Ethics Reflect and Describe Which Key Concepts

Ethics Reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world. The concept of taxation is very important to the average American. For one, the government in the near future may increase taxes as the economy begins to recover. These tax revenues will ultimately be used to fund entitlement programs that don't necessary benefit society at large. Therefore, knowledge about taxation and its subsequent intricacies is vitally important for a younger American citizen entering the workforce.

Taxes, in my opinion are an expense to an individual. Similar in concept to auto insurance, electric bills, phone bills, and cable bills, taxes should be deemed an expense in a citizen's mind. As such, the key goal for any citizen therefore would be to reduce taxes, legally, as much as possible. This course, has taught me methods in which to do so effectively in regards to my personal life. IRA accounts are of particular interest to me in my personal life.

This course has provided the foundation in which I can research relevant avenues in which to reduce my personal tax burden, once I begin my career. The techniques and knowledge I have gained from this class will reduce my personal taxes while allowing me to consumer more goods and services. This will be of immense benefit to me, as this course will directly benefit my quality of life for years to come. In regards to business, knowledge of taxes will be extremely important as businesses grow and mature.

Tax burdens have a significant impact on profitability. In the United States in particular tax rates vary from 35% to 40%. Currently, congressman are entertaining the idea of increasing corporate taxes in an effort to alleviate some of the fiscal deficit incurred in years past. This undoubtedly will affect business as less money will be used for purposes of innovation, product desire, employee hiring, manufacturing, and so forth. The more taxes corporations pay, the less money is available to expand operations.

As such, I must have a serious working knowledge of taxes and their implications of business activity (1). It is also beneficially to have a basic knowledge of finance in an effort to determine what projects are more beneficially on a risk return basis than others. This is important as an increase tax burden will require more thorough investigations of potential investment opportunities. This is because money will not be available, due in part to the tax burden, to undertake all the needed initiatives the company wants.

The more taxes on corporations the less money available for employee wages. This impacts federal income tax as less people is employed. If less people are employed, the government will receive less revenue, which directly corresponds to spending on entitlement programs mentioned above. With less income, and more expenditure, the government will therefore be forced to increase an already expanding deficit. As such, this course has aided my understanding of the importance of taxes on the well-being and protection of this nation.

As I develop in my career, the concept of federal income tax will have a more profound impact on my own quality of life. Baby boomers or those between the ages 46-64 are now reaching retirement age. The require many of the social benefits our society is predicated on such as Medicare, Medicaid, social security and so forth. These programs will be funding through income tax that directly comes from my personal earnings and wages.

With knowledge gained from this course, I am better able to decipher what my income tax money is being used for, how it is being allocated and make my decisions according. The knowledge gained from this course will aid me in two primary decisions. One would be political in nature. The decision to elect an individual who is fiscally responsible would be very important to me. Secondly, the decision on how to reduce my tax burden would also.