Should Congress Have Enacted George W. Bushs Tax-Cut?

If you order your custom term paper from our custom writing service you will receive a perfectly written assignment on Should Congress Have Enacted George W. Bushs Tax-Cut?. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Should Congress Have Enacted George W. Bushs Tax-Cut? paper right on time.

Our staff of freelance writers includes over 120 experts proficient in Should Congress Have Enacted George W. Bushs Tax-Cut?, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your Should Congress Have Enacted George W. Bushs Tax-Cut? paper at affordable prices!

Should The Congress of the United States have enacted what is now called the Economic Growth and Tax Relief Reconciliation Act of 001 (EGTRRA). This is an endless debate of facts, figures and various economic models. One on side, the so called "supply-siders", and proponents of Reganomics argue that tax-cuts, even when largely benefited by only the top wealthiest in the nation, benefit all in the economy through what has been called the trickle down theory. In contrast there are some economists that think there is little to no benefit of a tax-cut. Also there are citizens who think that a tax-cut should benefit the lower class more so as not to widen the income gap any further, supported indirectly by economist who think that taxes affect demand, also known as Keynesian theory.

"The basic belief of supply-side economics is that all aspects of economic behavior-such as labor supply, saving, and investment-respond to economic incentives and, in particular, to incentives in the tax code"[1]. While other economist site Ricardian equivalence to support their argument that tax cuts offer no benefit. "The empirical evidence on Ricardian equivalence is mixed"[1].

There is little argument that there should be some sort of tax relief in the current state of the economy.

"Most Americans support Bushs tax-cut proposals. A USA Today/CNN Gallup poll yesterday showed the number rising to 67 percent, from 60 the week before. Yet polls also show a desire for more tax-cut benefits to go to lower-income taxpayers." []Cheap custom writing service can write essays on Should Congress Have Enacted George W. Bushs Tax-Cut?

The economy is currently in a recession and the government is running a surplus. The biggest argument is the fairness of an across the board tax-cut. This tax-cut is seen by many Americans to unfairly benefit the wealthiest in the nation.

This paper shall make no attempt to claim that one economic theory is superior to another; such a task is too great for my limited knowledge. However this paper will present arguments from both sides of the ring with supporting empirical evidence and conclude with whether or not the congress should have passed the EGTRRA. The intent of this paper is to attempt to discover what is right, without partisanship and personal biases invading the topic.

When President Bush took office the economy was stalling due to the large technology boom of the 10s. The further reduction in the state of our economy was due in large part to bad momentary policy on behalf of the Federal Reserve chairman Allan Greenspan1. After September 11 001 the economy was further dragged down by fear and uncertainty about the future, as a note this should have been a temporary shock to the economy but with the "war on terrorism" and fears of bio-terrorism initiated by the anthrax attacks the economy never returned to steady state. The Federal Reserve around this time began an aggressive prime rate reduction schedule. To make matters worse it seemed that the Federal Reserves policy was always too little too late. Just when the economy could not seem to get worse, an explosive series of corporate frauds and scandals were uncovered.

The Federal Reserve has limited firepower when it comes to managing the demand of the economy. It would be highly undesirable to drive the interest rate to zero as happened in the Japanese economy, the worlds second largest, which has been experiencing deflation for some time now. Deflation is a serious concern to an economy, which causes people to hold out on purchasing items in hope of a lower price a later date [1]. Indeed the economy was in need of an economic stimulus, and the Federal Reserve couldnt do it alone.

One of the biggest factors affecting the economy was consumer confidence. Basically the larger the confidence index the more likely consumers are to spend, as they anticipate future economic prosperity. At that time this number was at very low point suggesting that consumers would not spend the money they received from the tax-cut. The nations wealthiest on the other hand would invest the money they stand to gain over the next several years. The wiser investors are not as short sighted as the common person. They understand the business cycle and can afford to take more "risky" investments in the hopes of future economic improvements. Professor of economics at Florida University James D. Gwartney states that

The CBO wrote The data show considerable evidence of a very significant revenue response among taxpayers at the highest income levels.[]

These investments today are necessary for economic soundness in the future. If we focus our attention to income tax then in fact the wealthiest do bear the biggest burden.

[Lawrence Lindsey of Harvard University] found that after the tax rates were lowered, the wages and salaries of high-income taxpayers were approximately 0 percent larger than projected. Similarly, after the rate cuts capital gains were approximately 100 percent higher than projected, and high-income taxpayers business income was a whopping 00 percent higher than expected. Lindsey concluded that the main supply-side effects resulted from (a) people paying themselves more in the form of money income rather than fringe benefits and amenities, (b) increases in business activity, and (c) a reduction in tax shelter activities[]

Also when federal revenues are measured on a constant-dollar (or inflation-adjusted) basis, the rapid rise in taxes during the 10s becomes evident. Taxes peaked in 000 at $7,668 per-capita, which was up percent since 10. This is the largest run-up in federal taxes since the 4 percent increase of the 150s [5]. Furthermore, we need to look at federal income tax as a percent of GDP. In 000 this was the highest ever, which began slowly building up during the technological boom of the nineties. Now that the economy is stalling it is a time to return to some deficit spending and reduction of income tax to promote economic growth. See figure 1 and figure below which shows the income taxes and revenues since the twenties and clearly shows the steady increase over the nineties.

Figure 1 source CATO Institute www.cato.org

Figure source CATO Institute www.cato.org

Due to the nature of this tax-cut and its similarity to the Regan economic plan, much of the opposing argument is based on facts about the Regan administrations policy and the economy during that time and there after.

This kind of across-the-board tax-cut is unfairly advantageous to the rich. It will further separate the rich and the poor. "The bills benefits for the wealthy - averaging $44, a year for the top 1 percent - are proportionately a bit more than their share of the tax burden, according to the Center on Budget and Policy Priorities (CBPP), a Washington think tank" []. Under the Regan administration the top 5 percent increased their share of national income from 16.5 to 18. percent and the poorest one fifth decreased from 4. to .8 percent [6].

Just look at the Census Bureaus income distribution figures

•The latest data, for 18, show that the top 5 percent of households ranked by income received 1.4 percent of aggregate income -- an increase of .8 percent over the 18.6 percent share this group received in 1.

•By contrast, over the same period of time during the Reagan Administration, 180 to 186, the top 5 percent of households saw their share of aggregate income rise only 1.7 percent.

Thus the rich have gotten richer faster under Clinton than they did under Reagan. Yet Reagan was accused of encouraging greed, while Clinton has gotten a pass. [Bruce Bartlett, senior fellow, National Center for Policy Analysis, July 5, 000]

Moreover during the Regan administration by 18 there were 5. million more Americans whose salaries exceeded $50,000 a year than there were in 181 (adjusting for inflation). Similarly, there were .5 million more Americans earning more than $75,000 a year, an 8 percent increase. And the number of Americans earning less than $10,000 a year fell by .4 million workers… Incredibly, a poor household in 180 was more likely to have moved all the way up to the richest income quintile by 10 (15 percent) than to still be in the poorest quintile (14 percent) [6]. Please note that the numbers and calculations are based on Bureau of the Census, U.S. Statistical Abstract, 16, p. 478, Table 740

A capitalist economy cannot always try to redistribute the income of the people. In the limit this concept approaches socialism which discourages hard work. Such a policy would drag down the economy as a whole. The across-the-board tax-cut still leaves a progressive tax system in place. It only acts to reduce the current over taxed situation, in an attempt to re-ignite the economy at a time when it is most needed. In fact most economists believe that deficit spending while in a recession, used as a tool to expedite recovery of the economy is indeed beneficial [4].

Works Cited

[1] Abel, Andrew B., Bernanke, Ben S. Macroeconomics nd edition ( New YorkAddison Wesley 15)

[] Francis, David R "Bush Tax Cuts Widen US Income Gap" http//www.commondreams.org/headlines01/05-0.htm

[] Gwartney, James D "Supply-Side Economics" The Library of Economics and Liberty http//www.econlib.org/library/Enc/SupplySideEconomics.html#biography

[4] Wessels, Walter J. Economics third edition (New York Barrons 000)

[5] CATO Institute www.cato.org

[6] Niskanen, William A. and Moore, Stephen "Supply Tax Cuts and the Truth About the Regan Economic Record" 16 www.cato.org/pubs/pas/pa-61.html

[7] Bartlett, Bruce "Liberals Will Blame George W. Bush" National Center for Policy Analysis, July 5, 000 http//www.ncpa.org/pd/economy/pd070500b.html

Please note that this sample paper on Should Congress Have Enacted George W. Bushs Tax-Cut? is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Should Congress Have Enacted George W. Bushs Tax-Cut?, we are here to assist you. Your cheap custom college paper on Should Congress Have Enacted George W. Bushs Tax-Cut? will be written from scratch, so you do not have to worry about its originality.

Order your authentic assignment and you will be amazed at how easy it is to complete a quality custom paper within the shortest time possible!

Hehehe

If you order your custom term paper from our custom writing service you will receive a perfectly written assignment on hehehe. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality hehehe paper right on time.

Our staff of freelance writers includes over 120 experts proficient in hehehe, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your hehehe paper at affordable prices!

tensile modulus increases.

(e)A drawn semicrystalline polymer that is annealed experiences a decrease in tensile modulus as a result of a reduction in chain-induced crystallinity, and a reduction in interchain bonding forces.

15.17 For each of four pairs of polymers, we are to do the following 1) determine whether or not it is possible to decide which has the higher tensile modulus; ) if it is possible, then note which has the higher tensile modulus and then state the reasons for this choice; and ) if it is not possible to decide, then state why.

(a) No, it is not possible. Both syndiotactic and isotactic polystyrene have a tendency to crystallize, and, therefore, we assume that they have approximately the same crystallinity. Furthermore, since tensile modulus is virtually independent of molecular weight, we would expect both materials to have approximately the same modulus.

Buy cheap hehehe term paper

(b) Yes, it is possible. The linear and isotactic polyvinyl chloride will display a greater tensile modulus. Linear polymers are more likely to crystallize than branched ones. In addition, polymers having isotactic structures normally have higher degrees of crystallinity than those having atactic structures. Increasing a polymers crystallinity leads to an increase in its tensile modulus. In addition, tensile modulus is independent of molecular weight--the atactic/branched material has the higher molecular weight.tensile modulus increases.

(e)A drawn semicrystalline polymer that is annealed experiences a decrease in tensile modulus as a result of a reduction in chain-induced crystallinity, and a reduction in interchain bonding forces.

15.17 For each of four pairs of polymers, we are to do the following 1) determine whether or not it is possible to decide which has the higher tensile modulus; ) if it is possible, then note which has the higher tensile modulus and then state the reasons for this choice; and ) if it is not possible to decide, then state why.

(a) No, it is not possible. Both syndiotactic and isotactic polystyrene have a tendency to crystallize, and, therefore, we assume that they have approximately the same crystallinity. Furthermore, since tensile modulus is virtually independent of molecular weight, we would expect both materials to have approximately the same modulus.

(b) Yes, it is possible. The linear and isotactic polyvinyl chloride will display a greater tensile modulus. Linear polymers are more likely to crystallize than branched ones. In addition, polymers having isotactic structures normally have higher degrees of crystallinity than those having atactic structures. Increasing a polymers crystallinity leads to an increase in its tensile modulus. In addition, tensile modulus is independent of molecular weight--the atactic/branched material has the higher molecular weight.

Please note that this sample paper on hehehe is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on hehehe, we are here to assist you. Your cheap custom college paper on hehehe will be written from scratch, so you do not have to worry about its originality.

Order your authentic assignment and you will be amazed at how easy it is to complete a quality custom paper within the shortest time possible!

The Kingdom of Sweden

If you order your custom term paper from our custom writing service you will receive a perfectly written assignment on The Kingdom of Sweden. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality The Kingdom of Sweden paper right on time.

Our staff of freelance writers includes over 120 experts proficient in The Kingdom of Sweden, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your The Kingdom of Sweden paper at affordable prices!

The Kingdom of Sweden is, without a doubt, one of the most attractive places in the world. In the north there are mountains and many lakes. To the south and east are central lowlands and south of them are fertile areas of forests, valleys, and plains. Along Swedens rocky coast, chopped up by bays and inlets, are many islands, the largest of which are Gotland and Öland. Because of their position on the globe, the people of northern Sweden experience long days in the summer and long nights in the winter. With these many different geographical settings comes many unique and amazing cultures from all over Sweden.

Sweden, which occupies the eastern part of the Scandinavian peninsula, is the fourth-largest country in Europe. It borders Norway and Finland, both having a great deal of interaction with Sweden throughout history. The great majority of the nations population speaks Swedish and is descended from Scandinavian tribes. Most Swedes belong to the Evangelical Lutheran Church.

The Swedish government is that of a constitutional monarchy. It allows very little power to the monarch, and actually involves the state and local governments with many of its national issues. The Swedish government plays a major role in education and the welfare of its people. It is a highly industrialized country and has one the highest living standards in the world. Sweden is one of the few larger nations that managed to maintain a position of neutrality in both world wars.

The educational and cultural level in Sweden is high, and the school system is outstanding. It has a literacy rate of % (Sweden Infoplease.com Encyclopedia). "The Swedish government, in many cases, takes care of its people so well that it will pay for the majority of its youth to achieve a college education." Swedens social welfare is somewhat excessive to the point that it provides maternity benefits as well as allowances for all children. "It is not unusual to see a teenager cleaning the parks or helping in the community. It is just what they do over there, son." (Hult)

Sweden is one of the worlds leading producers of iron ore. "The reason that Hitler did not bother Sweden in World War II is that the Swedes were prepared to destroy their mines if Hitler intruded." This statement expresses just how strong the production of ore is in Sweden. Sweden is also known for its decorative folk arts, fine glassware, and high-quality steel cutlery and blades. The countrys beautiful scenery along with exciting towns and cities attract a large number of tourists, which are very important to Swedish economy. (Hult)

It is likely that Sweden has its greatest impact upon the world through the export of its culture. The functionalist movement, which occurred in the 10s, is the cause of the immaculately clean and sophisticated designs portrayed by Swedish culture. Because Sweden is relatively isolated from continental Europe, the people have developed their own rich and distinctive character. The Swedes have made several contributions to the fields of literature and film. A more notable work of the Swedish people would be Astrid Lindgrens famous character, Pippi Longstocking.

Unique to Sweden is the worlds most highly valued award, the Nobel Prize. Established by Alfred Nobel, the Swedish inventor of dynamite, the prize is awarded each year in five different categories Chemistry, Physics, Medicine or Physiology, Literature, and Peace. In 168, the Swedish National Treasury established a prize for economic science, dedicated to the memory of Alfred Nobel, and it is awarded each year with the other prizes.

Swedish culture, as previously mentioned, is unique because of the nation being somewhat isolated from other major countries of Europe. Over time the Swedes have developed many traditions, at least one for each season. Most of these traditions involve some relation to the fact that Swedish summers offer fewer nighttime hours and the winters offer fewer daylight hours.

In the wintertime, the Swedish people celebrate a holiday known as "Lucia". On the morning of December 1th, well before dawn, a young girl will awaken and dress herself in white. Wearing a crown of lighted candles, she will sing about the darkness of winter and the light about to return. The girl is generally the oldest daughter of the house and, after awakening her family with this song, serves them coffee and saffron-flavored rolls. For that entire day, she is referred to as Lucia. This happens in thousands of homes throughout Sweden. Later that same day, the ceremony will be repeated at offices and other workplaces, with young women serving as the ceremonial Lucia for the remainder of the day.

The Lucia holiday marks the beginning of the Christmas period, which the Swedes celebrate as well. It is at this time that the many feasts will be prepared, the most elaborate being served on Christmas Eve. The feasts commonly include herring and pickled beets, salmon, small meatballs, sausages, liver pate, and some other seasonal specialties such as browned cabbage and lutefish. Unlike the average American family, the Swedes will celebrate New Years Eve by splurging at a fine restaurant. After dinner, the restaurants empty out and the streets, bars, and clubs fill up as the people prepare to observe the well-prepared fireworks displays.

Sweden is also highly involved in winter sports such as snow skiing and snowboarding. It is one of the few places in the world that can actually anticipate their snowfall. They are so confident that they will guarantee snowfall, or otherwise offer refunds to travelers.

The spring is a highly spiritual, or highly superstitious, time for the Swedish natives. They once believed that the spring was a time when evil forces would spread mischief across the land, and today this myth is expressed in the tradition of the "Easter Witch". On the Thursday before Easter, young girls will paint their faces, put on scarves and long skirts, then roam from house to house collecting candy. On the hillsides, people light bonfires to scare off the evil spirits. The blasts of firecrackers can be heard as revelers simulate shooting witches from the sky. Also, the traditional Christian holiday of Easter is intertwined with these supernatural festivities. The Swedish symbol of Easter is a birch twig decorated with colored feathers.

Following Easter comes another tradition that was conjured by ancient belief. On April 0, Walpurgis Night, crowds of Swedish men and women gather on hilltops around roaring bonfires. Many wear white caps with lyre emblems, symbolizing present and former students. As the fires blaze they sing songs applauding springs arrival. Originally, the fires were meant to scare off witches, but today they remind distant watchers of warmer months that are soon to come. On the evening of April 0, there is a traditional meal served called gravlax. Gravlax is simply fresh salmon marinated in salt, sugar, and fresh dill.

Summer days are long and warm in Sweden. In the northern parts, the sky darkens only to twilight, but quickly lightens again. During this time of warmth, the Swedes have a Midsummer party. Midsummer celebrations occur on the Friday through Sunday closest to June 4, the official Midsummers Day. As this weekend approaches, thousands of Swedes head for the country, where they arrive at an open field. There, they raise a "Midsummer pole," or maypole, which is decorated with leaves, flowers, and flags. They sing and dance around the pole. The rest of the evening consists of traditional games, foods, beverages, and a swim.

Another Swedish summer tradition is called a crayfish party. To residents of the lowcountry, the terms crawfish, crawdad, and crawdiddy might be more familiar. All of these refer to the same savory animal. As the name implies, the crayfish party consists of devouring dozens of crayfish. The interesting fact about modern crayfish parties is that most of the crayfish must be imported to Sweden because of a disease recently annihilating virtually all of Swedens rare crayfish.

Towards the end of August, the Swedish sky begins to darken again. Because of the lack of light, the eels in the water can hardly see the fishing nets. Therefore, a great number of eels are caught. Of course, Sweden marks this wonderful event with an eel party. Similar in spirit to the crayfish parties, eel parties feature eel as the main delicacy, and it is served in every form smoked, grilled, stuffed, and more. Restaurants will typically host contests to see who can lift the most live eels out of a barrel, then crown the winner the "eel king".

Swedens last major fall tradition is the eating of goose in the southernmost province of Skane on November 10th, known as St. Martins Day. This is the time when the geese the fattest. The meal, which is in honor of the saint, is accompanied by their sweet and sour "black soup" as well as an impressive meringue tower called a spettkaka. This is a cake make of egg yolks and sugar. Yummm.

Sweden, all in all, is an amazing place with unique people and a wide variety in cultures. "The single greatest thing about Sweden would probably be their love for all other countries." I feel that many countries could learn a few things from the general ethics of Swedish society. They love other people, they love their country, and they love themselves. I think I just might have to move. (Hult)

Bibliography

Hult, Mr. Donald H., Thomas Heyward Academy History teacher, former

resident of Sweden

Sweden - InfoPlease.com Almanac

http//www.infoplease.com/ipa/A0108008.html

Sweden - InfoPlease.com Encyclopedia

http//www.infoplease.com/ce6/world/A08474.html

Sweden A Great Country for Design and Architecture

http//www.swetourism.se/7intfa/design000.htm

Sweden Information Smorgasbord, The

http//www.sverigeturism.se/smorgasbord/index.html

Please note that this sample paper on The Kingdom of Sweden is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on The Kingdom of Sweden, we are here to assist you. Your cheap custom college paper on The Kingdom of Sweden will be written from scratch, so you do not have to worry about its originality.

Order your authentic assignment and you will be amazed at how easy it is to complete a quality custom paper within the shortest time possible!