The Pros And Cons Of Federal Tax

Money seems to be the root of the problems that surround us in our daily lives. Depending on how much we earn from employment that number is concentrated on our social class in society. However, regardless of our social class we all pay a form of federal tax. Federal tax is a tax levied by the United States Internal Revenue Service on yearly earnings of employees, corporations, trusts, and other legal entities. These taxes that are collected contribute to approximately 47 percent of the federal government’s revenue. This money subsidizes national defense and funds federal programs such as welfare and infrastructure. A percentage of our income is taxed according to the amount we earn; it varies from ten percent when making zero to 20,000 dollars to 30 percent when making 50,000 dollars and above. The controversy of eradicating federal income tax involves all American residents
This could lead to a high rise in other taxes in order to match what they would previously gain from federal taxes. The money paid as income tax contributes back into the states and nation. Infrastructure such as highways, schools, and roads are dependent on federal funding as so is Social Security, Medicare, hospital insurance, unemployment insurance, military and law enforcement, and national defense. Once the tax is abolished the whole country would immediately feel the impact. It would be impossible to pay of national debt. Even though nobody enjoys paying taxes it does benefit us in ways we may not recognize. There could be improvements but federal taxes should not be removed as a whole; it could lead to government shutdown, national bankruptcy, and chaos within the streets. This tax is necessary even though it might seem evil to us. It benefits the needy greatly in America and those who cannot help themselves. It is a strong catalyst of cash flow in our economy and improvement of our