Updated Tax Reform Is Necessary Now

With the help of newly found technology, and the effects of ever-increasing globalization, boarders between countries have simply become a territorial dividing line. Today the world is moving towards a global marketplace, but the one aspect that has yet to catch up to these modern times is our nations tax structure. It can be said that taxation’s utmost priority worldwide is to generate revenues for a given governing body. The United States in particular is in desperate need of these revenues, due to the increasing debt that our nation has compiled. When further examining the United State’s taxation structure it is extremely evident empresa reformas valencia that these reforms need updating. For example the United State’s international tax structure was formed in 1962, over fifty years ago. This system possesses minimal relevance in a modern society. The system is overly complex to manage and is flawed due to the outdated reforms. In order for globalization to be fully embraced and integrated into the global economy tax reforms need to be brought to the forefront of our government’s issues.

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The United States is a vast country of many opportunities, but also a country that has been plagued with severe debt. Instead of prolonging the debt crisis by constantly raising the debt ceiling modern tax reforms need to be found. Countries such as the United Arab Emirates, Qatar, Canada, and Ireland have found the balance between modern tax reforms, and ease in which to implement them. Whereas the United States and Bolivia have failed due to the complexity in making payments and the lack of modern reforms. Currently the United State’s tax reforms, with high production costs, discourage companies from holding their headquarters in the United States. Companies that do face triple taxation they are taxed once on their U.S. earnings, foreign earnings, and taxed once more on their earnings brought back to the states. Thus driving other countries to replace the United States in areas, which the nation once dominated.

Today it is said that the United States has one of the least competitive tax systems, demonstrating the needs for modernization. Other countries with a similar economy have adopted a territorial tax system thus bringing their tax reforms up to date. This system allows for investments and profits to be brought back into the country without paying a toll or additional tax. The U.S. has a constantly growing debt problem; promoting economic growth through the decreasing of taxes would have its benefits. Lower taxes leave the nation looking like a desirable place to conduct business. A modernized tax code would spur economic growth and create ease to paying ones taxes.

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