Income based property tax relief: Circuit breaker tax expenditures.
Unit 8 project part 4: First draft final paper composition 2 graded assignment
This paper explores four publish articles that report on result from research conducted on mechanisms used by states to provide income based property tax relief, commonly called circuit-breakers. The articles, however, vary in their definitions uses of these mechanisms provide property tax relief to overburdened taxpayers. This paper examines issues in circuit breaker program administration are also considered. Numerous studies have been conducted on various facets of tax ...view middle of the document...
It should have a level of property tax relative to income for certain divide on the income level and then provide tax relief for all or a portion of the property taxes. Medium class income family should only pay for promote the view that taxpayers should not have to pay more than a maximal amount of income in property tax, no more than their level is required to pay.
High level income should be paid more than low income and medium rage income family because they are able to afford almost anything and have more money than low income family and medium income family also. So they should do more to help but also should have a price limit for high income family also. The government thinks that all income family should be paying the same amount of tax income.
Tax payer should identify their income wage separately by filing out government paper on their income statement. The tax credit should sum take away from the total amount a tax payer owes the state. C=a(P-bY) P stand for property tax,Y is income, and a, b are parameters specified by policymakers. This tax system it determent what level of income that you’re in holding, such granted by ever credit type house holder. It will also increase the credit gaps that are hold in the government system. For each tax breaker will give a percentage on budget amount. This math calculation will be unique to individual.
I think before the income tax was include a lot of people was satisfied and have lest budget problem trying to meet end meet ,before the government still had money for school and railroaded. Today the federal want to charge people on how many money is printed and giving out 10, 0000 money papers is printed every day and they need the money back they spent to print...