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Taxation assignment Essay Example

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Taxation assignment

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It seems that the current taxation system establishes strenuous regulatory procedures to draw revenues from the country’s economic platform. According to the political institutions, the current taxation on savings outlook is valuable since it defines the country’s economy in different phases such that each of the identified items delivers the desired abundance to the nation. Fiscal policies indicate that the demand of goods and services in any economy is dependent on the amount of income accrued by the domestic consumers (Economist Newspaper Limited, 2011, p. Therefore, household savings are inversely proportional to individuals’ ability to purchase different items in the economy. Research indicates that the previous taxation approaches on household savings failed to implement the desired resolutions due to the existence of conflicting objectives in the economy (Mirrlees & p.In turn, such objectives were detrimental to the acquisition of a well-designed and focused outlook holding to the fact that the concerned institutions evaluated them randomly as though they were correlated. The current taxation system indicates that taxes on the total income of an individual citizen are dependent on the total revenue of such an individual over the allowance. For example, a situation whereby the per capita incomes deplete by 1 unit, the allowances will also reduce thus; the percentage rate set to tax citizens remains at 20%, but the amount accrued from the person with reduced incomes shall also decrease. Essentially, such a resolution in the current economic approach seems coherent to economic growth while rehearsing formidable methods to implement a unified taxation approach. It is knowledgeable that the current economic outlook and the implemented taxation approach on individual incomes implements a controversial platform to the savings system since differing ways gain equated redress (Giza, 2002, p. Therefore, the current taxation system may be oppressive and the review is a beneficial solution to ease the inequities presented therein.Mirrlees’ taxation review seems to centre its obligations in deciphering potential propulsion to the economy while holding concerns to the citizens who form the integral group of consumers and producers of the country’s utilities. It is upon the evaluation of the current UK tax system that the group of reviewers proposes

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Bibliography

Aaron, HJ & Slemrod, J 2004, The crisis in tax administration, Washington, Brookings Institution Press.

Auerbach, A.J 2008, Ageing, financial markets and monetary policy, With 38 tables. Berlin [u.a., Springer.

Cebreiro, A., & Organisation for Economic Co-operation and Development, 2010, Choosing a broad base, Low rate approach to taxation. Paris, OECD.

Economist Newspaper Limited. 2011, Guide to economic indicators, Making sense of economics, Hoboken, Wiley.

Great Britain, 2006, Pensions reform, Fourth report of Session 2005-06, London, Stationery Office.

Great Britain, 2011, Principles of tax policy, Eighth report of session 2010-11. London, Stationery Office.

Guiso, L 2002, Household portfolios, Cambridge, Mass, MIT Press.

Leaman, J, & Waris, A. 2013, Tax justice and the political economy of global capitalism, 1945 to the present. New York, Berghahn.

Mirrlees, JA., & Institute for Fiscal Studies Great Britain, 2008, Tax by design, The Mirrlees review. Oxford, Oxford University Press.

Musgrave, RA., Head, JG, & Krever, RE. 2009, Tax reform in the 21st century, A volume in memory of Richard Musgrave, Austin, Wolter Kluwer Law & Business.

Organisation for Economic Co-operation and Development, & SourceOECD, Online service, 2007, Encouraging savings through tax-preferred accounts, Paris, Organisation for Economic Co-operation and Development.

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