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Mortgages and Economy

Essay by   •  May 13, 2011  •  Essay  •  345 Words (2 Pages)  •  1,628 Views

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I believe the definition of tax equity should be fair and equal. Robin Hood's philosophy, much like our government's today, is simple, "take from the rich and give to the poor." Rarely, was there a more sure and certain maxim implemented with such efficiency! :p Yet for all its good intentions, government endeavors in vain, to enact social and economic policy to achieve the same goals.

Economic policy goals are funded by collecting taxes and distributing the proceeds. Tax "equity" is neither measurable nor achievable, as there will always be "haves and have-nots." According to Anthony C. Infanti , "the goal of taxes is to: shift wealth, maintain price stability, stimulate economic growth, provide for foreign exchange and trade balance, achieve national security goals, and revitalize employment". (Tax Equity Definition, Selected Works) Rolling a stone up a hill is paradoxically easier!

To achieve these goals, businesses and individuals are taxed fairly and equitably, according to our government's complex rules, regulations, laws and codes. I agree with Adam Smith's 'Ability to Pay' definition, "The highest taxes should be levied on those with the highest ability to pay." Biblically, to "bring all the tithes into the storehouse," was equally as difficult. Corporations have countless accountants dedicated to avoid paying taxes. How are private individuals expected to fare equally?

I strongly disagree with the Benefit/Distribution Theory. As Solomon discovered, government does not have the wisdom or insight to discern those most deserving of tax revenues. Balancing both social good (by stimulating businesses to invest in energy, for example) and economic needs (by providing energy assistance credits to the poor) is a Herculean effort at best and decidedly futile at worst.

In the midst of escalating deficits, the tax debate will continue in the halls of Congress, as well as at the dinner tables of every American household. Tax revenues are determined by income and ability to pay. Government, as with families, must 'balance the check book' if it is to succeed and survive.

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