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The Taxation of Social Security - Essay Example

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Taxation of Social Security Institution 15 March 2013 Every citizen is responsible for remittance of their due tax to the relevant tax department, but the question that has been asked frequently should social security funds be taxed or not…
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Download file to see previous pages The taxation of the security funds will also vary in a household in some countries, particularly in the US. When couples are having living differently or in the same household, the computation of the taxable security fund is differently calculated (Harding and Gupta, 2007). As this remains, the law also prohibits any taxation that would be advanced to security funds if the persons involved were not having any other supplementary source of income; in such cases, the security funds remain untaxed. From the above information on the taxation of the security, it can be construed that such taxation is highly varied and dependable on many factors that is not only based on the security funds. In this regard, there are several advantages and disadvantages of the taxation on the security funds and this is discussed below. The bulwark of the country’s income is based on the extent of taxation in the country since through taxation most of the economic development can be realized in a country. It is thus important that the tax base should be widened as possible as long as it is just and justifiable. The question one should ask on the security funds is their source, security funds in most cases are given to the old, disabled, and the survivors. Thus, money does earn interest and it is paid monthly to the individuals qualified. The fact that these moneys do earn interest is an indication that they qualify for taxation. This will accrue sufficient income for the government to undertake to the various financial needs that a country faces particularly if the population that is involved in the tax bracket forms a significant number of the total population (Harding and Gupta, 2007). Taxation of the security fund will also allow for the horizontal spread of taxation to all categories of people thus not allowing taxation to be skewed to other groups of the people especially the businesspersons thus making investment a difficult area to venture into. The Spread of taxation in the population is of great importance to reduce the burden of taxation to a specific group of population; therefore, the advantage here is that the tax base would be broad enough to cushion some of the rest from excessive taxation (Reagan, 2009). The fact that only those who have additional income from other sources are liable for taxation based on the security fund is a realistic move that only allow for excess income from other sources that adds on to the security funds to be taxed, this makes it even more realistic that not the absolute security fund is taxable. In a situation where the population of a country has a significant number of the people involved in reception of the security fund and at the same time receiving income from other sources, the computation of the taxable income is important in the generation of income for the realization of development of other economic sectors in the country. For instance, the infrastructural development and other recurrent expenditure can be met if the tax base is broadened to that extent. Again, if the taxable population is widened, a country can realize their tax projection in order to partake on issues that require funding by the government. In some situations, that requires budgetary allocations from other countries or borrowing, this strategy can ...Download file to see next pagesRead More
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