tax A progressive tax means that taxpayers will be taxed at a higher percentage rate the higher their incomes are A regressive tax collects a smaller percentage of income the higher the income Lastly a proportional tax would collect at the same percentage rate for all incomes or a flat tax At present the American income tax system is quite frankly a mess In my opinion the current tax system is far too complex purely because of present fair actions to fix past abuses Confusion fairness and a lack of simplicity have been the major problems associated with the individual Ex-President Jimmy Carter once called the US tax code a disgrace to the human raceii With tax reform on the lips of many on Capital Hill many different tax reform proposals have floated to the surface Of the many proposals a few standout A Consumption Tax is one of the more favored tax reforms being discussed by politicians and economists alike It entails paying tax only on that part of your income which was spent during the fiscal year This tax as discussed in class is a regressive tax due to the fact that the poor spend 95-100 of their income whereas the rich spend a much smaller percentage of their income A Retail Sales Tax is another of the new tax proposals being discussed It consists of a national sales tax of 6-8 coupled
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