Running head: Tax Cuts Research Paper Tax Cuts Research Paper Eriq Bruce February 8, 2020 PADM
2 Tax Cuts Research Paper Introduction Taxation plays a huge role in public budgeting. Dr. Adams states that “it necessarily follows from the nature of the taxing power that its exercise among free peoples involves much besides securing revenue to States” (Adams, 1884). The power to raise revenue opens doors that plays into public budgeting. The founding of the United States’ foundation is based on principles of faith and understanding the purpose of God. In the early stages of development, our forefathers made decisions based off of a higher being than man. The Constitution was created to establish structure, intellectuals such as Thomas Jefferson saw the need for the Constitution to be created given the understanding of humans and power. In Article I Section 8 of the Constitution, it gives the government the authority, power to tax, power to govern the taxes imposed upon the American people. Taxes were created to constantly generate revenue within the government. Taxation within the American government stemmed from the idea of keeping the government afloat with funds and spending. Taxes come in many forms, income taxes, taxes on items from any store, sales taxes and property taxes. Taxation plays a huge role in public budgeting in determining who makes decisions. Rubin states “in public budgeting, the taxpayers and the decision makers who determine tax and spending levels are two different groups” (Rubin, 2020). While the decision makers create these taxes, as a citizen it is considered a civic duty to pay these taxes. In this research paper we will discuss revenue and how it applies to rising taxes and supply side economics within American Government, examine the role of the Laffer curve
3 Tax Cuts Research Paper established by the Regan administration, observe tax proposals, discuss tax cuts and how they affect citizens and the government and ending with connecting biblical principles with taxation. Revenue, Raising Taxes + Supply Side Economics Revenue plays a vital role in any government. Revenue is vital because it allows the government to govern, without depending on other countries. The difference between revenue and a tax is understanding that a tax creates revenue. At the time of establishing its independence
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- Progressive Tax, Supply-side economics, nature of the taxing power