Income Tax: Should Rates Depend on Lifetime Earnings? Free Essay, Term Paper and Book Report
Should Income Tax Rates Depend on Lifetime Earnings?
The article I choose has to do with Canadas process in electing their first leader of the Conservative Party of Canada, back in March of 2004. The article goes in to depth of one of the candidates tax system proposals, Tony Clement. Tony Clement proposed a policy that would significantly alter the income tax system in Canada. Up until this point, income tax systems have been based on the ability to pay principle which is that someones taxes should increase as their income increases. This policy does not take into account how wealthy somebody is. The article gives an example of how one person earning $40,000 a year with high savings can pay more in taxes than someone else earning $40,000 a year with less savings.
Tony Clements proposal takes into account of this and in turn benefits each individual homeowner. His proposal is called Jumpstart a program that ties someones income tax rate to their lifetime savings. The Jumpstart program benefits those just entering the workforce. If this program......
Word Count: 774
Page Count: 3 (250 words a page / double spaced)
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