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SNHU Value Added Tax vs Fair Tax Act Discussion Replies

SNHU Value Added Tax vs Fair Tax Act Discussion Replies


Write 3. discussion responses:

1. The value-added tax is a consumption tax on goods and services that is levied at each stage of the supply chain where value is added, from initial production to the point of sale. The amount of VAT the user pays is based on the cost of the product minus any costs of materials in the product that have already been taxed at a previous stage. Many people say VAT places an economic burden on low-income employees. Some other benefits are it can boost the incentives for people to actually want to work.

2.The choice of taxation approach depends on a country’s economic and social goals, its fiscal needs, and its political climate. Congress and other legislative bodies consider these alternatives based on their specific circumstances and the preferences of their constituents. Public debate and discussion play a crucial role in shaping tax policy decisions.Ultimately, the effectiveness and fairness of any alternative approach to taxation depend on various factors, including the specific design of the tax, its implementation, and its impact on individuals and the overall economy.The economic benefits of enacting either a VAT or the Fair Tax Act would depend on various factors, including the specific design, rate, and how they are implemented. The impact on economic growth, income distribution, and government revenue would also be significant considerations. It’s essential to note that the effectiveness and desirability of tax policies are often a matter of perspective and vary depending on the broader economic and political context. Before implementing such a significant tax reform, careful analysis, and consideration of the potential consequences, along with public and political debate, are necessary to make an informed decision on which tax system would be most beneficial for a particular country’s economic goals and social priorities. The only good thing about value added taxation is that it will generate revenue and the fair act the revenue generation is questionable.

  • 3. I do think Congress should consider an alternative approach to taxation.  I think enacting the Fair Tax Act will provide economic benefits.  The Fair Tax Act proposes to have income taxes repealed, payroll taxes repealed, and to have estate and gift taxes repealed.  If these taxes can be eliminated it will give people more money and allow them to spend more on their families, which in turn will help the economy grow. This would allow for people to invest more money into the economy and allow them to save more money as well. This would allow people to not be double taxed on certain income. This will allow for employers to possibly pay their employees more if they aren’t burdened with the tasks of paying for payroll taxes. It could allow for family businesses to be passed down from generation to generation without having to pay taxes on things that have already been taxed. (U.S. Congress, 2013)

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