Question

What are the impacts after applying the new law to customers, online business, society and the national economy?

Answer 1

The economy of all the nations depends upon the running of business ventures which gives ample employment opportunities in return. Many strategies are operated and followed by the business firms to capture its own market for their products. But at certain situation, Federal Government frames certain rules in order to protect the customers from the unlawful practice of sale of goods and services when the seller reaps more profit by fixing the more price above the price ceiling fixed by the Department of Commerce. But at the same time, in order to decrease the imbalance between the purchasing power of spending between poor and the rich, Federal Government introduces the progressive tax and the sales tax for the goods. It will restrict the extra money to be looted by the Retail as well the Whole sale producers. But the low salaried people need to extra tax as sales tax to procure the goods.

Secondly, when the Federal Government impose new laws on online business, it will collectively tend to decrease the demand for the products. Though Federal Trade Commission (FTC) actually framed the rules to improve the online trading. But in the other side privacy act of Federal government restricts the act of collecting the data of the customers who wish to purchase certain type of goods through online mode. The pulse of the customer survey acts as the blood circulation helping the human body. But E-Sign Act prevents the misusing of signature of the original customers to buy the products.

Thirdly, the new laws of Federal Government have its own impact on society and the national economy. It can be explained with the following points. Many new laws were enacted in the fields of environment protection, Business fields, Education and nation building activities. Office of the Management and Budget have best relation with the US Treasury Department in order to make necessary arrangements to release the allocated funds for solving the issues in Environment protection, Employment Opportunities and in Business Recession periods. Recently Under Honorable American President Mr. Donald Trump administration, Federal Government introduced the new law - The 2017 Tax Cuts and Jobs Act which provided the platform for new firms to get subsidies and incentives from the government and created the chance to provide ample job opportunities to the larger extent. Corporate Taxes are reduced to 21% in order to boost the spending and savings. So the new law had its own positive impact on national economic development as well as balanced economic society of all set of people against all types of discrimination.