Response Paper

Question

First paragraph: summarize the main points of the chapter

Second paragraph: describe how the chapter contents relate to your understanding of the world. (In other words, give your response/reaction to the potential usefulness of the chapter contents.) Give personal example or /and “everyday life” example on second paragraph that is related to the topic.

It must be exactly 2 paragraphs long. And the second paragraph is about YOU. How it relate with your understanding, and give personal opinion.

Answer

Title: Taxes

This chapter explains the very crucial concept of taxation and its impact in microeconomics. It begins by defining the concept of “incidence of tax”. The concept of the ‘burden of the tax’ is also described in detail. According to this chapter, it is equal to tax revenue plus excess burden. The excess burden is an economic loss the nation suffers due to taxation. The chapter also tackles income tax extensively. According to the explanation provided, taxes may either be progressive, proportional or regressive. According to the explanation provided in this chapter, Congress can influence who pays a tax by passing laws to that effect.

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Personally, I found this chapter’s contents to be clear and coherent, such that it brought to light just how fundamentally critical taxes are to the economy. However, I found it particularly intriguing to learn of the Social Security tax law states that ‘The national tax burden is to be shared equally by workers and employers’. This raises the question as to whether there is fairness in the tax system of the United States. In my view, recent legal amendments requiring that workers pay the same amount of Social Security tax is an example of the unfairness that is present in the country taxation system. Growing up in a working-class neighborhood where most residents were casual laborers living in a low-income neighborhood, I experienced the inequality of the tax regime first hand. Most of the workers in our neighborhood had to live in extreme poverty due to hefty tax deductions on their meagre salaries. In contrast, their employers could always afford to pay luxuries for their families. Their frustrations arose mainly from high taxation and of the irony of extreme inequality in a country that promises greener pastures and equal opportunities for all. Fortunately, Congress has already passed a law giving a tax relief of $400. This is a step in the right direction as far as equity in the taxation system is concerned.

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