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Should tax laws be reformed to encourage saving? answer based on the state of indivdual debt...

Should tax laws be reformed to encourage saving?

answer based on the state of indivdual debt and savings in the U.S. today.
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Yes, tax reforms should be reformed to encourage savings. A saving rate in a country is an important determinant of the economic prosperity in long-run. When there would be a higher saving rate, more resources are available for country for investment in new industries, plant and equipment. If U.S. when a person live in a high-tax state with soaring values if property is required to pay more in taxes in 2019. The current tax system in U.S. discourages saving in several ways, such as by imposing high taxes on income from capital and decreasing the benefits for those who have accumulated wealth. The current policies on high capital income tax reduce savings, reduce accumulation of capital, lower productivity by labor, and reduced economic growth. The reforms can assist to make individual tax cuts permanent and encourage business innovation and retirement savings.

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