How Does Tax Policy Affect My Life
The government’s main changes to fiscal or economic policy often tend to affect my life directly. The policy that has the greatest consequence to me personally is the tax policy. For instance, when the government makes changes to the payroll and income tax, this directly affects my purchasing power and quality of life (Kraft and Furlong, 2015). This reality is very real for me as each paycheck I cringe at how much is taken out my check for social programs such as Social Security or Medicaid. Kraft and Furlong (2015) note that the current Social Security system is flawed and in need of reform by either continuing to raise the retirement age or take out more in taxes to supplement the incomes of my generation later in life. Where I am not directly
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When I received my first check, much to my chagrin, my take-home pay was virtually no different than what I received before; I saw an increase of maybe a few dollars, not much else. When I questioned it, HR informed me that the lack of change was due to the shift to a higher income bracket. This is a perfect example of what Kraft and Furlong (2015) note that as “…as income increases, the wage earner not only pays more actual dollars in taxes but also may graduate to a higher tax bracket and pay taxes on a larger percentage of income” (p.231)
There is something almost quixotic about President Lyndon B. Johnson’s declaration forty years ago of the proverbial “War on Poverty”; a battle cry against an intangible phenomenon that has virtually no end so long as the Earth turns. Poverty is an ongoing challenge in the United States but becomes all the more apparent in light of the significant income gaps between wealthy 1% and millions who currently live below the poverty line. Poverty continues and will continue to be a problem in our society for a multitude of reasons. The primary reason being that there are multiple causes for poverty, ranging from the free nature of free markets, structural features in the …show more content…
From a Christian perspective, addressing the issue of poverty will continue to be an ongoing challenge that will not relent until our Lord returns. Jesus addresses this point quite plainly by stating, “The poor you will always have with you, and you can help them any time you want. But you will not always have me” (Mark 14:7, NIV). In light of this fact, Christians should not approach poverty as a problem that can completely solved, but as method to fulfill God’s Word and the command to “be open-handed toward your brothers and toward the poor and needy in your land” (Deut. 15:11, NIV). From a policy perspective, churches, nonprofits, and charities play a large role in caring for the needy by offering services that the government cannot such as: job retraining, temporary housing, encouragement, and food. The government in term should meet the fiscal need for those in poverty by offering enough financial resources in for those on disability or unable to work live comfortable, low-income lives (Ryden, 2011). The government’s primary source of handling the poor is via means-tested programs such as welfare or Social Security. At this time, there does not appear to another way for the government to offer economic resources for the poor other than through various means-tested programs. One area they may seek to improve is to ensure that charities, churches and
When I received my first check, much to my chagrin, my take-home pay was virtually no different than what I received before; I saw an increase of maybe a few dollars, not much else. When I questioned it, HR informed me that the lack of change was due to the shift to a higher income bracket. This is a perfect example of what Kraft and Furlong (2015) note that as “…as income increases, the wage earner not only pays more actual dollars in taxes but also may graduate to a higher tax bracket and pay taxes on a larger percentage of income” (p.231)
There is something almost quixotic about President Lyndon B. Johnson’s declaration forty years ago of the proverbial “War on Poverty”; a battle cry against an intangible phenomenon that has virtually no end so long as the Earth turns. Poverty is an ongoing challenge in the United States but becomes all the more apparent in light of the significant income gaps between wealthy 1% and millions who currently live below the poverty line. Poverty continues and will continue to be a problem in our society for a multitude of reasons. The primary reason being that there are multiple causes for poverty, ranging from the free nature of free markets, structural features in the …show more content…
From a Christian perspective, addressing the issue of poverty will continue to be an ongoing challenge that will not relent until our Lord returns. Jesus addresses this point quite plainly by stating, “The poor you will always have with you, and you can help them any time you want. But you will not always have me” (Mark 14:7, NIV). In light of this fact, Christians should not approach poverty as a problem that can completely solved, but as method to fulfill God’s Word and the command to “be open-handed toward your brothers and toward the poor and needy in your land” (Deut. 15:11, NIV). From a policy perspective, churches, nonprofits, and charities play a large role in caring for the needy by offering services that the government cannot such as: job retraining, temporary housing, encouragement, and food. The government in term should meet the fiscal need for those in poverty by offering enough financial resources in for those on disability or unable to work live comfortable, low-income lives (Ryden, 2011). The government’s primary source of handling the poor is via means-tested programs such as welfare or Social Security. At this time, there does not appear to another way for the government to offer economic resources for the poor other than through various means-tested programs. One area they may seek to improve is to ensure that charities, churches and