GITEET is for Government In The Economy Essay Test

Ronald Regan
once said, “Government’s view of the economy could be summed up in a few short
phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops
moving, subsidize it”. I feel like Ronald Regan is completely correct. I can’t
even count on my fingers how many different kinds of things are taxed and how
many different regulations are placed on the economy. Isn’t America supposed to
be operating on a FREE market economy? The government should have a limited
role in our economy and their main priorities should be to create jobs and
stimulate the economy. Also, they need to simplify the tax codes and tax
brackets in a couple different ways. And most importantly, they need to quit spending
more money than they have. Our deficit is $15 trillion and counting, and we
need to be conscious of that and every move that we make should be to help lower
it.
I believe
that the government should allow the free market economy to operate with a
minimal amount of restrictions in order to stimulate economic growth for the country.
First, the government should have some role in either increasing or decreasing
interest rates to help slow or stimulate the economy because interest rates
have a lot to do with how much money people borrow and spend from the
government. However, there needs to be some laws and regulations put in place
so people can be protected from what happened during the Great Depression but
still allow for free enterprise and investing. I think the government meddles
too much in our lives, and should just let us do what we want. However, like I
said earlier, there needs to be some regulations in place, but if they’re
controlling so much of our lives, how are we supposed to thrive in our economy
and lives? It’s not really a free market economy if we’re not free from a
million different silly regulations. Ultimately, I think creating more jobs and
stimulating economic growth are the most important things, and the government
should really focus on that first before other less important things.
I believe
that the government should restructure our tax code and system. First, people
should be encouraged to become entrepreneurs and start their own businesses
because that is what stimulates the economy. There should be specific tax
deductions in the new and improved tax code that lay this out and benefit those
people who started their own companies, and hired more people. This will help
with job growth, which will in turn lead to more people paying taxes because
there are more people employed which would be money that’s going directly to
the government. Not to mention, there will be more goods and services that are
provided to the economy which only betters it. America was founded on having a ‘free’
and capitalistic economy, so we need to encourage people to still strive for
that. I also believe that the tax brackets in the existing system need to be
altered. Right now, there are 6 tax brackets, ranging from 10%-35%. I believe
that we should lessen these brackets to 5 and start at a lower percentage
because that would ‘catch’ more people that are currently not paying taxes.
Also, there are a lot of unnecessary deductions that should be taken out of the
tax code, for example having a second home. We should bring in deductions for
starting your own business, and remove a lot more of the ones that aren’t
needed so there are more taxes being paid. Not only would this better the
economy, but it would also lower the percentage of taxes by a little that
people are paying. The people would like this because they’re paying less, but
there is more people paying the taxes so it’s still revenue neutral.
Ultimately, I believe that we should still keep the progressive (income) tax,
but eliminate some deductions and add a deduction for entrepreneurs, and
restructure the tax brackets.
I believe
that it is the government’s ultimate responsibility to spend the money that the
tax payers have given them wisely. The key word being WISELY. There should be
an annual statement that is given to each and every tax payer explaining
exactly where THEIR tax money has been spent in the past year. Not their
neighbors tax money, but theirs. I think that this would open a lot of people’s
eyes to where their tax money, that they so graciously handed over to the
government, has been spent on. Also, if this were to be put in place the government
couldn’t spend the money on ridiculous things because it’s going to be written
down somewhere, handed to someone, and how do you think that tax payer is going
to react when they find out their money was spent on a new sofa for the White
House? Probably not the greatest. In other words, this would help sort of force
the government to go on a diet, and quit spending money that they obviously don’t
have. The United States is $15 trillion in debt for heaven’s sake, so the government
needs to cut back. I think one way of doing this is to reduce the size of our
military presence overseas. This would save the United States a significant
amount of money that was originally being contributed to our national debt.
Also, although people hate taxes, if taxes were raised, or more evenly distributed
amongst the population then that could lower the debt as well. There are a lot
of ways that the government can cut back on their spending; they just need to
do it. All of these decisions that they’re making is impacting all of us for
the rest of our lives, so they obviously need to do something about it. Overall,
the government should hand out statements for where they spent the taxpayer’s
money, and cut back on spending as much as possible but focus more on our
presence overseas.
In
conclusion, the government needs to put fewer regulations on the economy in order
to produce a thriving market, restructure the tax code and tax brackets, and
significantly decrease their deficit spending. As stated in the previous
paragraphs, there are multiple ways, in my opinion, to achieve these three
tasks. All of us tax payers and people who are old enough to vote really need
to pay attention to what’s going on around us in the world. We need to care. This
isn’t just affecting our parents. We’re going to be paying taxes soon and all
of this is going to be on our generation’s shoulders, and then it will move
onto our kid’s shoulders. The government and the economy are very complicated,
and they work together to create the world that we live in, so we should all
have our own beliefs and judgment’s and what we believe is the best way to achieve
the things we want to get out of life.

GM is for Government Manifesto

First, I believe that the US government should structure the tax code to encourage people to become entrepreneurs. There should be specific tax deductions for companies who start their own business, and hire people. This will help in job growth, which in turn will have more people paying taxes, which is more money that will go to the government. Also, these businesses will stimulate the economy by providing different kinds of goods and services for the people who live there.
Interest rates have a lot to do with how much money people borrow and spend, so the government should have some role in either increasing or decreasing interest rates to help stimulate or slow the economy. In turn, there needs to be some laws and regulations put in place so people can be protected from what happened during The Great Depression but still allow for free enterprise and investing. Generally, the government should allow the free market economy to operate with a minimal amount of restrictions in order to stimulate economic growth.
It is the governments ultimate responsibility to spend the money they have been given by the taxpayers wisely. There should be a statement given annually to each individual taxpayer showing how THEIR tax money has been spent. This would open a lot of people's eyes to how the government is handling their funds that they entrusted them to use. Also, if this were to happen the government couldn't spend tax payer money on things that aren't needed because it's written down on a piece of paper where all the money was spent. One way that I believe that the US could lower the nation debt is by hiring a group of people to determine where there is unnecessary spending and eliminate it.