ECO 372 Week 5 Learning Team Assignment Fiscal Policy Paper

Jul 12th, 2016
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Discuss within your Learning Team how and why the U.S.'s deficit, surplus and debt have an effect on the following: Tax payers Future Social Security and Medicare users Write a 350- to 1,050-word paper that details your team's findings. Write in APA format

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Running Head: United States Fiscal PolicyTitle:Course Name:Topic Name:Professors Name:student Name:Date:Running Head: United States Fiscal PolicyIntroductionDeficits, surpluses and debt are most important point for any countries economy. US deficits,surpluses and debts are mainly based on the economic perceptions and potential output. Thefiscal policy of US associates to the federal governments tax and spending policies. Whengovernment, consumers, and companies spend exceptionally it also helps the economic conditionof a country but regularly the money is not actually accounting before spending (Russell S Sobel,2004). For this reason it is most important to know about the deficits, surpluses, and debt whichcould greatly impact the nature of our people, government, economy, and expenditures.Effect on Tax PayersAt the end of year 2012 the effect of fiscal policy greatly changes economic plan and it posessevere challenges for United States tax payers. One such area where the people who paying hightax are disagreeing is the raise in tax rates ensuing part due to the year 2001 and 2003 tax cuts.United States President Barak Obama has asked for the restoration of the high tax rates in hisAnnual budget plan to the Congress. Under the Act of Patient Protection and Affordable Care of2010 the great increase in the Medicare tax and its growth to undeserved income for US highincome earners also add to the increase in highest tax rates (Ellen R McGrattan, 2

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