Week 8 Steven Westfall, writing homework help

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THIS IS ONLY AN INTERPRETATION, FIVE SENTENCES AND A QUESTION IS ALL I NEED. TELL ME YOUR THOUGHTS, HAVE REFERENCES (I need this completed by the end of today, 10pm CST) Citizens rely on government to
provide public safety, education, environmental protection, public
health, national defense, etc. In order to provide these things, the
government needs to have revenue to pay for them (Mikesell, 2014).
Taxing is the main way that governments fund the programs and services
they offer. Taxes are a mandatory financial contribution imposed by a
government to its citizens to raise revenue (Mikesell, 2014). There are
different types of taxes and different ways to tax people. It is best
for a government to have a diversified portfolio to raise revenue so
that it does not rely too heavily on one source. For example, if the
economy is struggling, and the government relies solely on sales tax for
revenue, the government revenue will greatly decrease. In times of
economic struggle, people do not buy as much, and sales tax will greatly
decline (Laureate, 2008). Some different types of taxes that
governments impose include income tax, property tax, and sales
tax (Mikesell, 2014). Each tax has pros and cons, but governments should
try to not overburden their people with taxes. The ideal tax is enough
to fund government expenditures, but not be too cumbersome for citizens
(Mikesell, 2014).

Sales tax

Almost half of the state tax revenue in the United States comes from
tax on consumption. It is also an important revenue for cities.
Consumption tax includes sales tax and selective excise tax. Sales tax
is a broad tax that is applied to the sale of goods and services
(Mikesell, 2014). Another advantage of sales taxes is that local and
state governments can benefit from them when people who live outside
their boundaries shop in their areas. This is not just a tax that local
people pay, and money from outsiders can bring in more money for these
governments. As there are drawbacks with all types of taxes, sales tax
tends to be a regressive tax that can hit lower income people harder
than higher income people. To try to combat this, some governments will
exempt items such as food and clothing to give lower income people a
reprieve from the tax (Laureate, 2008). Despite this drawback, I think
that sales tax is a good way for governments to collect revenue. It is a
good way to help fund goods and services that the government provides.

Property tax

Property tax is another way that governments can collect revenue from
citizens. It does not raise as much revenue as income or consumption
taxes. Property tax is very important for the fiscal independence of
local governments because it is locally levied and administered and
finances much in local government (Mikesell, 2014). Property tax is
collected based on the value of property or structures on a property.
Like sales tax, when the economy struggles and property values go down,
the government collects less revenue (Laureate, 2008). Property tax,
however, is more stable during recessions than consumption or income
taxes (Mikesell, 2014). Since property tax is administered on a local
level, tax rates vary vastly by region and assessments can be
complicated (Mikesell, 2014). Property taxes are also seen as regressive
and horizontally inequitable. Property tax rates vary widely across
properties of similar value, and property taxes paid by families of
similar affluence can differ significantly. Property tax rates can also
be changed annually (unlike other forms of taxation) to offset local
operating budgets and costs of servicing debt obligations (Mikesell,
2014). Despite these irregular and changeable assessment patterns, I
think that the revenue and autonomy afforded to local governments
through property tax is favorable enough to make its benefits outweigh
its drawbacks.

References

Laureate Education (Producer). (2008b). Budget management functions: Revenue [Video file]. Baltimore, MD: Author.

Mikesell, J. L. (2014). Fiscal administration: Analysis and applications for the public sector (9th ed.). Boston, MA: Wadsworth.

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