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Opinionated Response to Peer Comment - Essay Example

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The study discusses the effects of tax cuts. The study explains the many benefits of the United States government’s 1940s and later years’ Congress-approved tax cuts. The comment stating the…
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Opinionated Response to Peer Comment
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Opinionated Response to Peer Comment 5 December The 1940s tax cuts catered to the people’s increasing demand for tax cuts. The study discusses the effects of tax cuts. The study explains the many benefits of the United States government’s 1940s and later years’ Congress-approved tax cuts. The comment stating the benefits have become popular in the United States during the 1940s when the United States Congress passed tax breaks for some business entities is correct.
During the middle of the 1940s, the United States residents had a huge rallying cry to reduce the currently very high tax rates. With the implementation of 1940s and 1960s tax reductions, the government required the companies to infuse the tax savings into business investments. In response, the government implemented many tax rate reductions to appease the people’s rising disgruntlement (Friedberg, 2011).
Using Keynesian economic principles, tax cuts will generate more purchasing power. With lesser taxes, the people will have more money to buy good and services. With more tax cuts, the people’s demand for products and services increases. Consequently, with more demand, the stores and other suppliers can sell more goods. With more goods sold, the government can collect more taxes. Basically, the overall effect on the government’s tax collections seems the same (Mankiw, 2008).
With more sales, the companies pay more taxes to the government. With more demand for products and services, the factories hire more workers to produce the highly salable products and deliver more services. With more employees, the government can collect more salary-based taxes. As proof, During the George W. Bush Presidency, the president was beset with an economic depression. To rehabilitate and improve the economic depression, President George W. Bush spearheaded permanent tax cuts. As expected, the President Bush Tax cuts increased the public’s purchasing power, rejuvenating the ailing economy (Mankiw, 2008).
Getting the substance of the above discussion, the 1940s and later years’ tax cuts met the people’s increasing requests to reduce the high tax rates. The study indicates the importance of implementing the people’s demand for lower tax rates. The study proves that the 1940s and later years’ tax cuts benefit many parties, especially the United States government. Without a doubt, the comment stating the benefits have become popular in the United States during the 1940s when the United States Congress passed tax breaks for some business entities is true.
References:
Friedberg, A. (2011). In the Shadow of the Garrison State. New York: University Press.
Mankiw, N. (2008). Pirnciples of Macroeconomics. New York: Cengage Learning Press. Read More
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