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Essay / Research Paper Abstract
This 5 page paper compares the operation of the UK and Australian personal income tax system, assessing issues such as fairness, simplicity and efficiency. Both systems are outlines and then compared. The bibliography cites 8 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEtaxauuk.rtf
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Unformatted sample text from the term paper:
especially when in a democratic state and subject to election by the electorate that they are taxing, is to be seen as fair. Often this means taking the approach of
a taxation system that is based on the ability to pay. Australia uses this approach with the implementation of a progressive taxation system. The idea with a progressive taxation
system is that the burden of tax increases as the level of income increases being a larger percentage of the income as it goes up. The underlying theory is that
a higher income level leads to a higher level of utility and can afford to pay more, whereas at lower levels of income or those existing at the subsistence level
cannot afford to pay increases. Where higher earners or income levels see higher rates of tax the model is one that suggests the correct approach is that tax will
gradually decrease the level of increased utility for the additional earning. The Australian system has a graduated taxation. The first AU$ 6,000 has a zero rate of tax, this
then increases, then earnings of AU $6,001 - AU $21,600 are taxed at 15% this increases to 30% for amounts between $21,600 and AU $63,000, the highest tax rate is
up another couple of bands at 47% for amounts over AU $95,000. In all cases here there ay be argued the element to fairness, as at no point does
the increased rate lead to a marginal tax rate of 100%, meaning there is no incentive or benefit to earning more, this has sometimes occurred in other countries which use
a progressive has resulted in a 100% marginal taxation rate (Ganghof and Eccleston, 2004). The bands also lead to a fairly simple system; however, as with ay system there
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