ECOCB535_Comp1_Mod1_Reflection.doc Comp 1/Module 1 - Reflection University of Phoenix ECOCB/535: The Digital Economy Comp 1/Module 1 “ Reflection Taxation plays a pivotal part in both macroeconomics and microecono
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ECOCB535_Comp1_Mod1_Reflection.doc Comp 1/Module 1 - Reflection University of Phoenix ECOCB/535: The Digital Economy Comp 1/Module 1 “ Reflection Taxation plays a pivotal part in both macroeconomics and microeconomics. On a fundamental level taxation directly affects the cash flow and resource availability of individuals, businesses, and the government. Almost everything is taxed nowadays but three main areas of taxation that have the most impact are household, business, and import taxation. Household Taxation Household taxation is probably one of the most pertinent topics in public discussion of economic policy. Individuals and households are directly impacted by taxation and at varying levels based on dependents, spouses, household size, and other factors. Households must balance what resources to purchase based on income. The different levels of taxation will directly impact the purchasing power of each household. An example of how these policies shape discussion around them is when employers remove income taxes from employees checks. This is done based on the self-reported household information an employee provides and directly affects what is taken out of the pay. It also affects the potential tax refund at the beginning of the year. Understanding how this works is important to me since my household dynamic has changed considerably in the last couple years. I have not changed my I-9 status, so the same taxes are removed from my paychecks, but this is refunded during tax season since I have over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . .
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