History taxes
Current Events and article/video response papers require students to apply their
understanding of economic theory to real-world events and provide an opportunity to
study the impacts of politics, social context and government policy on the economy. To
complete these short assignments you are required to:
1. Read the article or watch the video I provide.
2. Summarize the article/video in 1-2 paragraphs.
3. Explain the economic significance of the topic: how is the article/video connected
to topics we are covering in class? What economic issues does this article/video
touch on and how? How you can explain the issue at hand in the context of
economics? This section should be at least 2-3 paragraphs and should reflect your
understanding of the course material.
4. Write a short 1-2 paragraphs about your own opinion of the topic – if the
article/video is about a specific tax, for example, do you support the tax, and if so,
why (or why don’t you support the tax...) Make sure to support your position!
HERE ARE SOURCES FOR THIS ESSAY TO USE!
source 1: https://www.investopedia.com/articles/tax/10/history-taxes.asp
source 2: https://www.investopedia.com/articles/personal-finance/082415/whats-wrong-american-tax-system.asp
Sample Solution
The article I read was ‘A History of Taxes’ from Investopedia, and it explains the history of taxation in America. Taxes have existed since ancient times, but the earliest taxes in what is now considered the United States were implemented during colonial times to fund public projects and services. The article then goes on to explain how taxes evolved throughout the 19th century and became more complicated with new laws being passed through Congress. It also discusses how income tax came about after World War II and how changes over time have led to a much more complex system today.
The economic significance of this topic is that taxes are an important source of revenue for governments all around the world. They are used to fund public projects, provide services, pay government employees, and even help reduce inequality by redistributing wealth among different populations. Taxation is an important tool for governments to manage spending while providing necessary services, such as education or healthcare, which can improve people's lives. In addition, taxation can be used as a form of monetary policy; tax cuts can stimulate economic growth by putting money back into consumers’ pockets while higher taxes can help limit inflationary pressures in certain situations.
In my opinion, I think taxes are necessary for any modern society if we want it to function properly. We need them in order for government programs like healthcare or social security to exist so that everyone has access to basic needs without having to worry about not being able to afford them on their own. Also, there should be some kind of progressive taxation so that those who make more money pay proportionally more than those who make less money – this helps reduce inequality while still allowing everyone enough disposable income with which they can enjoy life (e.g., going out with friends or buying nice things). Overall I think taxation is a good thing as long as it's done fairly and thoughtfully according to each society's specific needs/circumstances - when done right it can be beneficial both economically and socially!