What brings about tax changes? Who are the major players in these tax changes that make...
What brings about tax changes? Who are the major players in these tax changes that make our lives crazy come April 15th? Why should we know the tax laws for our businesses and personal tax purposes? "Public Administration and Public Affairs"
Homework Answers
The fiscal deficit in the government budget brings about tax changes. If the government senses that the federal fiscal deficit is higher and needs higher receipts, then there is a case of increase in tax rate. Else there is a decrease in tax rate. On the other hand is there is lower deficit, then there may be a case for tax rate cut. The major players are the United States Congress consisting of the house of representatives and the house of senate. These along with the President and the internal revenue service (IRS) are the key players.
We should know the tax laws for business and personal purposes as the two are different and have different structures. If you own a business, it is necessary for you to know the business tax laws. If you are salaried, the knowledge of personal taxes are good enough.
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